The worldwide slowdown is affecting US manufaturing which was reported today as very slightly contracting last month. An equivalent report came out for Europe earlier today.
That leave economic growth up to the consumer, whose spending is up about 2.5% over the last year. Given, the jobs creation number due later this week will be closely watched, especially since it has been slowing lately. A poor report would probably weigh on the market.
Meanwhile, there is not much news from Europe today. The volume should be light all week since it is summer to begin with and many people are off today and Tuesday and others will be Thursday and Friday. Of course, the market is closed Wednesday for July 4.
Downside risk is mainly centered in US economic data while the upside is probably dependent on good news from Europe.