Also on the economic front, wholesale trade numbers are due at 10 a.m. and chain stores report monthly sales throughout the morning. Natural gas inventories are out at 10:30 a.m.
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Barnes & Noble surged following news that Microsoft may be considering an offer to acquire all of Nook Media's digital assets for $1 billion, according to Tech Crunch report.
Among earnings, Groupon surged after the daily deals website posted revenue that was better than expected. Shares have soared nearly 40 percent since the February ouster of the company's co-founder and former CEO Andrew Mason.
Tesla skyrocketed after the electric car maker topped expectations, posting its first quarterly net profit since it was founded a decade ago. The company also said it expects to deliver 21,000 Model S cars worldwide, up 5 percent from its earlier target of 20,000.
Dean Foods edged higher after the dairy company posted a stronger-than-expected profit thanks to proceeds from the sale of its Morningstar division. While the company expects a low-to-mid single-digit decline in volumes going forward, it reiterated its full-year earnings guidance.
Dish Network slipped after the broadcast satellite service provider reported earnings that tumbled, hurt by higher programming and subscriber-acquisition costs.
Nvidia and Priceline.com are among notable companies expected to post results after the closing bell.
Approximately 85 percent of S&P 500 companies have posted quarterly results so far, with 67 percent topping earnings expectations and 24 percent missing forecasts, according to Reuters. If all remaining companies post numbers in line with estimates, earnings will be up 5.3 percent on last year.
Several Fed officials are slated to speak throughout the day, including Richmond Fed President Jeffrey Lacker, at 8 a.m. on the topic of "too big to fail." Chicago Fed President Charles Evans will speak at the Chicago Fed's annual conference on bank structure and competition and Philadelphia Fed President Charles Plosser will give a talk at 1:15 p.m. in New York on the economy.
In the bond markets, the Treasury is scheduled to auction $16 billion in 30-year notes with the results available shortly after 1 pm ET.
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In Asia, the Shanghai Composite snapped a four-day winning streak after Chinese inflation data showed food prices rose 4 percent in April, compared to 2.7 percent in March.