Around 7 a.m. ET, Dow Jones Industrial Average futures indicated a drop of more than 50 points at the open. Futures on the S&P 500 and Nasdaq 100 were also seen slightly lower.
The move lower in futures comes after the South China Morning Post reported China's policy-making committee will pursue structural changes to its economy, rather than add stimulus.
But corporate results remain the biggest focus for the U.S. this week. On Monday, Halliburton reported better-than-expected quarterly results, sending its stock up more than 3% in the premarket. Other companies reporting earnings on Monday include Kimberly-Clark and, after the bell, Whirlpool and Celanese.The week ahead will be the busiest of the earnings season with Coca Cola, Procter & Gamble, UnitedTech, Verizon, Twitter, Lockheed Martin and eBay just some of the companies reporting Tuesday.
On Wednesday, Facebook, Microsoft and Tesla Motors are just a few of the corporate earnings to expect and on Thursday, CNBC-parent Comcast, Amazon, Ford, Starbucks and Domino's Pizza are among those reporting. Chevron, Exxon Mobil and Colgate-Palmolive will be reporting earnings on Friday.
On the data front, existing home sales for March are expected at 10 a.m. ET.
Oil markets are in focus after prices spiked following reports that U.S. Secretary of State Mike Pompeo will announce that from May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate.
In other news, Nobel-prize winning economist Joseph Stiglitz has said that critics of globalization are wrong when they say trade agreements have been unfair to the U.S. and Europe. In his latest book, Stiglitz notes that trade agreements have advanced corporate interests at the expense of workers in both developed and developing countries.