"We still understand that European trade consumers are living hand to mouth," Gero wrote in a note to clients, "and uncertainty still remains as to the growth prospects in China."
A survey released in China showed that manufacturing fell to a four-month low in February.
Oil was little changed. Benchmark crude fell 2 cents to $93.11 a barrel on the New York Mercantile Exchange. In London, Brent crude was up 34 cents to $114.44. Traders will be watching talks that begin this week over Iran's nuclear program, which can affect the country's oil output.
In other energy futures trading, wholesale gasoline was unchanged at $3.26 a gallon. Heating oil fell less than 1 cent to $3.10 a gallon. Natural gas rose 12 cents to $3.41 per 1,000 cubic feet.Agricultural commodities were mixed. Wheat fell nearly 2 percent, down 13.5 cents to $7.0525 per bushel. Corn was up 3.25 cents to $6.935 per bushel. Soybeans fell 8.5 cents to $14.3525.