Futures on the S&P 500 are down 0.3 percent and Nasdaq 100 futures are down 0.2 percent. Futures on the Dow Jones Industrial Average are up 0.2 percent.
Market sentiments received support following reports that parties favoring austerity measures had gained sufficient votes to form a government in Greece. Negotiations between the first-placed New Democracy party and third-placed PASOK party to form a coalition government have begun, but prolonged discussions could revive investor concerns.
There has been growing speculation about the Fed action to boost the economy in the wake of the indications that the U.S. economy is faltering. Federal Open Market Committee (FOMC) policy decision Wednesday will provide an answer to such speculations. Investors expect that with disappointing retail sales, industrial production and consumer confidence, the Fed will announce more quantitative easing measures to regain the economic growth momentum.
The National Association of Home Builders will report Monday the Housing Market Index (HMI) for June. The HMI rates the relative level of current and future single-family home sales. It is expected to fall to 28 in June, down from 29 in May.
On Friday, the U.S. markets were up as investor sentiments were positive amid rising hopes that central banks around the world would announce stimulus measures to boost the global economy. The Dow Jones industrial average rose 0.9 percent, the S&P 500 Index climbed 1 percent and the Nasdaq Composite Index was up 1.3 percent.
Major European indices were in green as investor confidence was rejuvenated following the outcome of the Greek elections. London's FTSE 100 rose by 39.13 points, Germany's DAX 30 Index advanced 59.80 points and France's CAC 40 moved up by 27.27 points.
Asian markets rose Monday following global cues as investor sentiments turned positive on hope that Greece would not be leaving the euro zone.