U.S. stock index futures crept higher ahead of the open Monday as investors waited for the next batch of quarterly earnings for signs on whether the recent stock rally can continue.
The Dow Jones Industrial Average has risen 11 of the past 12 sessions, and the Dow and the Nasdaq now have eight consecutive weekly gains. The Dow, the S&P 500, and the Nasdaq all registered new multi-year closing highs on Friday.
However, one market expert thinks the stock rally has lost momentum and investors should bail out now or face a summer of sharp declines.
"We're on borrowed time (for) people wanting it to run much further now and we're entering the irrational exuberance level," Robin Griffiths, technical strategist from Cazenove Capital, told CNBC.
European stocks managed gains, but concerns over Greece's financial situation were underlined by rising yields for its government bonds. Asian stocks ended higher on the back of the strong U.S. close.
Earnings season is still in full swing this week with 164 S&P 500 companies set to report their quarterly numbers.
Dow component Caterpillar reported earnings of 36 cents a share, slightly less than projected, but the company raised its full-year outlook to $2.50 to $3.25 a share. Shares rose nearly 3 percent in premarket trading.
Monday is relatively light otherwise for earnings, but Hertz will report and Texas Instruments will release their earnings later in the day. Humana reported earnings of $1.52 per share on revenues of $8.44 billion. Its shares rose more than 3 percent premarket.