Later this week, Federal Reserve chairman Ben Bernanke is expected to be on Capitol Hill for his annual testimony on the economy. Markets got a boost last week after Benrnanke said said monetary policy would remain accommodative for the foreseeable future, even if the unemployment rate hit the Fed's target of 6.5 percent.
Stocks rallied sharply last week, with the Dow and S&P finishing at fresh highs. The S&P and Nasdaq posted their second best weekly gains this year.
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.
Other financials slated to post quarterly results this week include Goldman Sachs, Bank of America and Morgan Stanley.
Additionally, tech giants including Google, Microsoft, Intel, IBM and Yahoo are also scheduled to report throughout the week.
Analysts surveyed by Thomson Reuters expect S&P 500 companies' second-quarter earnings to have grown 2.8 percent from a year earlier, with revenue up 1.5 percent.
(Read More: Bob Doll: Only strong earnings can keep rally going)
Leap Wireless skyrocketed nearly 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.
Solar stocks including First Solar, Suntech Power and LDK Solar soared after China boosted its 2015 target for soclar power capacity by more htan 60 percent.
Also, Boeing recovered after investigators determined the Friday fire on a 787 Dreamliner at Heathrow Airport was not caused by a battery issue. Meanwhile, Honeywell it was invited by UK investigators to participate in the probe of the Dreamliner fire. Separately, a source with knowledge of the investigation told Reuters that the emergency locator transmitter was being looked at for possible involvement in the fire. Honeywell makes the device for the 787.
Alexion Pharmaceuticals rose on a Reuters report that Switzerland's Roche is seeking financing for a possible Alexion bid.