U.S. stock index futures were modestly higher early on Monday morning

Futures contracts tied to the Dow Jones Industrial Average added 0.27%. S&P 500 futures were up 0.43%

The major averages are coming off a losing week, despite a Friday relief rally that saw the Dow jump more than 650 points

The Wall Street Journal reported Sunday that the central bank is on track to lift interest rates by 75 basis points at its meeting later this month

Recession fears have been front and center in recent weeks as market participants worry that aggressive action

Markets are likely to remain volatile in the coming months and trade based on hopes and fears about economic growth and inflation

Inflation jumped 9.1% in June, a hotter-than-expected reading and the largest increase since 1981

Bank of America, Goldman Sachs and Charles Schwab are on deck to provide quarterly updates on Monday before the market opens