"The week's big focus will be on U.S. data, and the labor market report on Friday in particular. There's a risk that we see edgy markets in the meantime," Kit Juckes, global macro strategist at Societe Generale said.
"We look for a solid 240k increase in non-farm payrolls, a 2.2 percent increase in hourly earnings and a drop to 5.2 percent from 5.3 percent in the unemployment rate. Even the (very dovish) Yellen FOMC should see that as justifying lift-off for rates, though the ECI data will be seen by some as a green light for risk assets to shrug off the first hike," Juckes said.
Major earnings on Monday include numbers from Clorox before market open, with insurer AIG and Allstate due after the bell.
In Europe, the Athens stock exchange opened nearly 23 percent lower after reopening for the first time in five weeks, recovering some earlier losses to trade around 19.5 percent lower in mid-morning trade.
Read MoreGreek stock market trades 20% lower after reopening
Greek banking stocks were the worst hit with Alpha Bank, Attica Bank and Eurobank Ergasius, Bank of Piraeus and the National Bank of Greece all opening around 30 percent lower - the daily limit. Similar losses were seen in other stocks outside of the banking industry as well.
There was further bad news for the Greek economy, with flash manufacturing PMI figures for July down to 30.2 the lowest reading since Markit began compiling data in 1999.
European equities shrugged off the weakness seen in Greece, with the pan-European FTSEurofirst 300 trading around 0.6 percent higher.
HSBC climbed around 0.7 percent after it reported a 2 percent year-on-year rise in adjusted pre-tax profit to $13 billion for the first half, after a strong performance in Hong Kong.