It was an uneventful session on global markets overnight, as investors took a breather amid a lack of economic catalysts.

US markets snapped a four session winning streak after a measure of mortgage activity dropped last week, following a slight uptick the previous week.

Investors also contended with mixed earnings. Toll Brothers was a standout, however, with the homebuilder soaring it reported second quarter profit that beat estimates.

Across the Atlantic, European stocks were weighed down by a surprise drop in French consumer spending last month and disappointing German employment numbers for May.

In commodity markets, oil dived more than a percent ahead of tonight's supply report, which is expected to reveal another decline in weekly US crude stockpiles.

Elsewhere, gold tumbled to its lowest since early February as easing tensions in Ukraine dampen its safe-haven appeal.

The euro continued its descent versus the greenback amid disappointing economic data, including the French consumer spending read and the unexpected rise in Germany's unemployment rate this month.

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