Futures turned flat Monday following news that personal income gained slightly in May, while spending was unchanged. Gains were also limited as investors remained cautious about Greece's future.
The Greek parliament was debating a fresh austerity package but the government is fragile and analysts fear that it may not pass.
Consumer spending was largely unchanged in May for the first time in almost a year, according to the Commerce Department. The flat reading in consumer spending came after 10 straight months of gains and followed a downwardly revised 0.3 percent gain in April. Economists had expected spending to gain 0.1 percent, according to a Reuters poll.
When adjusted for inflation, spending fell 0.1 percent in May, declining for a second straight month. Spending on durable goods fell 1.5 percent after being flat in April.
Meanwhile, regulators proposed higher tier one capital ratios for big and systemically important banks over the weekend.
Rochdale Securities vice president for equity research Dick Bove wrote in a market note that the new proposals, if enacted, might trigger a global recession as banks would cut down on lending even more.
In a separate note, Bove said BofA stock is "massively undervalued."
Rivals Citigroup , GoldmanSachs and Morgan Stanley were trading flat. The sector has been the worst performer in 2011.
The Bank for International Settlements said interest rates must rise in order to fight global inflation and that delays in cutting budget deficits may make the sovereign crisis even worse.
President Obama is due to meet Senate leaders to discuss about raising the U.S. debt ceiling, with an August 2 deadline approaching.