Futures higher as Street awaits Yellen

U.S. stock index futures pointed to a higher open Monday, amid gains in oil prices, as traders awaited Fed Chair Janet Yellen's speech scheduled for midday.

Investors will scrutinize her comments for insight on the timing of the next rate hike. Earlier, Boston Fed President Eric Rosengren said the U.S. economy's recent recovery has moved the Fed closer to raising rates, although May's "disappointing" employment report might delay the timing of the next hike.

U.S. stocks closed lower Friday, with financials lagging, after the latest jobs report showed creation of just 38,000 jobs. That was well below the expected 162,000 and cast doubt on the economic recovery.

Dow futures were up more than 50 points Monday morning, while S&P 500 futures were up 5 points.

U.S. crude oil futures were trading more than 2 percent higher, near $49.75 a barrel, while brent was above $50 a barrel as of 8:33 a.m. ET.

The U.S. dollar index was steady after posting its worst day since early December on Friday. The euro was near $1.136 and the yen was around 107.1 yen against the greenback as of 8:32 a.m. ET.

Treasury yields were higher, with the 2-year yield around 0.79 percent and the 10-year yield near 1.72 percent.

European stocks were mixed on Monday following a cautious lead from Asia and a shaky start to the trading session. The pan-European Stoxx 600 index was trading 0.2 percent higher Monday after opening 0.3 percent lower.

The European trade followed a mixed trading day in Asia with Japan shares losing ground, as the disappointing May jobs weakened the dollar and bolstered regional currencies, including the yen.

Read MoreEarly movers: WMT, EAT, WFM, GOOGL, VIAB, HOG, BLK, HOT, CAB & more

There were no big economic data expected Monday and the companies scheduled to report included Thor Industries and Argan.