Wall Street to take a breather after record gains

U.S. stock index futures signaled a softer open on Monday, with stocks in Europe trading lower after third-round elections in Greece failed to secure a new president.

Greece's benchmark stock index fell by up to 11 percent after Greek politicians failed to elect a president in a key vote, meaning that a snap general elections lie ahead. The result did not come as a surprise, with many analysts saying prior to the vote that the Greek government needed a "miracle" to avoid a general election.

Trader on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Trader on the floor of the New York Stock Exchange.

Volumes expected to be light during the U.S. session, after the Dow Jones Industrial Average and the S&P 500 posted record gains last week. The Dow advanced 1.4 percent in light volume on the week after consistent record closes, but uncertainty in Europe weighed on stocks amid the political turmoil in Greece.

Airline stocks will also likely be in focus after the disappearance ofAirAsia flight QZ8501.

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The budget Malaysian carrier saw its shares tumble 7.8 percent to a four-week low after the plane went missing on a flight bound to Singapore from Indonesia early Sunday. Shares of Allianz were down 0.8 percent on Monday after the German company announced that it was the main reinsurer for the missing plane.