U.S. stock index futures pared some losses but were still lower Monday following elections in France and Greece over the weekend, which showed voter frustration at austerity.
Though initial market blowback eased somewhat, major indexes were set to open more than 0.5 percent lower. Oil prices continued to tumble, with crude falling below $98 a barrel, while safe-haven demand for U.S. government debt rose, sending the benchmark 10-year yield to 1.86 percent.
Greek voters rejected ruling parties in elections on Sunday, a result that puts the country's future in the euro zone at risk. In France, Socialist candidate Francois Hollande won the second round of French presidential elections.
Greece's vote, combined with victory for Hollande over incumbent Nicolas Sarkozy, will raise pressure on Europe's paymaster Germany to pursue a more growth-oriented approach to the crisis.
"All things considered, U.S. futures are rebounding nicely this morning," said Todd Schoenberger, managing principal at The BlackBay Group. "The primary explanation is because the nervous feelings Wall Street had following Friday's abysmal jobs report have been placed on the backburner, at least temporarily. Oddly enough, the Greece and France elections have helped downplay the severity of our own domestic economic concerns, and turned the focus to the horrific immediate outlook for the eurozone."
Wall Street ended its worst week this year with a sharp selloff on Fridayafter a slowdown in job creation in the world's top economy raised the biggest question mark yet about the prospects for U.S. growth.