And despite calls from the U.S. for immediate moves to boost growth, no sign emerged that Germany would soften its stance that fiscal austerity is the best cure for Europe's debt problems.
German Chancellor Angela Merkel may come under further pressure at an informal EU summit Wednesday, where France’s new president Francois Hollande may renew his call from the weekend for the establishment of euro zone-backed Eurobonds and seek support from other European leaders for the proposal.
In corporate news, Yahoo jumped after news that Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing.
Among earnings, Lowe's tumbled after the home-improvement retailer slashed its fiscal-year earnings outlook, adding that demand has slowed. And Campbell Soup topped earnings expectations but left its full-year guidance unchanged.
Cooper Industries surged after Eaton said it will acquire the electrical equipment maker for $11.8 billion in cash and stock.
Elsewhere, the chief executives of Apple and Samsung Electronics will come face to face on Monday in court-directed mediation in the United States over a dispute in which the iPhone maker claims the Korean firm has "slavishly" copied some of its products.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter:
Coming Up This Week:
MONDAY: Atlanta Fed's Lockhart speaks; Earnings from Urban Outfitters
TUESDAY: Existing home sales, 2-yr note auction, Atlanta Fed's Lockhart speaks, Arkansas/Kentucky Primaries; Earnings from AutoZone, Best Buy, Medtronic, Dell, Take Two
WEDNESDAY: Weekly mortgage apps, FHFA home price index, oil inventories, 5-yr note auction, Minneapolis Fed's Kocherlakota speaks, CME shareholders mtg, Kraft shareholders mtg; Earnings from Hewlett-Packard, Big Lots, Toll Brothers, NetApp, Pandora
THURSDAY: Durable goods orders, jobless claims, 7-yr note auction, BlackRock shareholders mtg, Goldman Sachs shareholders mtg, McDonald's shareholders mtg; Earnings from Costco, Tiffany
FRIDAY: Consumer sentiment, USDA food prices outlook
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