Here are the most important news items that investors need to start their trading day:
1. Bond yield boost
U.S. stock futures slid Monday morning as the 10-year Treasury note yield again ticked above 5% — a level it hit Thursday for the first time since 2007. Earnings and inflation data will help to shape whether equities bounce back from a down week. The Dow Jones Industrial Average fell 1.6%, the S&P 500 dropped 2.4% and the Nasdaq Composite shed 3.2% last week. A string of major earnings reports are due Tuesday through Thursday. The personal consumption expenditures data out Friday will offer clues about whether the Federal Reserve will hike interest rates again this year. Follow live market updates here.
2. Tech torrent
The tech sector, which has largely driven market gains this year, will headline a busy stretch of earnings this week. Other key reports will come from the transportation and food and beverage spaces. Investors will focus on General Motors and Ford results as executives will answer questions about the effects of the more than month-long United Auto Workers strike. Here are the major reports this week:
3. Aid arrives in Gaza
The first humanitarian aid convoys since the start of the Israel-Hamas war arrived in Gaza over the weekend, and more shipments of food, water and medical supplies are expected Monday. U.S. President Joe Biden spoke to Israeli Prime Minister Benjamin Netanyahu on Sunday, and said there will be a "continued flow" of aid into Gaza. Israel intensified airstrikes on the besieged area in recent days, as it holds off on a potential ground invasion. Leaders around the globe are trying to prevent the conflict from turning into a broader war. Follow live updates on the conflict here.
4. Oil consolidation ramps up
Chevron said it will buy Hess in a $53 billion all-stock deal. Through the agreement, Chevron will expand its reach in Guyana's growing oil production space, where rival Exxon Mobil is also a major player. The acquisition is the second major oil deal this month. Exxon said it agreed to buy Pioneer Natural Resources for nearly $60 billion in an all-stock agreement.
5. More Google scrutiny
Another country is probing Alphabet's Google for potential anticompetitive practices. Japan's Fair Trade Commission said it would investigate potential antitrust violations related to Google's search engine and its apps and platforms. The move in Japan follows scrutiny over allegations of anticompetitive conduct in the European Union and United States. A Google spokesperson told CNBC that Android is an open platform that ensures "users always have a choice to customize their devices to suit their needs, including the way they browse and search the internet, or download apps."
– CNBC's Lisa Kailai Han, Ruxandra Iordache, Matt Clinch and Arjun Kharpal contributed to this report.
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