Having rallied on Friday, the S&P 500 is close to setting record highs. The index ended at 2129.90 points on Friday, not far off an all-time closing high of 2,130.82, set on May 21, 2015. The benchmark index is also within striking distance of its all-time intraday high of 2,134.72, set on May 20, 2015.
"Friday's U.S. labor report was a great source of comfort to markets," Kit Juckes, strategist at Societe Generale, said in a note on Monday.
On Sunday, Japan's ruling coalition won a landslide victory in upper house elections. This makes it likelier Prime Minister Shinzo Abe will be able to push through further monetary easing measures. A stimulus package of at least 10 trillion yen ($97.9 billion) is expected.
No major economic data are due from the U.S. on Monday. However, earnings season will kick off with results from Alcoa, which is no longer part of the Dow Jones Industrial Average.