Futures slightly lower ahead of ISM services data
U.S. stock index futures were slightly lower across the board Monday after major averages hit record highs last week and as investors awaited the ISM non-manufacturing report.
On the economic front, the ISM non-manufacturing report will be released at 10 am ET. Dallas Federal Reserve President Richard Fisher is scheduled to speak on the economy at 11:45 a.m.
"The U.S. non-manufacturing survey for July is also expected to reveal today that the U.S. economy is regaining some upward momentum following the marked slowdown in Q4 2012 and Q1 2013," said Lee Hardman of Bank of Tokyo-Mitsubishi, in a morning research note.
Last week's closely-awaited U.S. jobs number came in worse-than-expected on Friday, with 162,000 non-farm payroll jobs created in July, down from 188,000 in June. Still, Wall Street ended modestly higher, with the S&P 500 and Dow hitting new closing highs.
(Read more: Jobs numbers miss the real story)
"Every data point is going to be cumulative evidence as to where the Fed is going to go. We now need economic validation." said Mark Luschini, chief investment strategist, at Janney Montgomery.
Among earnings, Tyson Foods rallied after the meat processor blew past earnings expectations, as strong demand for chicken and beef more than made up for a drop in sales of pork. In addition, the company said it sees 2014 sales above average analyst forecasts.
In other stock news, the office of the U.S. trade representative overturned a looming import ban on older iPhone and iPad models over the weekend, adding a political twist to the long-running legal battle between Apple and Samsung.
(Read More: Ban on sales of certain Apple products overturned)
However, the Shanghai Composite bucked the trend, hitting a new two-week high, after positive services sector data was released over the weekend. The non-manufacturing purchasing managers' index (PMI) rose to 54.1 in July, well above the key 50-level that demarcates expansion from contraction.
Meanwhile, European shares were higher following strong service sector PMI data for the euro zone. July's PMI for the single currency area came in at 49.8 in July, the highest level since January 2012, indicating a slowdown in the area's economic contraction.