The major U.S. index futures are currently pointing to a lower open on Monday, with stocks likely to give back ground following recent strength.

Traders may look to cash in on the recent strength in the markets, which has seen the major averages close higher for six consecutive weeks.

The advance has lifted the Dow and the S&P 500 to record highs, while the Nasdaq is also closing in on the record highs the tech-heavy index set in July.

Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of a slew of corporate earnings news from big-name companies.

3M (NYSE:MMM), General Motors (NYSE:GM), Verizon (NYSE:VZ), Boeing (NYSE:BA), Coca-Cola (NYSE:KO), IBM Corp. (NYSE:IBM), Tesla (NASDAQ:TSLA) and UPS (UPS) are among the companies due to report their quarterly results this week.

Reports on durable goods orders and new and existing home sales are also likely to attract attention in the coming days along with the Federal Reserve’ Beige Book.

After ending Thursday’s session little changed, stocks moved mostly higher during trading on Friday. The tech-heavy Nasdaq led the charge, while the Dow ended the day modestly higher at a new record closing high.

The Nasdaq climbed 115.94 points or 0.6 percent to 18,489.55 and the S&P 500 rose 23.20 points or 0.4 percent to a new record closing high of 5,864.67. The narrower Dow recovered from an initial pullback to end the day up by 36.86 points or 0.1 percent at 43,275.91.

For the week, the Dow jumped by 1.0 percent, while the S&P 500 and the Nasdaq advanced by 0.9 percent and 0.8 percent, respectively.

The Nasdaq benefitted from a sharp increase by shares of Netflix (NASDAQ:NFLX), as the streaming giant soared by 11.1 percent to a record closing high.

The surge by Netflix came after the company reported third quarter results that exceeded analyst estimates on both the top and bottom lines.

The strength on Wall Street may also have reflected ongoing optimism about the outlook for the U.S. economy following yesterday’s largely upbeat batch of data.

Meanwhile, a steep drop by shares of American Express (NYSE:AXP) limited the upside for the Dow, with the credit card giant tumbling by 3.2 percent.

American Express came under pressure after reporting third quarter earnings that beat expectations but weaker than expected revenues.

In U.S. economic news, the Commerce Department released a report showing a modest pullback by housing starts in the month of September.

The Commerce Department said housing starts fell by 0.5 percent to an annual rate of 1.354 million in September after spiking by 7.8 percent to a revised rate of 1.361 million in August.

Economists had expected housing starts to dip by 0.4 percent to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.

The report also showed a sharp pullback by building permits, which tumbled by 2.9 percent to an annual rate of 1.428 million in September after surging by 4.6 percent to a revised rate of 1.470 million in August.

Building permits, an indicator of future housing demand, were expected to slump by 1.0 percent to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.

Gold stocks showed a substantial move to the upside, driving the NYSE Arca Gold Bugs Index up by 4.8 percent to its best closing level in almost four years. The rally by gold stocks came as the price of the precious metal reached new record highs.

Considerable strength was also visible among airline stocks, with the NYSE Arca Airline Index soaring by 3.0 percent to a six-month closing high.

Telecom stocks also saw significant strength on the day, as reflected by the 2.5 percent surge by the NYSE Arca Telecom Index.

Retail and housing stocks also showed notable moves to the upside, while oil service stocks moved sharply lower along with the price of crude oil.