Wall Street looks set for more gains; HP eyed

Wall Street looked set to open higher on Monday, building on the global rally seen after Friday's better-than-expected non-farm payrolls.

European shares traded higher on Monday, after official statistics showed the U.S. jobless rate fell to 5.9 percent in September, with companies adding 248,000 employees.

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Despite beating estimates, Evan Lucas, market strategist at IG, said the numbers were insufficient to push the Federal Reserve into bringing forward interest rate hikes.

"The labor market still has plenty of slack in it. The strong employment numbers mean the economy is moving, but it's not so strong that the Fed would jump the gun with moving rates," said Lucas.

Meanwhile, Monday will be a light day for both economic data and corporate news.

Tuesday brings the latest monthly consumer credit and JOLTS job openings data for August. Thursday, meanwhile, brings wholesale trade numbers for August and the weekly jobless claims figures, followed on Friday by the monthly Treasury budget statement.

Earnings-wise, nine S&P 500 companies will report this week, with Alcoa's third-quarter numbers on Wednesday coming before the banks report next week.

Stock watch

Traders are eyeing Hewlett-Packard, after the company announced plans to split into two publicly traded companies, one focused on personal computers and printers, and the other on corporate computing and IT services.

Read MoreHP returns to breakup plan it shelved three years ago

There is also Walt Disney to watch, after news that it will bail out its Euro Disney subsidiary to the tune of 1 billion euros ($1.3 billion). Euro Disney, based in Paris, has been hit by falling visitor numbers since the global economic downturn.