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New York - US stock index futures advanced on Monday, after the S&P 500 notched its best weekly performance in almost two months, ahead of data on the housing market.
Brent crude hit a high of $62.97 and WTI crude rose to as much as $58.53 amid investor confidence there would be no substantial price loss in the run-up to the new year. Brent last traded down 21 cents at $61.17 while US crude was last off 0.7% at $56.74 after Saudi Arabia indicated it could increase its output.
The benchmark S&P index rose 3.4% last week, boosted by a 5% jump over three sessions, after the US Federal Reserve said it would take a "patient" approach toward raising interest rates and oil prices appeared to stabilise. The S&P energy index surged nearly 10% for the week.
Investors await existing home sales data, due out at 17:00. Expectations are for a decline of 1%.
Trading volume is expected to be light this week due to the Christmas holiday, which could increase volatility. US equity markets will operate a shortened session on Wednesday and be closed on Thursday.
Gilead Sciences lost 10.2% to $97.35 in premarket trade. Express Scripts, the nation's largest pharmacy benefit manager, has lined up a cheaper price from AbbVie Inc on its newly approved hepatitis C treatment and, in most cases, will no longer cover Gilead's treatments.
BioCryst Pharmaceuticals jumped 5.3% to $11.75 in premarket trade after the US Food and Drug Administration approved its intravenous flu drug.
Achillion Pharmaceuticals said it would test a combination of two of its experimental hepatitis C drugs which showed promise in separate studies. Its shares rose 16.1% to $16.50 before the opening bell with over 2.2 million shares changing hands, the most actively traded issue on the Nasdaq.
Caesars Entertainment Corp said it would merge with affiliate Caesars Acquisition in an all-stock deal. Caesars Entertainment gained 9.7% to $14.80 in light premarket trade while Caesars Acquisition rose 11% to $10.50.
