NEW YORK (CNNMoney) -- U.S. stocks were poised to open lower Monday, after a report showed that U.S. personal spending was weaker than expected, and that Spain's economy has fallen into recession.
The Dow Jones industrial average (), S&P 500 ( ) and Nasdaq ( ) futures were moderately lower. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.
Nick Stamenkovic, analyst for RIA Capital Markets in Edinburgh, Scotland, said U.S. investors are being buoyed by relatively positive first-quarter corporate earnings. This has given the markets a certain resilience in the face of bad news, particularly the "doom and gloom in Spain," he said.
"Investors do remain nervous about Spain, particularly the banking sectors," he said.
Stamenkovic said U.S. investors are staying on the sidelines ahead of several important economic developments this week. These include the purchasing managers' report on manufacturing Tuesday, the European Central Bank's policy statement Thursday, and the April U.S. jobs report Friday.
World markets: On Monday, Spain's government said its economy declined for the second straight quarter, revealing the nation is in recession. The report came just days after Standard and Poor's downgraded Spain's credit rating to BBB+ and its unemployment rate hit a record high.
S&P downgraded 16 Spanish banks, but Stamenkovic said this wasn't a surprise, considering the rating agency's downgrade of the nation last week.
European stocks fell deeper into the red in midday trading. Britain's FTSE 100 () was slightly lower, the DAX ( ) in Germany shed 0.3%, while France's CAC 40 ( ) dropped 1.1%.
The Hang Seng () in Hong Kong ended 1.7% higher. Markets in Tokyo and Shanghai were closed for holidays.
Economists surveyed by Briefing.com expected income to have risen 0.2% and spending to have increased by 0.5%.
A regional manufacturing report, the Chicago Purchasing Managers' Index, is due out at 9:45 a.m. ET. Economists surveyed by Briefing.com expect a decline to 60 in April from 62.2 the prior month. Any reading above 50 signifies growth.
Oil for June delivery fell 73 cents to $104.20 a barrel.
Gold futures for June delivery fell $13.50 to $1,651.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury was little changed Monday morning, with the yield holding steady at 1.93%.
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