The mood has soured slightly with S&P 500 futures down 0.2% and Nasdaq futures lower by 0.4%. The FX market is relatively quiet with some modest USD strength and CAD weakness.

Their are two North American data releases at the bottom of the hour -- US and Canadian trade balance for December. The US report has little ability to move the market because it's largely priced in after the advanced good trade balance data. Nevertheless, the consensus is for an 83.0B deficit.

Canada's terms of trade continue to improve with the loonie staying low and commodity prices staying high. The consensus is for a $2.5B surplus, just shy of 3.13B in November.

Later we get a US 3-year note sate. There are no scheduled fed speakers on the economic calendar. The Olumpics and Russia-Ukraine developments will be at the forefront.