U.S. stock index futures shaved some gains Monday, after the Dow and S&P 500 ended at fresh highs, as investors digested a weaker-than-expected retail sales report against China's annual GDP data that met expectations.
On the economic front, retail sales rose just 0.4 percent in June, according to the Commerce Department, missing expectations for a gain of 0.8 percent. It was still the third straight month of gains in sales and followed a revised 0.5 percent rise in May.
Meanwhile, growth in New York state's manufacturing sector accelerated to 9.46 in July from 7.84 in June, according to the New York Federal Reserve. Economists surveyed by Reuters expected a reading of 5. A reading above zero indicates expansion.
And monthly business inventories data will be reported at 10:00 am ET. Economists surveyed by Reuters expect a gain of 0.2 percent in May.
China's annual economic growth slowed to 7.5 percent in the second quarter of 2013, from 7.7 percent, marking the slowest pace of year-over-year growth since the third quarter of last year. Still, markets cheered the news as many traders expected a figure below 7.5 percent following the recent slew of disappointing trade and manufacturing data from the world's second-largest economy.
The Shanghai Composite rallied 1 percent on the news, but gains across Asia were capped by light trading volumes, with Japanese markets shut for a public holiday.
The S&P and Dow set another record closing high on Friday. The S&P closed at 1680, ending the week up nearly three percent, and seven points below its all-time high. The Dow gained 2.2 percent at 15,464, 78 points away from its May 22 intra-day high.
Among earnings, Citigroup rose after the financial giant delivered another positive surprise in the banking sector, posting profit of $1.25 per share against estimates of $1.17. Banks were expected to be the best sector amid an otherwise lackluster quarter.
Leap Wireless skyrocketed more than 120 percent following news the provider agreed to be acquired by AT&T for $15 per share in cash, or about $1.2 billion. The deal represents an 88 percent premium to Friday's close.
Also, Boeing recovered after investigators determined the Friday fire on a 787 Dreamliner at Heathrow Airport was not caused by a battery issue.
Alexion Pharmaceuticals rose on a Reuters report that Switzerland's Roche is seeking financing for a possible Alexion bid.
(Read more: Will a job market scare push Beijing to act?)
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
On Tap This Week:
MONDAY: Business inventories, Oracle on NYSE, Tesla on Nasdaq 100
TUESDAY: CPI, Treasury int'l capital, industrial production, NAHB housing market index, Fed's George speaks; Earnings from Coca-Cola, Goldman Sachs, Johnson & Johnson, Charles Schwab, Yahoo, CSX
WEDNESDAY: MBA mortgage applications, housing starts, Ben Bernanke speaks, oil inventories, Beige book; Earnings from Bank of America, Novartis, Abbott Labs, Bank of NY Mellon, Mattel, American Express, Ebay, IBM, Intel, Sandisk
THURSDAY: Jobless claims, Ben Bernanke speaks, Philadelphia Fed survey, leading indicators, natural gas inventories, Fed balance sheet/money supply, Dell special shareholder mtg; Earnings from BlackRock, Morgan Stanley, United Health, Verizon, Nokia, Google, Microsoft, AMD, Capital One, Chipotle
FRIDAY: G20 in Russia; Earnings from GE, Schlumberger, Vodafond, Honeywell