• Stocks are coming off a losing week, with trading set to be shortened to mourn the death of former President Jimmy Carter, and the December jobs report due on Friday.
• Global chip stocks including Nvidia and AMD climbed following strong results from Foxconn.
• President Joe Biden signed a bill to increase Social Security benefits for millions of Americans who also receive public pension income.

Here are the most important news items that investors need to start their trading day:

1. Looking for a rebound

U.S. stock futures ticked higher Monday after a losing week for the major averages. Trading will be shortened again this week, as markets will be closed Thursday to mourn the death of former President Jimmy Carter. Investors will be watching December jobs data due Friday for signs of the U.S. economy's strength. Earnings from Constellation Brands, Walgreens Boots Alliance and Delta Air Lines will also help to shape stocks this week. Follow live market updates.

2. Chip craze continues

Global semiconductor stocks climbed Monday in response to strong quarterly results from Foxconn. Hon Hai Precision Industry, which does business as Foxconn around the world, said its revenue climbed 15% year over year, signaling the enthusiasm around AI is not abating. In the U.S., shares of chipmakers including Nvidia, AMD and Broadcom rose in premarket trading.

3. Winter weather warning

A winter storm hit the U.S. starting early Monday, with much of the country set to see snow, ice and falling temperatures. The National Weather Service put out winter storm warnings from Kansas in the Midwest as far east as New Jersey. School districts around the country were canceling or delaying classes, while airlines started to cancel some flights. Snow stranded motorists in some parts of the country.

4. Strengthening Social Security

Millions of Americans are about to see a boost to their Social Security benefits. President Joe Biden on Sunday signed bipartisan legislation that will allow beneficiaries who also get pension income to receive increases to their Social Security payouts. More than 2.5 million people will receive a lump sum payment to make up for a benefits shortfall in 2024, Biden said.

5. Biden's drilling ban

Biden took another major policy step Monday in the final weeks of his administration. He will ban offshore oil and gas drilling along most of the U.S. coastline, protecting around 625 million acres of ocean. It's a major environmental and climate statement from the administration only days before the second term of Donald Trump, who has pushed for more oil and gas drilling and downplayed the effects of climate change.

– CNBC's Tanaya Macheel, Ryan Browne, Lorie Konish and NBC News' David Hodari contributed to this report.