U.S. stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 1.2 percent, Dow Jones futures down 1 percent, and Nasdaq 100 futures down 1.1 percent at 0905 GMT.
The dollar rose broadly, boosted by comments from Russia's finance minister on the U.S. currency and as investors continued to take profits on other currencies that had climbed sharply early last week.
Oil fell to $71 a barrel on Monday, extending its retreat from eight-month highs as the dollar rose, though traders kept a close watch on OPEC member Iran, where contested election results sparked a weekend of violent protests.
China's economy will not experience a rapid recovery because it will take time to find a new growth engine to replace sagging exports, an influential economist said in remarks published on Monday.
The G8 countries have taken the first step toward winding down the measures designed to rescue their economies amid tentative signs of recovery, reassuring investors who had begun to fret about inflation, but they will not move to withdraw stimulus plans yet.
The commercial aircraft chief of U.S. planemaker Boeing
European stocks were down 1.5 percent in morning trade on Monday, as a drop in commodity prices prompted investors to book some of the recent hefty gains on resource-related stocks such as BP
Japan's Nikkei stock average fell nearly 1 percent on Monday, dragged lower by chipmakers after disappointing guidance from a U.S. peer and as investors booked profits after the Nikkei hit an eight-month high last week.
On the macro front, investors will keep an eye on the New York Empire State Manufacturing index for June, due at 1230 GMT, as well as the June NAHB housing market index, due at 1700 GMT.
On Friday, the Dow Jones industrial average <.DJI> swung into positive territory for the year for the first time since early January, bolstered by defensive sectors such as pharmaceuticals, while a disappointing outlook from National Semiconductor
The Dow gained 28.34 points, or 0.32 percent, to 8,799.26. The Standard & Poor's 500 Index <.SPX> gained 1.32 points, or 0.14 percent, to 946.21. The Nasdaq Composite Index <.IXIC> dropped 3.57 points, or 0.19 percent, to 1,858.80.
For the week, the Dow gained 0.4 percent, the S&P 500 added 0.7 percent and the Nasdaq rose 0.5 percent.
(Reporting by Blaise Robinson, editing by Will Waterman)