S&P 500 futures

It was down by about 16 points earlier in the session but has since recovered to near flat levels. That has also seen European indices trim losses as well but it remains to be seen if dip buyers are really showing up with much conviction at the moment.

We've seen these bounces a few times already last week but ultimately, stocks still came under pressure in Wall Street trading. The only positive today is that bond yields are not really racing much higher amid a struggle in broader market appetite. 10-year Treasury yields are still flat at 4.043% at the moment.

Going back to stocks and the overall outlook for this week, it could really be a tale of two halves. One before the US CPI data and one after the data release. For now, we're still caught by the pullback from last week but things could really turn around on a softer set of inflation numbers on Thursday.