US stocks look set for another rebound, data eyed

U.S. stock index futures indicated a sharply higher open on Monday, following European stocks’ move upwards, ahead of a data-packed week that ends with the jobs report on Friday.

Personal income in February rose 0.4 percent, above expectations of 0.3 percent. Consumer spending rose 0.1 percent.

Pending homes sales are due at 10.00 a.m. ET.

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Investors are preparing for a shorter week due to the Easter vacation; stock and bond markets are closed for Good Friday this week, but futures will trade in the morning session and non-farm payrolls will still be published Friday .

This will be the data highlight of the week, with expectations for another increase in non-farm payrolls of around 250,000 in March, leaving the unemployment rate unchanged at a more-than-six-and-a-half-year low of 5.5 percent.

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Meanwhile, Tuesday marks the end of the first quarter, meaning fund manager portfolio adjustments could have an effect on stocks and bonds.

Stocks posted a slightly higher close on Friday, breaking a 4-day losing streak, after comments by Federal Reserve Chair Janet Yellen.

Yellen said a rate increase may be warranted later this year , adding that an increase in core inflation is not essential before the Fed raises rates.

Earnings expected on Monday include Cal-Maine Foods, UTi Worldwide before the market open.

Catamaran (Toronto Stock Exchange: CCT-CA)-UnitedHealth (UNH) is buying pharmacy benefits manager Catamaran for $ 12.8 billion or $ 61.50 per share and combining it with its OptumRx unit.

Hyperion Therapeutics (HPTX)-The California-based biopharmaceutical company is being bought by Ireland’s Horizon Pharma (HZNP) for $ 1.1 billion in cash or $ 46 per share.

Auspex Pharmaceuticals (ASPX)-Auspex is being bought by Teva (Tel Aviv Stock Exchange: TEVA-IL) for $ 101 per share, or $ 3.2 billion in cash. Auspex, which went public last year, specializes in treatments for patients with movement disorders and other rare diseases.

Madison Square Garden (MSG)-MSG plans to split into two companies, one to own its sports teams, entertainment productions, and the MSG arena, while the other would distribute the company’s sports and entertainment content. MSG had revealed that it was exploring such a move back in October.

Yahoo (YHOO), Microsoft (MSFT)-The two will extend talks aimed at renegotiating their 10-year search partnership by 30 days. The two had originally struck the partnership in 2010 in hopes of better competing with Google.

Best Buy (BBY)-Best Buy will consolidate and close stores in Canada, in a move that the electronics retailer said will cost it up to $ 280 million in restructuring charges this year.

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DreamWorks Animation (DWA)-The studio’s movie “Home” topped the weekend box office with better-than-expected North American ticket sales of $ 54 million. “Home” will be the only release by DreamWorks in 2015.

–CNBC’s Peter Schacknow contributed to this report

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