Geopolitical tensions remain key on Wall Street

U.S. stock-index futures turned mildly higher on Monday, as investors continued to monitor geopolitical risks.

In Gaza, fighting subsided on Sunday after Hamas Islamist militants said they backed a 24-hour humanitarian truce in light of the Muslim holiday Eid al-Fitr. More than 1,000 Palestinians have been killed in the 20-day conflict.

Elsewhere, the European Union has agreed to impose economic sanctions against Russia for its role in the Ukraine crisis. Moscow reacted to the sanctions by warning that they would hamper cooperation on global security issues, according to Reuters. Russian stocks fell 1 percent on Monday morning.

Read MoreUS satellite images show Russia firing into Ukraine

No major U.S. companies are due to report before Wall Street opens. Herbalife will publish its second-quarter results after Wall Street closes.

Pending home sales data for last month will be out at 10 a.m. ET on Monday. This will be followed by the Case-Shiller home price index and Tuesday.

In addition, Markit's flash U.S. services purchasing managers' index (PMI) will be published at 9:45 a.m. on Monday.

Chinese stocks rallied early on Monday, as data over the weekend showed industrial profits in the country grew at a stronger pace in the first half of the year compared to 2013, thanks to an 18 percent annual surge in June.

"The mini-stimulus that was delivered in April and May seems to be having an effect. We think that the pace of growth that we saw in the second-quarter is going to be reasonably well-sustained and the authorities will get a 7.5 percent growth rate," said Paul Bloxham, chief economist for Australia at HSBC.

Other stocks worth watching include Hospira, on media reports that it is set to buy French rival Danone's medical nutrition unit.

The big event of the week will be the conclusion of the latest Federal Open Market Committee (FOMC) meeting on Wednesday. The Fed is expected to announce a further $10 billion reduction in its monthly asset purchases, taking them to $25 billion. Wednesday will also see the release of the first estimate of second-quarter gross domestic product (GDP).