U.S. stocks were poised for a flat open Monday, at the start of a busy week of earnings reports.

In this morning’s earnings news, Verizon Communications Inc., the second-larges telecommunications company in the U.S., reported its second-quarter earnings rose 12%, while revenue was slightly shy of expectations.

In other market news, private equity firm Kohlberg Kravis Roberts & Co. said it will go public on the New York Stock Exchange through a takeover of its Amsterdam-listed affiliate investment fund KKR Private Equity Investors LP.

Oil prices climbed Monday on comments by Iran’s president suggesting a significant increase in the country’s nuclear program. By midday in Europe, light, sweet crude for September delivery rose US$1.78 to US$125.04 a barrel electronic trading on the New York Mercantile Exchange.

Here at home, there are no major economic releases from Statistics Canada today.

The Canadian dollar opened at US98.08¢, unchanged from Friday’s close.

In M&A news, Xantrex Technology Inc. of Vancouver has agreed to be bought by Schneider Electric of France for about $500 million.

Canadian companies expected to report quarterly earnings today include medical technology firm Angiotech and real estate holder RioCan REIT.

Overseas, European markets were down in midday trading, London’s FTSE 100 giving back 11.3 points to 5,341.3, France’s CAC 40 down 47.24 points to 4,329.94 and Germany’s DAX down 76.43 to 6,360.28.

Budget European carrier Ryanair said net profit slumped 85% on soaring fuel prices and the company warned it could post its first annual loss.

The Japanese Nikkei 225 index inched up 19.02 points, or 0.14%, ending in positive territory after falling nearly 2% Friday.

Toronto stocks rebounded on Friday from the previous session’s sharp losses with resource shares leading the way higher.

The S&P/TSX composite index gained 172.67 points, or 1.31%, to end at 13,378.81. Seven of the 10 TSX main sectors advanced.

For the week, the index was off 1%, its seventh negative week in a row.

The junior S&P/TSX Venture composite index added 3.40 points, or 0.16%, to end at 2,188.17.

In New York, U.S. stocks rose as a drop in oil prices, and stronger-than-expected data on consumer spending and housing eased concerns about the health of U.S banks.

The Dow Jones industrial average 21.41 points, or 0.19%, to 11,370.69. The S&P 500 added 5.22 points, or 0.42%, to 1,257.76, while the tech-heavy Nasdaq composite index jumped 30.42 points, or 1.33%, to 2,310.53.

For the week, the Dow fell 1.1% and the S&P 500 dipped 0.2%, while the Nasdaq rose 1.2%.