Back in the U.S., investors will have a slew of economic data to parse through.
In economic news, ADP will report U.S. employment numbers at 8:15 a.m. ET. The ISM's monthly reading of non-manufacturing jobs will be released at 10 a.m. The latest report on crude inventories will come out at 10:30 a.m. The Ukraine-Russia conflict has also raised worries about the flow of oil.
In the afternoon, the Federal Reserve's beige book report about the health of regional economies will be released.
On the corporate front, PetSmart(PETM) and homebuilder Hovnanian(HOV) will report earnings before the opening bell.
European markets slid in midday trading. In Asia, Chinese markets moved lower as the country launched its annual parliamentary meetings in Beijing. The Shanghai Composite index declined by 0.9% and the Hang Seng in Hong Kong edged down by 0.3%. Meanwhile, the Nikkei in Japan climbed by 1.2%.