U.S. stocks index futures edged lower on Monday after Friday’s sharp gains as the price of oil rebounded and credit concerns nagged.

Light, sweet crude was up 89¢ at US$115.48 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Here at home, Maple Leaf CEO Michael McCain told a Sunday news conference that the company estimates the cost of a major product recall at $20 million. The number of suspected and confirmed cases of listeriosis is expected to increase in the coming weeks because of the bacterium’s long incubation period

There are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US95.66¢, up 0.30 of cent from Friday’s close.

South of the border, U.S. existing home sales data for July will be released at 10:00 ET.

In today’s M&A news, Precision Drilling Trust, Canada’s largest oil and gas services firm, has reached a deal to buy Houston, Tex.-based Grey Wolf, Inc. in exchange for the equivalent of $2.1 billion in cash and equity.

Toronto’s Q9 Networks Inc. also announced Monday that it has reached a deal that would see it acquired by Abry Partners Q9 released a statement saying the Boston-based communications private equity firm would purchase the company for $361 million.

Overseas, Japan’s Nikkei stock average rose 1.68 %. The UK’s stock market was closed for a holiday, but Germany’s DAX index was down 0.29 %, and France’s CAC-40 was down 0.82 %.

On Friday, Toronto stocks finished the week on a losing note, as sagging oil and metals prices pulled down resources shares.

The S&P/TSX composite index fell 91.93 points, or 0.68%, to close at 13,447.29. For the week, it rose 2.7%.

Outside of the resource sectors, the index was largely stronger on Friday, with seven of the 10 TSX main groups making gains.

The TSX Venture Exchange closed at 1,951.63, up 1.95 points.

In New York, the Dow Jones industrial average shot up 197.85 points, or 1.73 %, to 11,628.06. The S&P 500 rose 14.48 points, or 1.13 %, to 1,292.20. The tech-heavy Nasdaq composite index climbed 34.33 points, or 1.44 %, to 2,414.71.

For the week, the Dow finished down 0.3 % while the S&P slipped 0.5 % and the Nasdaq fell 1.5 %.

Friday close: Resource shares drag down TSX