NEW YORK (TheStreet) -- Stocks were slightly lower on Monday morning, trading without direction in a quiet start to the week. After last week's blowout jobs report, Wall Street will have little data in which to assess the economy's health until retail sales for May are released on Thursday.
The S&P 500 was down 0.17%, the Dow Jones Industrial Average fell 0.1%, and the Nasdaq slipped 0.33%.
"This week's economic data docket is relatively light and the main focus will be May retail sales, released on Thursday," Deutsche Bank analysts wrote in a note. "Whether or not the economy grows above trend in the current quarter and beyond will depend largely upon the U.S. consumer."
Retail sales are expected to increase 1.3% in May after a flat reading in April. The measure has remained weak despite improving consumer confidence and continued strength in the labor market.
Casino stocks were under pressure after Sterne Agee CRT analysts published new estimates indicating gambling capital Macau had seen a sluggish start to the month. Channel checks show the revenue run rate down 46% from a year earlier in the first week of June.
Deutsche Bank (DB) surged 5.7% after a C-level suite shakeup. Co-CEOs Jurgen Fitschen and Anshu Jain will step down from their roles with the former leaving mid-2016 and the latter to step down by the end of this month. John Cryan has been named the new co-CEO and will assume his seat on July 1.
China's economy continued to show signs of slowing as exports fell and imports declined at the sharpest rate in three months. Annual exports slid 2.5% while imports plummeted 17.6%. The latest data rallied calls for increased stimulus from the People's Bank of China. Hopes for monetary easing pushed the Shanghai Composite to close 2.2% higher.
Signs of continued weakness in China's economy put pressure on crude oil prices on Monday morning. West Texas Intermediate crude declined 0.7% to $58.73 a barrel. Commodities remain nearly half their peak last summer as the global oil market faces oversupply and weakened demand.
The domestic economic calendar is bare on Monday. In addition to retail sales, producer prices for May will be released later this week.
"This week is a relatively quiet one from a U.S. data perspective, but Asia is fairly busy," said Bill Stone, chief investment strategist at PNC Asset Management. "Markets remain vulnerable to headline risk, including continued speculation on the future path of interest rates and ongoing uncertainties surrounding Greece."
Monsanto (MON) shares were on watch after Syngenta (SYN) said it had rejected a second unsolicited takeover offer from its rival. The $45 billion offer was reportedly rejected given it was the "same inadequate price," according to Bloomberg.
McDonald's (MCD) reported that global comparable sales fell 0.3% in May with a 2.2% drop in the U.S., countered by a 2.3% increase in Europe. Analysts had expected the fast food chain to report a 0.9% decrease in global comps.
General Electric (GE) is reportedly close to an agreement to sell its private-equity lending unit, a group with assets of more than $10 billion, according to The Wall Street Journal. The conglomerate will reportedly sell the unit to the Canada Pension Plan Investment Board, Canada's largest pension fund.
Diageo (DEO) was down 2.6%, paring gains made in the final hour of trading Friday, after analyst firm Evercore said a near-term bid for the alcohol company was unlikely. Diageo surged on Friday on reports private-equity firm 3G Capital was considering a bid.
Apple (AAPL) kicks off its Worldwide Developers Conference at which the tech giant is expected to reveal its new streaming music service it developed with Beats Electronics as well as further details of third-party apps for the Apple Watch. The event begins at 1 p.m. EDT.
Sears (SHLD) shares were on watch after the retailer reported a mixed quarter. A net loss of $2 a share was far narrower than an expected $2.59, while revenue of $5.88 billion plummeted more than 25% from a year earlier and came in short of estimates.
Benchmark indexes closed with weekly losses on Friday as a surge in jobs added to the U.S. economy in May supported the possibility of a Federal Reserve rate hike sooner than later. Click here for more.