US Markets

Futures Modestly Higher Ahead of Open

U.S. stock index futures were slightly higher Monday, after the S&P 500 ended its sixth-consecutive week higher, but low volume and the lack of economic reports could make trading volatile.

And with the recent rally having stalled near the psychologically-important 14,000, analysts are mulling whether markets are consolidating for the next push higher, or poised for a correction.

(Read more: Dow May Struggle to Outdo Itself as Caution Takes Hold)

No major economic reports are scheduled, but Federal Reserve Vice Chair Janet Yellen is scheduled to speak at 1pm ET.

Week Ahead in the Markets

Among earnings, Boardwalk Pipeline Partners reported that its fourth quarter earnings surged by 26 percent, helping to underpin market sentiment ahead of the open. The oil and gas company saw revenues rise across all its components, beating estimates.

Google edged lower after executive chairman Eric Schmidt said he is is selling about 42 percent of his stake in the company, or about 3.2 million shares over a one-year period.

Cisco gained after Mizuho raised its target price on the tech bellwether to $25 from $23. The networking-equipment company is scheduled to post quarterly earnings on Wednesday.

Nike rallied after JPMorgan raised its rating on the sports-apparel retailer to "overweight" from "neutral" and boosted its target price to $64 from $50.

European shares traded mixed, ahead of a meeting of euro zone finance ministers in Brussels to discuss issues which may include Greece, Cyprus, direct bank recapitalizations and competitive currency devaluations. They will be joined by the International Monetary Fund's Christine Lagarde.

President Barack Obama is scheduled to deliver his annual State of the Union address to Congress on Tuesday.

In Asia, bourses in China, Hong Kong, Singapore, Taiwan and South Korea were shut for the Lunar New Year holiday. Japan was also closed for its National Founding holiday.

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—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

TUESDAY: NFIB small business optimism index, Fed's George speaks, 3-yr note auction, Treasury budget, Fed's Plosser speaks, State of the Union; Earnings from Barclay's, Coca-Cola, Avon Products, McGraw-Hill, Michael Kors, Buffalo Wild Wings, Clearwire
WEDNESDAY: Weekly mortgage applications, retail sales, import & export prices, business inventories, oil inventories, Fed's Bullard speaks, 10-yr note auction; Earnings from Comcast, Deere, Dean Foods, Cisco, Applied Materials, MetLife
THURSDAY: Jobless claims, natural gas inventories, Fed's Bullard speaks, 30-yr bond auction, Fed balance sheet/money supply, 13-F filings; Earnings from General Motors, PepsiCo, Rio Tinto, CBS
FRIDAY: Empire state mfg survey, Treasury int'l capital, industrial production, Fed's Pianalto speaks, consumer sentiment, e-commerce retail sales, credit card default rates reported; Earnings from Campbell

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