The stock market is on course for a flattish start to today's session following last week's rally, which left the S&P 500 at a three-month high, and ahead of President Donald Trump's meeting with North Korean leader Kim Jong Un and policy meetings from the Federal Reserve and the ECB. The S&P 500 futures are currently trading one point below fair value.

Mr. Trump and Mr. Kim are scheduled to meet in Singapore on Tuesday morning local time (approximately 9:00 PM ET). The summit will mark the first time that a North Korean leader has met with a sitting U.S. president. The two leaders are expected to discuss the possibility of denuclearizing North Korea, and the talks could impact the future of U.S.-China trade relations as China is North Korea's closest, and most influential, ally.

The Fed will conclude its latest policy meeting on Wednesday afternoon, and it is all but certain that officials will agree to hike interest rates for the second time this year. However, investors are still waiting in anticipation as the policy directive will include both updated economic and interest-rate projections, allowing investors to get a better feel for whether the U.S. central bank plans to hike rates once more or twice more this year. Separately, the ECB will release on Thursday its latest policy directive, which is expected to signal the end of its asset purchasing program.

U.S. Treasuries are lower this morning, sending yields higher across the curve. The benchmark 10-yr yield is up two basis points at 2.96%. Meanwhile, West Texas Intermediate crude futures are down 1.1% at $65.00 per barrel, and the U.S. Dollar Index is up 0.1% at 93.64.

Investors will not receive any notable economic data today.

In U.S. corporate news:

• Envision Healthcare (EVHC 45.00, +1.36): +3.1% after agreeing to be acquired by KKR (KKR) for $46.00/share.
• Genworth Financial (GNW 4.92, +1.11): +29.1% after receiving CFIUS approval to move forward with its proposed transaction with China Oceanwide.
• Rent-A-Center (RCII 10.35, +0.24): +2.4% after raising its earnings guidance for the second quarter and for the fiscal year.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region began the week on a mixed note. Japan's Nikkei +0.5%, Hong Kong's Hang Seng +0.3%, China's Shanghai Composite -0.5%, India's Sensex +0.1%.
  • In economic data:
    • China's May CPI -0.2% month-over-month (expected -0.1%; last -0.2%); +1.8% year-over-year, as expected (last 1.8%). May PPI +4.1% year-over-year (expected 3.9%; last 3.4%)
    • Japan's April Core Machinery Orders +10.1% month-over-month (expected 2.8%; last -3.9%); +9.6% year-over-year (expected 3.9%; last -2.4%). M2 Money Stock +3.2% year-over-year (expected 3.3%; last 3.2%). Machine Tool Orders +14.9% year-over-year (last 22.0%)
    • New Zealand's Q1 Manufacturing Sales Volume +1.4% quarter-over-quarter (last 1.0%)
  • In news:
    • President Trump is expected to meet North Korea's Supreme Leader Kim Jong-un in Singapore at 21:00 ET tonight. North Korean officials have reportedly asked their US counterparts to open a liaison office at the DMZ.
    • Malaysia's new Prime Minister Mahathir Bin Mohamad said the US is no longer a good example of free trade and that growing countries need protection on trade.
    • In Hong Kong, the one-month Hong Kong Interbank Offered Rate rose to a fresh ten-year high of 1.497%.

• Major European indices trade on a higher note with Italy's MIB (+2.1%) rebounding from last week's underperformance. France's CAC +0.2%, Germany's DAX +0.2%, UK's FTSE +0.8%.
  • In economic data:
    • Italy's April Industrial Production -1.2% month-over-month (expected -0.6%; last 1.2%); +1.9% year-over-year (expected 3.4%; last 3.5%)
    • UK's April Industrial Production -0.8% month-over-month (expected 0.2%; last 0.1%); +1.8% year-over-year (expected 2.7%; last 2.9%). April Manufacturing Production -1.4% month-over-month (expected 0.3%; last -0.1%); +1.4% year-over-year (expected 3.1%; last 2.9%). April Construction Output +0.5% month-over-month (expected 2.0%; last -2.3%); -3.3% year-over-year (expected -1.8%; last -4.9%)
  • In news:
    • Italy's Finance Minister Giovanni Tria reassured markets that Italy's new government has no intention to leave the euro and will focus on reforms that would lead to improved growth. Mr. Tria reiterated his government does not plan to boost growth through deficit spending.
    • In Switzerland, voters overwhelmingly rejected the Vollgeld referendum (75%-25%). The Sovereign Money Initiative would have given the Swiss National Bank sole authority to create money.

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