On the economic front, the ISM Manufacturing index for September will be released at 10 am New York time and is expected to come in at 50.5 according to Briefing.com, slightly lower than August's 50.6. ISM Manufacturing numbers below 50 indicates a possible recession.
Construction spending data for August will come out at the same time, and Briefing.com analysts expect it to have fallen by 0.5 percent in August from July's 1.3 percent slump.
Goldman Sachs wrote in a note to clients that risks are rising that the US may fall into a shallow, yet prolonged and painful recession that could lift the country's unemployment to 12 percent.
Finally, Citigroupis being probed by Japan's markets regulator the Financial Services Agency for various failings, a source told Reuters.
Among techs, Yahoo and ABC unveiled a partnership, the latest move by the search-engine firm to readjust its focus after years of failed restructuring efforts. Separately, the CEO of Chinese Internet company Alibaba said he would be "very interested" in buying Yahoo.
Eastman Kodak surged after the photography company denied it has a bankruptcy plan. This comes after the firm lost almost half their value in the previous week following news it borrowed $160 million against its credit line in addition to hiring a law firm specializing in restructuring.
On the M&A front, Pharmaceutical Product Development will be acquired by Carlycle Group, Hellman & Friedman for $3.9 billion. PPD shareholders will receive $33.25 per share in cash.
—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC—
Coming Up This Week:
MONDAY: ISM mfg index, construction spending, Fed's Lacker speaks, auto sales, Oracle Open World, Supreme Court starts new term
TUESDAY: Factory orders, Bernanke speaks, Apple iPhone event; Earnings from Yum Brands
WEDNESDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, IS non-mfg index, oil inventories; Earnings from Costco, Monsanto, Marriott
THURSDAY: BoE announcement, ECB announcement, jobless claims, chain-store sales; Earnings from Constellation Brands
FRIDAY: Non-farm payroll, wholesale trade, consumer credit, Sprint's 4G plans unveiled
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