US futures imply flat open

New York - US stock index futures pointed to a flat open on Monday, with investors finding few reasons to keep pushing shares higher, with the Dow and S&P 500 at record levels.

The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS

However, those gains have recently come on anemic volume, a trend that looks to continue Monday, suggesting the rise lacks conviction.

Low yields could help boost dividend-paying stocks, including in the telecom and utility sectors.

That the so-called “fear index” is so low has many, including officials at the Federal Reserve, concerned the market is complacent.

Dow Jones industrial average futures added 15 points and Nasdaq 100 futures rose 2 points.

Trading may be light until the European Central Bank's June 5 meeting, when many anticipate it will announce a loosening of monetary policy.

Spending is seen up 0.6 percent in April while the Institute for Supply Management's May read on manufacturing is seen rising to 55.5 from 54.9.

Pharmacyclics sells the drug with Johnson & Johnson.

Late Friday, Valeant Pharmaceuticals International Inc said it would boost its takeover bid for Allergan Inc for the second time in a week, lifting it to $53.8 billion from $49.9 billion.