All eyes will be on London this morning as U.S. trade reps meet with their counterparts from China. Stock futures are modestly higher.

China trade talks in London and downward revisions to U.S. payroll estimates—suggesting the Fed may consider cutting interest rates later this year, a move typically supportive for stocks. S&P 500 futures traded up marginally this morning after most Asian markets rose and Europe stayed flat in early trading.

Futures on Wall Street are trading with modest loses ahead of important talks on the trade front and some inflation data that will be reported over the close of the week. Futures on the Dow Jones are trading with losses of 70 points,