Futures Rise, but ‘Fiscal Cliff’ Fears Remain

U.S. stock index futures were higher Monday, after major averages logged their worst weekly performance in four months, following an upbeat economic report from China, but gains were limited amid ongoing worries over Europe and the looming "fiscal cliff."

Trading volume is expected to be light with many traders out for the Veteran's Day holiday. While the stock market is open, the bond market and banks will be closed.

There are no major economic data scheduled for release.

Last week, U.S. stocks posted their worst weekly losses since June, with investors concerned about the looming fiscal cliff. And President Barack Obama added to market concerns on Friday by reiterating his commitment to higher taxes for the wealthiest. (Read More: Markets Still Waiting for Breakthrough on Fiscal Cliff)

China's trade surplus ballooned in October to its widest level in nearly four years, while export growth rose to a five-month high.

Meanwhile, European shares traded mixed, after Greece's parliament passed its 2013 budget required by international lenders. But disagreements over aid for Greece could hold up the next tranche of assistance.

Research In Motion rose after the struggling smartphone maker said it plans to introduce its BlackBerry 10 on Jan. 30.

On the M&A front, Jefferies Group surged after major shareholder Leucadia National said it will buy the financial services company in a stock deal worth about $3.7 billion.

Titanium Metals surged after Precision Castparts said it will acquire the titanium-based metals products maker for nearly $2.9 billion in cash.

D.R. Horton gained after the homebuilder reported earnings that beat expectations, thanks to a jump in orders.

This week will be busy for retail earnings, with Home Depot, Wal-Mart and Target scheduled to post results throughout the week.

On Tap This Week:

MONDAY: Veteran's Day observed—stock market open, bond market and banks closed
TUESDAY: NFIB small business optimism index, treasury budget; Earnings from Home Depot, Vodafone, Michael Kors, Saks, TJX, Cisco
WEDNESDAY: Weekly mortgage apps, PPI, retail sales, business inventories, FOMC minutes, 13-F filings, Facebook lockup lifts; Earnings from Abercrombie & Fitch, Staples, Tyco, Limited Brands, NetApp
THURSDAY: CPI, jobless claims, Empire state mfg survey, Philadelphia Fed survey, oil inventories, Fed bank of Chicago annual conf., credit card default rates reported; Earnings from Target, Wal-Mart, Viacom, Gap, Dell
FRIDAY: Treasury international capital, industrial production, e-commerce retail sales; Earnings from Foot Locker, JM Smucker, Ann

More From CNBC.com: