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Wall Street eyes Fed minutes after volatile week

U.S. stock index futures indicated a lower open on Monday, with markets looking ahead to the minutes of the Fed's July meeting, in what could be a more muted week of trade amid lighter volumes and low staffing.

After suffering a volatile start to week last week as fears about Chinese growth and currency devaluation rocked markets, stocks managed to end slightly higher, with traders refocusing their attention on whether the U.S. Federal Reserve will start raising rates in September.

Read MoreThese are the 3 things worrying markets in the week ahead

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

The timing of the U.S. central bank's first rate hike in nine years has been a constant source of debate in the markets, as traders await the final pieces of economic data the Fed will take to its September rate meeting. Minutes of the Fed's July meeting, to be released Wednesday afternoon, could give them some clarity.

Data releases due on Monday included the Empire State survey, which showed New York state factory activity falling to its lowest levels since 2009. The NAHB Housing Market Index and net long-term Treasury International Capital (TIC) flows are due at 10.00 a.m. and 4.00p.m. respectively.

There are also two Fed officials speaking, with Minneapolis Fed President Narayana Kocherlakota speaking Thursday in South Korea, and San Francisco Fed President John Williams also on Thursday in Indonesia.

Otherwise the data flow will be dominated by housing market releases, including August's NAHB index Monday, housing start figures for July on Tuesday and existing home sales numbers on Thursday.

On the earnings front, Estee Lauder reported mixed quarterly results and Anglogold Ashanti reported adjusted earnings per share of 6 cents before the market open. Earnings from Urban Outfitters are due after the bell.

In Europe, equities traded higher on Monday as investors watch for progress being made in concluding a third bailout program for Greece.

Investors will be keeping an eye on developments on the conclusion of a third rescue plan for Greece, with national parliaments voting this week on whether to ratify the deal. The Greek parliament and euro zone finance ministers approved a draft deal on Friday.

CNBC's Patti Domm contributed to this report