Technology stocks were higher premarket Monday, with the Technology Select Sector SPDR Fund (XLK) up 0.5% and the SPDR S&P Semiconductor ETF (XSD) 0.1% higher.

International Business Machines (IBM) has signed a definitive agreement to acquire data streaming platform Confluent (CFLT) for $31 per share in cash, or an enterprise value of $11 billion, the companies said. Shares of Confluent were up more than 29% pre-bell.