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Watch out for record highs on Wall Street on Monday

Low return, high volatility market: Pro

U.S. stock index futures gained on Monday, as global equity markets cheered hopes of more monetary stimulus in Japan and strong jobs data from the U.S.

Friday's U.S. non-farm payrolls showed 287,000 jobs were created in June, beating expectations. The unemployment rate read 4.9 percent, also better than forecast.

US adds 287,000 jobs in June, beating expectations

Having rallied on Friday, the is close to setting record highs. The index ended at 2129.90 points on Friday, not far off an all-time closing high of 2,130.82, set on May 21, 2015. The benchmark index is also within striking distance of its all-time intraday high of 2,134.72, set on May 20, 2015.

"Friday's U.S. labor report was a great source of comfort to markets," Kit Juckes, strategist at Societe Generale, said in a note on Monday.

On Sunday, Japan's ruling coalition won a landslide victory in upper house elections. This makes it likelier Prime Minister Shinzo Abe will be able to push through further monetary easing measures. A stimulus package of at least 10 trillion yen ($97.9 billion) is expected.

No major economic data are due from the U.S. on Monday. However, earnings season will kick off with results from Alcoa, which is no longer part of the Dow Jones Industrial Average.

—With contribution from CNBC's Peter Schacknow. Follow CNBC International on Twitter and Facebook.