Among earnings, McDonald's posted profit just ahead of Wall Street expectations but revenue was light, sending shares lower.
(Read more: The earnings excuse you'll hear everywhere)
Gannett slumped after the newspaper chain reported a revenue decline due to of weak advertising sales.
Hasbro rallied after the toy company posted a higher-than-expected profit as robust demand overseas helped offset domestic weakness.
Discover Financial, Netflix and Texas Instruments are slated to post earnings after the closing bell.
According to Deutsche Bank, of the 80 S&P 500 companies that have reported results so far, 70 percent have topped analysts' earnings expectations, but only 53 percent have beaten sales forecasts.
(Read more: What this week's earnings will say about consumers)
Over the weekend, JPMorgan reached a tentative $13 billion deal with the U.S. government over probes over the financial giant's handling of mortgage-backed securities that plummeted in value during the housing crash of the late 2000s.
Apple gained after SocGen raised its rating on the tech giant to "buy" from "hold" and lifted its target price to $575 from $500. Apple is scheduled to hold a highly-anticipated product launch on Tuesday, where it is expected to unveil new versions of its full-sized iPad and iPad Mini just before the holiday season.
Facebook slipped after the social-networking site was down for some users Monday morning. Shortly after 11am ET, the company said full service had been restored. Facebook shares rallied to an all-time high last week, spiking nearly 160 percent in the last 12 months.
First Solar spiked higher to lead the S&P 500 gainers after JPMorgan said the solar company is among their top picks in the clean-tech sector along with EnerNOC and SolarCity.