Futures Dip After Dow Crosses Above 14,000

U.S. stock index futures were lower across the board Monday, after the S&P 500 hit a five-year high and the Dow rose above 14,000 for the first time since October 2007, ahead of the latest factory orders data and some earnings reports.

"Equity markets seem poised to pause for breath as the new trading week gets underway. It was certainly a stellar finish on Friday as the FTSE tacked on another one percent and the session was then topped off with the Dow closing above 14,000," Mike McCudden, head of derivatives at stockbroker Interactive Investor, said in a morning note on Monday. (Read More: What Could Trip Up the Stock Market Bulls? )

An encouraging U.S. jobs report propelled blue-chip stocks to their highest level since October 2007 on Friday, as investors momentarily sidelined their concerns about the recovery.

"Friday's U.S. employment report should help to soothe any lingering concerns that the economy is headed for a recession, given that non-farm payrolls increased by 157,000 in January and gains for the prior two months were revised higher by a combined 127,000," wrote Paul Ashworth, an economist at independent research firm Capital Economics, in a note on Friday afternoon.

"However, the revised payroll figures are harder to square with the more downbeat rebound in the household measure of employment. And with the unemployment rate edging up to 7.9 percent in January, from 7.8 percent, there should still be a long way to go before the Federal Reserve turns off the monetary taps." (Read More: Economy Adds Another 157,000 Jobs; Rate Up to 7.9 Percent)

U.S. treasury yields hit their highest levels in over nine months on Monday on the news, as markets readjusted to the idea of a healthier economy.

Headline macroeconomic reports will be thinner on the ground on Monday, although the government will release factory orders for December at 10 a.m. ET. Economists polled by Reuters forecast a rise of 2.2 percent, compared with a flat reading in the previous month.

McDonald's announced it is offering 'Fish McBites,' a new Happy Meal entree starting this week through March, to coincide with Lent. The latest children's set meal is the fast-food giant's first new entree in nearly a decade. However, shares dipped slightly in pre-market trading.

Oracle agreed to acquire network-gear manufacturer Acme Packet for $29.25 a share, or $1.7 billion, in cash.

Herbalife tumbled after the New York Post reported that the nutrition and weight-loss products company is being investigated by law enforcement officials after a Freedom of Information Act request revealed 192 complaints against the firm in the past seven years.

Research In Motion has changed its company name to BlackBerry and will now trade under the ticker symbol 'BBRY', though formal approval won't come until the smartphone maker's annual meeting this summer. Bernstein upgraded its rating on the company to "outperform" from "market perform" and lifted its price target to $22 from $12 amid enthusiasm over the BlackBerry 10 debut.

Yum Brands, Gilead Sciences and Baidu are among companies scheduled to post earnings after the closing bell.

In Europe investors will be watching Thursday's ECB interest rate announcement and press conference.

Coming Up This Week:

MONDAY: Factory orders, 'RIMM' becomes 'BBRY', Merkel/Rajoy meet in Berlin, House returns from recess; earnings from Gilead Sciences, Petrobras, Baidu, Yum Brands
TUESDAY: ISM non-mfg index, Blackberry Z10 available in Canada, new Apple 128 GB iPads available; Earnings from Toyota, UBS, Estee Lauder, Kellogg, NYSE Euronext, Sirius XM Radio, Disney, Aflac, Chipotle, Panera Bread, Shutterfly, Take Two Interactive, Zynga
WEDNESDAY: Weekly mortgage apps, oil inventories; Earnings from Arcelor Mittal, GlaxoSmithKline, CVS Caremark, IntercontinentalExchange, Marathon Oil, Ralph Lauren, Time Warner, News Corp, Visa, Akamai, Allstate, Green Mountain Coffee, Yelp
THURSDAY: Bank of England announcement, ECB announcement, jobless claims, productivity and costs, consumer credit, Fed balance sheet/money supply, chain-store sales; Earnings from Credit Suisse, Philip Morris, Sony, Cigna, Noble Energy, Sprint, NYTimes, Activision Blizzard, Hasbro, LinkedIn, Coinstar, Opentable
FRIDAY: International trade, wholesale trade, monthly crop report; Earnings from Nissan, Moody's