Crude, meanwhile, swooned below $30 a barrel to a 12-year low last week. All eyes will be on commodity markets, where lower oil is boosting consumer pricing power but wreaking havoc on oil producers worldwide. On Monday, U.S. oil remained below $30 a barrel.
Dow futures opened more than 50 points lower, before turning positive only to close nearly flat. S&P futures shed about 7 points in early dealings, before closing almost flat. Although U.S. markets are closed for the Martin Luther King holiday, stock futures are still open.
U.S. stock futures will reopen at 6 p.m. ET Monday.
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Investors have bolted risk-sensitive assets over the state of China's financial and economic turmoil, and a prolonged slump in crude that—while giving consumers cheaper energy prices—threatens the financial health of major energy producers.
Overall, Wall Street has lost more than $3 trillion collectively in the last couple of weeks, according to one analyst's estimate.