All eyes will be on corporate earnings this week as earnings season shifts into high gear.
Netflix is among the corporates that will lead the week's earnings announcements, with the streaming giant slated to report on Monday after the market close. Also on the earnings calendar for the week are a slew of major banking and technology names, including Goldman Sachs, IBM and Microsoft.
All told, around 60 S&P 500 companies are due to report results this week.
Bank stocks declined on Friday after several large banks reported a set of mixed earnings for the second quarter: J.P. Morgan beat on both the top and bottom line while Citigroup topped profit forecasts, but missed on the revenue front.
On the whole, however, earnings growth in the second quarter is expected to come in at 20 percent, according to a FactSet poll.
All of that also comes against the backdrop of elevated trade tensions between the U.S. and China, with U.S. tariffs on $34 billion in Chinese products having taken effect earlier this month. Chinese tariffs on the same amount of U.S. goods are also currently in place.
— CNBC's Patti Domm contributed to this report.