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Futures Reverse Losses, Euro Stabilizes

US stock index futures pointed to a slightly higher open for Wall Street Monday, reversing earlier negative tendencies, as the euro stabilized and European stocks pared some of their losses.

On Friday, U.S. stocks fell to their lowest close since February after May's jobs figure shocked investors already concerned about the possibility of the European debt crisis spreading to Hungary.

European markets slipped in early trade as investors remained alarmed after comments on Friday, when a Hungarian official said the country was at risk of a Greek-style crisis.

But Hungary's Economy Minister Gyorgy Matolcsy told CNBC on Monday that "it is blatant that Hungary is not Greece."

US-traded shares of BP gained 4 percent in premarket trading after the company announced that it expected a second oil containment system to be available for use in mid-June.

BP’s recent effort to cap the broken oil well has been more successful in capturing the crude pouring into the Gulf of Mexico, but on Sunday, the US government warned the disaster could continue throughout the summer and into fall.

The euro gained after earlier falling to its lowest in more than four years at $1.19 against the dollar as mounting worries about the region's debt problems drove investors to sell the single currency and stay away from high-yielders.

The dollar was lower against a basket of foreign currencies. Treasurys slipped, particularly on the long end of the curve, with the 30-year bond losing a half-point in price and its yield rising to 4.16 percent.

On Sunday, the chairman of the Eurogroup of euro zone finance ministers, Jean-Claude Juncker, dismissed fears of a Hungarian debt crisis and said the current level of the euro did not worry him.

Apple shares gained 1.1 percent premarket, ahead of expectations that the company will unveil its new iPhone later today.

Bristol-Myers Squibb shares jumped 7 percent on news over the weekend that its experimental drug for skin cancer had achieved positive results.

Asian stock markets tumbled on Monday, after Wall Street on Friday closed at its lowest level since February, spooked by disappointing U.S. jobs data and concerns over Hungary's debt problems. The Nikkei was down 380.3 points to 9,520.8 points after touching an intraday low of 9,502.62. The index posted its biggest daily percentage slide since late March 2009

Oil briefly fell below $70 per barrel but erased most of its losses. Weak jobs data dampened the forecast level of demand over the coming months.

In corporate news, Spanish health-care company Grifols has agreed to buy U.S.-based Talecris Biotherapeutics, which makes plasma-based protein therapies, for $3.4 billion.

There are no major economic data before the bell. At 3 pm New York time, April’s consumer credit will be announced, with a consensus of economists at Briefing.com forecasting a decrease of $2.0 billion, down from an increase of $2.0 billion for March.

Consumer credit expectations have been volatile in recent months as lenders fail to relax restrictions on lending, and consumers demand less credit. In March, available credit increased by $2.0 billion, and beat expectations of a decline of $3.9 billion.