Fed speak was in focus on Monday, as Federal Reserve Vice Chair Stanley Fischer and Fed Governor Lael Brainard both delivered remarks on the U.S. economy.
Fischer noted that he has seen possible first signs of an inflation increase, while Brainard said that she expects inflation to move back to the central bank's 2 percent target despite risks to the downside.
On the data front, it should be a very quiet week for U.S. economic news, with just January consumer credit figures on Monday at 3 p.m. ET and wholesale inventory data Wednesday the only data releases of note in the first half of the week.
Oil prices traded strongly on Monday, extending gains seen on Friday after the nonfarm payrolls report was released showing the economy created 242,000 jobs in February, topping expectations. Front-month Brent crude futures were trading at $40.89 per barrel on Monday, up $2.17 from Friday's close.
All eyes will be on the European Central Bank this week, as President Mario Draghi is expected to deliver yet more monetary stimulus on Thursday amid growing criticism of how the world's central banks are handling monetary policy.
In Asia, China announced new economic targets at the National People's Congress (NPC) over the weekend.
China's new economic targets for 2016, released on Saturday at the National People's Congress (NPC) meeting, included a revised growth target of between 6.5 and 7 percent, a consumer price index growth target of around 3 percent and a budget deficit at 3 percent of gross domestic product (GDP), according to Reuters.