Friday's April employment report showed a rebound in job growth to 223,000, but slower wage growth at just a tenth of a percent. That improvement over March's 85,000 jobs allayed some market concerns about a sluggish economy, but wage growth was just weak enough for traders to bet the Fed will hold off from raising interest rates a little longer.
"After Friday's somewhat softer-than-expected labor market report, which the average gain in nonfarm payrolls so far this year still below 200,000 compared to an average of greater than 280,000 in the second half of 2014, it is set to be a quieter week for economic news from the U.S.," said head of economic research at Daiwa Capital Markets Europe, Chris Scicluna.
Earnings scheduled for Monday include Actavis, Dean Foods and Intercept Pharma before market open. Rackspace and Surgical Care Affiliates are due after the bell.
Goldman Sachs—The Wall Street Journal reported the firm is expected to pay $129.5 million to settle a lawsuit that accused several banks of foreign exchange market manipulation.
Dish Network saw revenue rise 3.6 percent in its latest quarter, compared to a year ago, even though overall subscriber numbers dropped. The satellite TV operator now makes an average $86.01 per subscriber compared to $82.36 a year ago.
Actavis reported adjusted quarterly profit of $4.30 per share, above estimates of $3.93, with revenue also above Street forecasts on higher sales of its branded drugs in North America.
Rosetta Resources will be acquired by fellow energy producer Noble Energy in an all-stock transaction valued at $2.1 billion. Rosetta shareholders will receive 0.542 Noble shares for each share they now hold, an implied value of $26.62 per share.
Hilton Worldwide announced a 90 million share secondary offering, with the shares coming from stockholders affiliated with Blackstone Group. Hilton will not receive any proceeds from the offering.
Sotheby's reported adjusted quarterly profit of 7 cents per share, beating expectations for a breakeven quarter. Revenue also exceeded forecasts, as auction sales and commissions rose compared to a year earlier.
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European equities were lower Monday, pausing after a rally on Friday, and overlooking the news that China has cut interest rates for the third time in six months.
The People's Bank of China (PBOC) announced the cut in its benchmark lending rate and one-year deposit rates by 25 basis points on Sunday, as growth in the Asian economic giant slowed to levels not seen since the global financial crisis.
Elsewhere in Europe, Greece's reform talks with the Eurogroup of euro zone finance ministers, which resume Monday, are also in focus.
—CNBC's Peter Schacknow contributed to this report.