European stocks started the day in the red and futures were indicating a lower open for U.S. stock markets, despite some good news out of Europe.
The Greek government has reshuffled its team of negotiators with the country's creditors in the eurozone and with the International Monetary Fund, by sidelining the outspoken Finance Minister Yanis Varoufakis. Varoufakis' confrontational manner had upset many in the eurozone and critics say he had acted as a brake on the progress of the talks to extend Greece's bailout.
Greek Prime Minister Alexis Tsipras is confident that the new team will come to an agreement with the country's creditors before a 750 million euro ($820.5 million) debt repayment is due on May 12.
Gold prices jumped Monday afternoon in London trading. The precious metal's recent strength has been attributed to a report that Venezuela's central bank sold 1.4 million ounces of its gold holdings for over $1 billion, which has removed some of the supply to the market.
Shares in London were trading lower as Britain's GDP came in below forecasts. Growth was 0.3% in the first quarter from last year's fourth quarter, below consensus of 0.5% and the slowest pace of growth since 2012. The weaker economic growth is negative for Prime Minister David Cameron whose campaign (with the election scheduled for next week) was based on the strength of the economic recovery.
Apple's (AAPL) positive second-quarter results were welcomed by the market, as investors hope the good vibes from the quarter can reverse yesterday's sour market tone. Earnings-per-share of $2.33 were $0.17 ahead of consensus and revenue of $58 billion beat estimates by $2 billion.
A powerful signal for investors was the company's announcement that it is expanding its capital return program to $200 billion. This was well ahead of what analysts were expecting at $130 billion to $140 billion.
Earnings releases are still pouring in, but the economy will also return to investors' attention.
The Federal Open Market Committee's two-day policy meeting begins today, with the announcement due on Wednesday.
On the economic docket for today we have the Redbook weekly sales at 8:55 a.m ET.
The April Consumer Confidence Index is due to be released at 10:00 a.m., with consensus expectations set at 102.2. The April Richmond Fed Manufacturing Index is also due at 10:00 a.m., with consensus at -2.
After the market close, at 4:30 p.m., we'll get the American Petroleum Institute's weekly oil inventories.
Notable earnings reports today include: Whirlpool (WHR), Aetna (AET), Ford (F), Coach (COH), Trifecta Stock's Merck (MRK), Corning (GLW), Cummins (CMI), United Parcel Service (UPS), Kraft Foods (KRFT), GoPro (GPRO), Twitter (TWTR) and Panera Bread (PNRA).