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Futures rise amid Greek bank news

U.S. stock index futures extended gains after a report that Greek banks could get their first capital injection after a bailout deal is agreed.

The banks could receive as much as 10 billion euros, even before the European Central Bank completes a stress test, a euro zone official familiar with the situation told Reuters.

Dow futures were about 120 points higher. Earlier, futures traded slightly higher earlier in the session following the eagerly anticipated jobs data last week, markets will now be fixed on scheduled speeches from U.S. Federal Reserve members and retail data this week.

Earnings season is starting to wind down and, in the absence of any major data releases on Monday, investors will be watching for speeches from Atlanta Fed President Dennis Lockhart and New York Fed President William Dudley on Wednesday.

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Trader on the floor of the New York Stock Exchange.
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Trader on the floor of the New York Stock Exchange.

In the past week, Lockhart sent ripples through the markets when he said that in his view he saw no reason to hold off on a September rate hike. He is due to speak at 12:25 p.m. ET on Monday.

Dudley, part of the core of the Fed closest to Chair Janet Yellen, speaks Wednesday in Rochester, New York, on work force development, but he is also taking questions. Also topping the upcoming data calendar is Thursday's July retail sales.

On the earnings front, Hertz Global, International Flavors and Fragrances, Sysco, Dean Foods and Bill Ackman's Pershing Square Holdings are all due to report before market open.

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Credicorp, Kraft Heinz, Rackspace, and Shake Shack are all due after the bell.

On Friday, markets shifted more heavily to price in a September rate hike by the Fed after Friday's July jobs report showed solid growth of 215,000 payrolls and a steady unemployment rate of 5.3 percent.

Stocks closed out the past week with losses, and look set for another week of choppiness, as oil moves closer to its 2015 lows and the commodities crush shows no signs of abating.

Crude oil futures fell on Monday, touching fresh multimonth lows after disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy.

Brent was higher above $49 a barrel, after touching a more-than-six-month low of $48.26 earlier in the session. U.S. crude struggled to hold above $44 a barrel after falling to $43.35 earlier, a nearly-five-month low.

In Europe, equities traded mixed following a slew of negative data out of China, but as optimism for a fresh Greek bailout deal grows. Greece and its creditors are close to reaching an outline deal this week on the debt-laden country's 86 billion euro bailout deal.

CNBC's Patti Domm contributed to this report.