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Stock futures add to gains as industrial production rises

U.S. stock-index futures signaled a higher open on Monday, with stocks poised to bounce back from weekly losses, after a report showed an increase in American industrial output in February.

"For a market that was down five days in a row last week, it looks like it's going to test a bit of a reflex rally here," said Art Hogan, chief market strategist at Wunderlich Securities.

U.S. industrial production rose 0.8 percent last month, better than anticipated.

And, the March empire State Factory Index climbed to 5.6 in March after a reading of 4.5 the prior month.

Stocks declined last Friday, with the Nasdaq Composite posting its first weekly drop in six, as concerns surrounding the situation in Ukraine continued. The geopolitical tensions surrounding events in Eastern Europe have caused volatility for some weeks now.

(Read more: Ukraine could be a threat to markets 'for a while yet')

Russian news outlets reported on Sunday that 95.5 percent of Crimeans voted to break away from Ukraine and join the Russian Federation. Russia's lower house of parliament has stated that it will pass legislation allowing Crimea to join the nation in the "very near future," while Crimea's Parliament on Monday formally asked to join the Russian Federation.

Both the European Union and the U.S were quick to criticize the vote as against international and Ukrainian law. Economic sanctions against Russia are now a possibility as the White House called for "concrete steps to impose costs" on the country following the referendum.

(Read more: Vote over, now what between West and Russia?)

With the result of the referendum widely seen as a foregone conclusion, markets remained fairly sanguine on Monday with investors looking ahead to any potential sanctions for Russia.

"The absence of a diplomatic solution to prevent an escalation of events in Ukraine following the weekend's referendum in Crimea suggests that geopolitics will continue to cloud the outlook," Chris Scicluna, an economist at Daiwa Capital said in a morning note.

Investors in the U.S. this week will look ahead to the U.S. Federal Reserve's monetary policy two-day meeting amid speculation that the Federal Open Market Committee could trim its stimulus by another $10 billion.

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