Wall Street Set to Open Lower

Stock futures contracts tied to the three major indices were down roughly 0.5% on Monday, putting Wall Street on track to start the week on a sour note as investors await a slew of economic data to gauge the economy's health and the Fed's next move.

Last week wrapped up with a stronger-than-expected payroll report, which has thrown some cold water into expectations for a less aggressive tightening despite markets still seeing an 80% chance that the US central bank will hike rates by 50 basis points in December.

Now, all eyes are on a report from the ISM that is expected to show that the services sector grew slower in November as tighter financial conditions dented business activity.

Meanwhile, Tesla dropped more than 4% after warning about a cut in the December output of the Model Y at its Shanghai plant.

On the flip side, US-listed Chinese companies, including Alibaba Group and JD.com, enjoyed some respite of hopes for a swifter reopening of China's economy.