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Will Friday’s rally continue on Wall Street?

Wall Street looked to fall at the open on Monday, as disappointing European and Chinese data hit global market sentiment.

The Dow Jones Industrial Average and the S&P 500 hit record highs on Friday. However, disappointing manufacturing data out of the euro zone on Monday helped push U.S. stock index futures lower on the day.

Markit's final euro zone Purchasing Managers' Index (PMI) for October came in at 50.6, just below initial estimates of 50.7, indicating weaker-than-expected expansion in the sector.

Read MoreEuro zone factory growth flimsy, Ireland shines

In addition, China reported over the weekend that its official PMI fell to a five-month low and other data on Monday showed its services sector grew at the slowest pace in nine months.

Investors will also eye PMI data out of the U.S. on Monday. Markit's manufacturing PMI is out at 9:45 a.m. ET, followed by the ISM manufacturing PMI for October at 10 a.m.

In addition, there will be construction spending for September at 10 a.m., as well as total vehicle sales for October. Plus, two U.S. Federal Reserve officials will speak on Monday—Chicago's Charles Evans at 9:30 a.m. and Dallas's Richard Fisher at 12:40 p.m.

No major companies are slated to report third-quarter results before Wall Street opens. AIG, Sprint and Herbalife will post numbers after the close.

On Monday, Publicis announced it would buy Sapient, a U.S. digital advertising specialist, in an all-cash transaction for $25 per share. This values Sapient at $3.7 billion and follows Publicis's failed merger with the U.S.'s Omnicom. The transaction is expected to close in the first quarter of next year.

Read MorePublicis to buy US-based Sapient for $3.7 billion

In addition, Argentina has accused Dow-listed Procter & Gamble of tax fraud, and has suspended its operations in the country, Reuters reported Monday morning.