U.S. futures indicate a mixed to lower opening Monday morning.

Oil prices continue to serve as a powerful market mover, as oil surged past the $143 mark in Monday trading on the ICE Futures exchange in London. On Friday, oil futures charged to a record $142.99 before closing at $140.21.

Inflation in Europe rose to 4% for the month of June, higher than the estimate of 3.9%. Higher inflation comes even as economic growth is slowing, and makes an increase in interest rates by the European Central Bank more likely.

The U.S. Federal Reserve, however, is less likely to respond to higher inflation with a rate hike. Accordingly, the dollar continues to weaken as traders continue to move into the euro and yen.

Some analysts are now saying that the current market will likely resemble the 1974 bear market before all is said and done. Higher inflation and lower liquidity show no signs of changing direction, and the main question now is how long the bear market will last. Some pessimists are saying it could be a decade.

In stock news, Carl Icahn is planning to file a definitive proxy in his battle for Yahoo! Inc. (NASDAQ: YHOO) this week. The proxy should inform investors of just how far Icahn wants to go in shaking up Yahoo!'s management. For those wishing to keep up with Icahn's latest moves, be sure to check his blog regularly.