Before the Bell

Like most of us on a Monday morning, Wall Street is looking to ease into the week rather than jumping in with both feet, especially with the prospect of more housing data.

Investors are also cautious after stocks made some big gains last week, and futures are pointing sideways. After existing-home sales came in surprisingly strong on Friday, the spotlight turns to new housing shortly after the opening bell.

Sales may or may not be all well and good, but a report forecasts a 33 percent jump in foreclosures this year.

The dollar is up against the yen and euro. U.S. Treasuries are down a bit.

Oil prices are likely to provide a lift for energy shares. U.S. crude is just below $63 a barrel, a record for the year, as Iran's capture of British servicemen highlights tensions over the nation's nuclear program.

There's a good bit of M&A news, but it's not fazing the market. A source says Saudi Basic Industries might bid for General Electric's plastics unit. Anglo-Swiss Xstrata is buying Canada's LionOre Mining for $4 billion. And biomedical testing equipment maker Beckman Coulter is purchasing Biosite for $1.55 billion.

The Wall Street Journal says Citigroup executives are putting the finishing touches on a restructuring plan that's likely to include about 15,000 job cuts and a $1 billion charge. It looks like breakfast at Tiffany's should be fairly festive this morning.

Earnings came in a couple of cents above analysts' estimates, and revenue was higher than expected.

Lisa Von Ahn - Editor Reuters.com