Investors are also awaiting the U.S. Federal Reserve's monetary policy decision on Wednesday, when policymakers are widely expected to keep interest rates unchanged.
Money markets are largely not expecting the Fed to cut rates until September, pricing in a 61.1% chance for a cut of at least 25 basis points, according to LSEG data.
"Interest rates are still higher and so that one is a bit tough to fathom because perhaps markets are still anticipating some inflation," said Jack Ablin, chief investment officer of Cresset Capital in Chicago.
"If nothing else, just the heightened uncertainty, combined with the tariffs is probably keeping the Fed sidelined."
Economic data expected this week includes monthly retail sales, import prices and weekly jobless claims.