Futures will trade electronically until 1:00 P.M. ET.
In European markets, London's FTSE gained 0.4 percent, Germany's DAX added 0.2 percent and France's CAC also added 0.2 percent.
Asian markets traded mixed.
Japan's benchmark slipped 0.7 percent after the government reported the economy contracted 6.3 percent in annual terms in the last quarter.
China's shares got a boost after the central bank stepped in to help the economy with a rate cut, extra buying of securities and tax cuts.
The Hang Seng in Hong Kong climbed 0.6 percent and China's Shanghai Composite jumped 2.3 percent after the central bank and finance minister announced a slew of measures to support the economy as the country battles an outbreak of a new virus that has killed 1,770 people and infected nearly 70,000.
The contraction in the Japanese economy, the world's third-largest, reflected the impact of typhoons, trade tensions and crimped consumer spending.
The seasonally adjusted economic data was announced as Prime Minister Shinzo Abe faces pressure over spreading cases of the coronavirus and markets around the region see a mounting toll from its impact on travel and tourism as authorities strive to contain it.
But good news came in the form of fresh help from the People's Bank of China, which cut its one-year medium-term lending rate to 3.15 percent from 3.25 percent.
|I:DJI||DOW JONES AVERAGES||33290.08||-533.37||-1.58%|
|I:COMP||NASDAQ COMPOSITE INDEX||14030.375849||-130.97||-0.92%|
Wall Street closed out a wobbly day of trading Friday with the major stock indexes notching their second straight weekly gain.
Bond prices rose. The yield on the 10-year Treasury was at 1.59 percent from 1.58 percent late Friday.
Benchmark U.S. crude oil fell 5 cents to $52.00 per barrel in electronic trading on the New York Mercantile Exchange.It closed 1.2% higher on Friday, notching its first weekly gain in six weeks.
Brent crude oil, the international standard, lost 15 cents to $57.17 a barrel.
More than three quarters of S&P 500 companies have reported earnings and the results so far show solid growth.
Companies are expected to report overall profit growth of just under 1 percent.
Several big companies are on deck to report results this week. Walmart will release its report on Tuesday and Deere will report on Friday.
On Wednesday, the government will issue its report on producer prices, which measures inflation pressures before they reach consumers and there will be updates on the health of the housing industry.
The Federal Reserve will release minutes from its January meeting.
The Associated Press contributed to this article