U.S. stock index futures were largely unchanged Monday after news that Spain slipped into a recession and as investors looked to take a breather following a four-day rally that sent the S&P 500 over its 1,400 milestone.
Spain fell back into technical recessionbut the figure for first-quarter economic performance was better than expected. This comes after Standard & Poor's downgraded the country's sovereign debt last week lowered the credit rating of 16 Spanish banks. European shares were trading lower.
On the economic front, household income climbed 0.4 percent in March, the biggest gain in three months, according to the Commerce Department. Analysts polled by Reuters had expected a gain of 0.3 percent. But consumer spending only edged up 0.3 percent, slightly below an expected gain of 0.4 percent.
This comes after a report that showed U.S. economic growth cooled in the first quarterto 2.2 percent, bolstering the Federal Reserve's case that interest rates should be kept near zero at least though late 2014.
Barnes & Noble skyrocketed after Microsoft said it will invest $300 millionin the bookstore chain's digital and college businesses. The new deal will give Microsoft a 17.6 percent stake in the new unit.
Sunoco soared after Energy Transfer Partners announced it will acquire the oil companyin a cash and stock deal worth $5.3 billion in an aim to focus on transporting more crude oil and refined products on the heels of declining natural gas prices.