The focus on Wall St has shifted to what, if any, the US central bank's next easing move could be as the latest trade figures from China have added to concerns about the pace of global economic growth.
Investors are focused on tomorrow's statement from the Federal Open Market Committee to see whether the US central bank might clarify where it stands on easing measures. So far, policy makers have said they plan to keep interest rates low at least through late 2014.
Better-than-expected jobs growth, as indicated by the latest non-farm payrolls report on Friday, might have reduced the likelihood of the need for further help, though the unemployment rate at 8.3 per cent is still too high for the Fed's taste.
"People are somewhat wary ahead of tomorrow's FOMC meeting," Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois told Reuters. "Not that they expect any groundbreaking news out of it. It's just the normal caution ahead of a Fed meeting."
Also due tomorrow are American retail sales numbers for February, which could reinforce signs that the US economic recovery is gathering momentum.