Wall Street seen quiet for Columbus Day holiday

Wall Street appeared set to post tentative gains on Monday, shaking off last week's tough sell-off just as a flood of major earnings reports will give traders much fodder to chew on.

Trade volumes will likely be low, due to the U.S. celebrating Columbus Day holiday. The Securities Industry and Financial Markets Association (SIFMA) has recommended bond markets stay closed.

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A trader works on the floor of the New York Stock Exchange.
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A trader works on the floor of the New York Stock Exchange.

There is very little in terms of economic data due from the U.S. on Monday. The floodgates of third-quarter earnings season will open on Tuesday, with results from Citigroup, Johnson & Johnson, JPMorgan Chase and Wells Fargo.

Traders will continue to watch the decline in oil prices,which has hit energy stocks. Oil markets remained under pressure on Monday, on reports that neither Kuwait nor Saudi Arabia was planning to cut output to boost prices.

U.S. markets posted their third weekly loss last week on speculation of higher interest rates in the U.S. and fears of the euro zone re-entering recession.

China reported a 15.3 percent surge in monthly exports on Monday, beating forecasts. This failed to boost Asian markets however, with the Shanghai Composite index closing down around 0.4 percent.