Housing and manufacturing data are due Tuesday morning, ahead of key reports on durable goods and gross domestic product scheduled for release Friday.
Existing home sales for December are expected to decline slightly to an annual rate of 5.5 million units, according to a Reuters consensus estimate. In November, the annual rate of 5.61 million was the quickest sales pace since Feb. 2007.
The Markit manufacturing PMI flash is expected at 54.5 for January, after posting a final read of 54.3 for the prior month.
In addition to the data, investors will be carefully watching for any developments on policy in President Donald Trump's second business day in office.
The uncertainty around how Trump's administration will unfold weighed on stocks Monday as the major indexes ended well off session lows Monday but failed to hold gains. The S&P 500 closed 6 points lower at 2,265 with energy stocks falling more than 1 percent as the greatest laggard.
Trump officially withdrew from the Trans-Pacific Partnership Monday as he'd promised during his campaign.
U.S. Senator John McCain said in a statement that the decision to withdraw would "have lasting consequences for America's economy."
"I think that has the market a little on edge," said Robert Pavlik, chief market strategist at Boston Private Wealth. It's "keeping buyers on the sidelines."
Any "plan for taxes, plan for health care, that could push stock prices up fairly quick," Pavlik said.
Additional announcements on trade policy should come in the week ahead, White House spokesman Sean Spicer said in a press conference.
Concerns about the new administration's protectionist tilt have also supported a safe-haven trade.
Gold spiked to a two-month high Sunday night, and the U.S. dollar index extended two days of declines to hit a fresh low Monday going back to Dec. 8, 2016. The Japanese yen gained more than 1.5 percent against the dollar.
Treasury yields edged lower. The 10-year yield was last near 2.4 percent and the two-year near 1.14 percent, its lowest in nearly a week. The Treasury is set to hold an auction of two-year notes Tuesday afternoon.
"I think the somewhat negative tone on trade has the bond market recalculating a bit how this all plays out," Brandon Swensen, co-head of the fixed income desk at RBC Global Asset Management, said in an email.