US pre-open: Stocks seen slightly higher ahead of earnings season

At 1100 BST, Dow Jones Industrial Average futures were flat, while S&P 500 and Nasdaq futures were up 0.1% and 0.3%, respectively. Stocks ended last week on an upbeat note after a solid non-farm payrolls report, which showed payrolls rose by 222,000 in June compared to an upwardly-revised 152,000 gain May, comfortably beating expectations for a 177,000 increase.

IG analyst Joshua Mahony said: "This week sees US earnings season kick off once more, with three of the big banks reporting on Thursday. Amid a period where we have seen a significant degree of direction dictated by monetary policy consideration, there is a good chance that the corporates could be the driver of a recovery following recent declines."

Meanwhile, oil prices were back in the red, having briefly recovered from last week's selloff. West Texas Intermediate and Brent crude were down 0.9% to $43.83 and $46.32 a barrel, respectively.

Mahony said: "Crude oil appears to coming under renewed pressure this morning, in what has become an all too regular occurrence in recent months. The continued increase in OPEC output does little to encourage investors to raise expectations over prices, yet there are signs that this may be remedied, with output cuts mooted for freewheelers Libya and Nigeria.

"While Friday’s rig count rise proves that US output is unlikely to help prop up oil prices for some time yet, it is US factors that to a large extent are helping ease the glut, with driving season demand ensuring a sharp drawdown in crude stocks over the summer months."

Investors will also be digesting the latest Chinese inflation data released by the National Bureau of Statistics, which showed consumer prices rose an annual 1.5% in June, unchanged from May but below expectations of 1.6%.

Meanwhile, leaders of the G-20 group of countries met in Hamburg over the weekend to discuss issues such as trade, climate change and defence.

In corporate news, electric car maker Tesla was likely to be in focus after its shares tanked last week, as the company's Model 3 sedan rolled off the assembly line over the weekend.

Elsewhere, Helen of Troy was among the companies due report before the opening bell, while IT group Barracuda Networks was scheduled to report after the close.

There isn't much due on the data front, although the latest consumer credit data is at 2000 BST.