Airlines and other travel companies rallied in European trade as the slump in oil futures led to hopes that jet fuel prices would fall. EasyJet, Lufthansa and Tui each gained ground, while integrated oil companies BP and Shell lost 2% each. S&P 500 futures increased 31.75 points, or 0.54%, to 5,877.75

Major U.S. stock indexes were higher in afternoon trading Monday as investors prepare for earnings reports from major technology companies and the release of important economic indicators in the coming days.

The S&P 500 is on track to report 7% year-per-year earnings growth for the third quarter, according to estimates from FactSet.

Stocks rose at the start of the busiest week for corporate earnings, with traders also gearing up for three high-profile economic reports that will set the stage for the next Federal Reserve decision.