Futures on the S&P 500 are down 0.29 percent, futures on the Dow Jones Industrial Average are down 0.18 percent and Nasdaq100 futures are down 0.38 percent.
Investors are likely to focus on monthly core PCE price index, personal spending and income which are due to be released before the markets open. Michigan Consumer Sentiment Index and Chicago PMI will be released after the opening bell.
The Commerce Department will release February personal income and consumption data at 8:30 am EDT. Economists expect a rise of 0.3 percent in March income and a 0.4 percent increase in spending. The core PCE deflator is expected to increase by 0.2 percent in line with the gain in the core CPI last month.
Meanwhile, the Chicago purchasing managers' index is expected to decline to 61.0 in April from 62.2 in March.
On the corporate front, Barnes & Noble Inc will be in focus. Microsoft & Barnes announced the formation of a strategic partnership in a new Barnes & Noble subsidiary. Microsoft will make a $300 million investment in new company at a post-money valuation of $1.7 billion in exchange for an approximately 17.6 percent equity stake.
On Friday, US stocks ended with gains as investors shrugged off weaker-than-expected US economic growth and focused on a string of strong corporate earnings. In fact, the sluggish GDP data also boosted hopes for further monetary stimulus from the Federal Reserve.
European markets are currently trading mixed with DAX30 down by 1.39 points and CAC 40 down by 37.25 points while the FTSE 100 up by 4.67 points.
On Monday, Spain's recession was confirmed after official data from the National Statistics Institute showed that Europe's fifth largest economy shrank 0.3 percent in the first three months of this year. On annual basis, the contraction was measured at 0.4 percent. However, the figures were slightly better than forecast.
This outcome confirmed that the country fell back in recession in the first quarter, with further contraction likely in coming quarters, but it was slightly less negative than feared based on the Bank of Spain early estimate of -0.4 percent QoQ, said a note from Credit Agricole.