Futures are rallying

Stock futures are higher on Monday morning after the Dow recorded its worst losing streak in four years last Friday.

Near 8:21 a.m. ET, Dow futures were up 118 points, S&P 500 futures were up 14 points, and Nasdaq futures were up 29 points. The blue-chip index closed lower for a seventh straight day on Friday after we got a jobs report that was in line with expectations.

To start the morning, we got the announcement of Berkshire Hathaway's largest-ever deal: The acquisition of Precision Castparts Corp. (PCC) for $37.2 billion.

PCC makes metal parts for jet engines and industrial turbines. In a statement, Buffett said "it is the supplier of choice for the world's aerospace industry."

And in an interview on CNBC this morning, Buffett weighed in on the stock market and the Federal Reserve. He expects stocks to go "a lot higher", and thinks it will be tough for the Fed to raise interest rates at its meeting next month.

It's pretty quiet on the economic data front today. Later this week, we'll get data on retail sales, producer prices, and job openings. We have your complete preview of all the big economic events this week here.