Wall Street's main indexes were set for a higher open on Monday, helped by a bounce back in growth and bank stocks, after the benchmark S&P 500 hovered near a grim market milestone at the end of last week.

Investors will keep a close eye on the slew of economic data expected this week that could shed light on the health of the U.S. economy against the backdrop of a steep sell-off in stocks this year.

U.S. stock indexes deepened year-to-date losses last week as dismal forecasts from Walmart Inc and other retailers added to worries about surging inflation and its impact on consumers and economic growth.

The benchmark S&P 500 fell over 20% from its Jan. 3 record closing high at one point on Friday, pushing it to the brink of confirming a bear market. The index is now down 18.7% from its all-time closing high.

Cloud service provider VMWare Inc surged 21.4% in premarket trading after reports over the weekend said chipmaker Broadcom Inc was in talks to acquire the company. Broadcom fell 5.1%.

"It doesn't surprise me and that's what you will start to see when you are bouncing along the bottom, it is an indication that equities are becoming more attractive," said Christopher Grisanti, chief equity strategist at MAI Capital Management.

Beaten-down megacap growth stocks including Apple Inc , Microsoft Corp, Alphabet Inc, Meta Platforms and Amazon.com gained between 0.4% and 0.7%.

JPMorgan Chase & Co rose 1.2% to lead gains among the big banks after the biggest U.S. lender by assets lifted its 2022 outlook for net interest income.

Readings on the second estimate of first-quarter U.S. GDP, PCE price index and durable goods data for April are due this week, likely providing clues on how the world's largest economy is faring amid decades-high inflation.

"The more folks think there is going to be a recession, the less they are going to worry about inflation. If the economy is slowing down ... the Federal Reserve won't have to raise interest rates quite as high as before," Grisanti said.

The Federal Reserve's May meeting minutes, due on Wednesday, will be closely parsed for signs on how aggressively the U.S. central bank is planning to raise interest rates. Money markets are pricing in 50-basis point rate hikes by the Fed in June and July..

At 8:32 a.m. ET, Dow e-minis were up 294 points, or 0.94%, S&P 500 e-minis were up 32.75 points, or 0.84%, and Nasdaq 100 e-minis were up 57.25 points, or 0.48%.

, U.S. President Joe Biden said on Monday he was weighing cutting tariffs on Chinese goods, while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation.

Shares of smallpox vaccine and drugmakers including SIGA Technologies and GeoVax Labs jumped between 7% and 40% after the United States identified its third suspected case of viral infection monkeypox.

The World Health Organization expects to identify more cases of the infection as it expands surveillance in countries where the disease is not typically found.

(Reporting by Devik Jain and Anisha Sircar in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)