On Sunday, centrist candidate Emmanuel Macron claimed victory in the French presidential election after securing around 66 percent of the vote, beating his far-right and anti-EU opponent Marine Le Pen.
The pro-European Union candidate's win was met with delight from global leaders, letting markets breathe a sigh of relief when it comes to the stability and future of the European Union.
Following last week's volatility in the oil markets, crude futures fluctuated in morning trade following comments from Saudi Arabia's energy minister on the possibility of an extension to the OPEC-led production cut, which is currently expected to end in June, Reuters reported.
Investors will also be keeping a close eye on two speeches by Federal Reserve members on Monday. Cleveland Fed President Loretta Mester is expected to be at the Chicago Council on Global Affairs' Public Breakfast Program, to weigh in on the topic "From Main Street to Wall Street: Economic Growth, Monetary Policy, and the Federal Reserve", while St. Louis Fed President James Bullard is expected to be at the Federal Reserve Bank of Atlanta's 22nd Annual Financial Markets Conference.
While no major data is expected to be released on Monday, investors will be on the lookout for the results of two bond auctions.