U.S. stock futures were pointing to a decline at Monday's open after the Dow Jones Industrial Average added 2.3% last week, the third straight weekly gain. The boarder market's gains last week came as positive coronavirus vaccine trial data from Moderna and from a Pfizer and BioNTech partnership provided encouragement. AstraZeneca, in partnership with Oxford University, is expected Monday to announce trial results of its potential Covid-19 vaccine.
In addition to coronavirus developments, Wall Street watches a crush of earnings this week. IBM comes Monday afternoon. Coca-Cola reports Tuesday. Microsoft, Tesla and Chipotle are out Wednesday. Thursday brings AT&T, Travelers and Intel. American Express and Verizon release quarterly results Friday.
New U.S. coronavirus cases were lower Saturday and Sunday, totaling nearly 64,000 and almost 62,000 respectively after exceeding 70,000 two days in a row Thursday and Friday.
Florida reported 12,523 new infections Saturday, marking the fifth consecutive day the hot-spot state reported more than 10,000 new cases, according to the state's health department.
In Ohio, Republican Gov. Mike DeWine told NBC's "Meet the Press" on Sunday, "We're going the wrong way." However, Ohio's recent run of over 1,300 daily coronavirus cases is much lower than totals in many of the nation's hardest hit states.
With Covid-19 cases hitting alarming highs, lawmakers return to Washington on Monday, under pressure to pass a new economic stimulus measure. Senate Majority Leader Mitch McConnell, R-Ky., is expected to roll out his $1 trillion-plus proposal. House Speaker Nancy Pelosi, D-Calif., already pushed through a $3 trillion relief bill.
Republicans and Democrats have been unable to agree on how to handle the expiration at the end of the month of a federal $600-per-week boost to regular state unemployment benefits.
In late March, as Congress passed a $2.2 trillion Covid-19 rescue package, cases soared past 100,000 and deaths topped 2,000. As of Monday morning, total U.S. infections approached 3.8 million with more than 140,500 deaths.
In New York City, workers taking part in "The Strike for Black Lives" are set to gather Monday outside of the Trump International Hotel to demand the Senate and the president pass and sign the new House-passed Covid-19 economic stimulus bill.
Organizers of Monday's planned national walkout said tens of thousands are set off their jobs in more than two dozen U.S. cities to protest systemic racism and economic inequality that's only worsened during the pandemic. Organizers said many strikers are taking particular aim at corporations such as Walmart and McDonald's.
Strikes in Minneapolis, where George Floyd was killed by a police officer on May 25, will include nursing home and airport workers demanding a $15-per-hour minimum wage.
Disney has become the latest company to cut its advertising spending on Facebook as the social network faces an ad boycott over its handling of hate speech and controversial content, according to The Wall Street Journal. Disney joins other companies including Starbucks and Unilever that have pulled ads from the tech giant. Unlike others, Disney did not make a public announcement but instead quietly shifted its Facebook ad spending, the Journal reported.
Shares of Facebook were lower in Monday's premarket trading. The stock came under heavy pressure late last month as the ad boycott was gaining stream, but it has since recovered those losses.
— The Associated Press and Reuters contributed to this report. Follow all the developments on Wall Street in real-time with CNBC's live markets blog. Get the latest on the pandemic with our coronavirus blog.