NEW YORK (CNNMoney)
The Dow Jones industrial average and the S&P 500 were down slightly in early trading. The Nasdaq was slightly higher and the "big mover" of the day at a mere 0.15%.
"Following the excitement of the European Central Bank and the Fed meetings earlier this month, we've quickly returned to a familiar pattern of low volatility and even lower volumes," wrote Deutsche Bank analyst Jim Reid, in a market report.
Stocks soared to all-time highs last week as investors remain confident that global monetary policy will continue to support the market. But the tone has been cautious so far this week as investors look for the next catalyst to move the market one way or another.
Related: Will the Dow crack 17,000 this week?
Dubai enters bear market. U.S. stocks might not be moving much, but they sure are elsewhere.
While oil prices have backed off nine-month highs, the turmoil in Iraq has wreaked havoc on the Dubai stock exchange.
The Dubai DFM General index plunged more than 6% overnight. The index is down more than 22% so far this month, putting the Persian Gulf Emirate in a bear market. It was the worst one-day drop since Oct. 2008, according to a note from analysts at ETX Capital.
"There is a possibility that traders are liquidating positions as a result of the current situation in Iraq which has eaten at sentiment in the Emirate region," the analysts wrote.
Stocks to watch -- Walgreens, Avago, Buffalo Wild Wings: Walgreens (WAG) said earnings rose nearly 16% in the first quarter, but the results missed analysts' expectations. Shares fell more than 1%.
Shares in Avago Technologies (AVGO) were up 2.5% after the Singapore-based chipmaker announced a $309 million cash acquisition of PLX Technology.
Related: CNNMoney's Tech30
And one company that is really loving the World Cup action is Buffalo Wild Wings (BWLD). The company's stock popped 6% Monday after an analyst at Wunderlich Securities increased his price target for shares after seeing all the demand for the flagship wings for soccer games.
Home prices up: Investors will have some economic data to digest Tuesday morning. Home prices nationwide continued to rise in April. The S&P/Case-Shiller index measuring the value of residential real estate in 20 U.S. cities increased 1.1%.
Still to come, the U.S. government will post May data on new home sales at 10 a.m. and the Conference Board will release its monthly consumer confidence index, also at 10 a.m.
Abe lets another arrow fly in Japan: Japan's government has released details on the third and final phase of Prime Minister Shinzo Abe's ambitious plan to jolt the country's economy out of stagnation. Companies may pay less tax as a result, but the response in the stock market was muted. The Nikkei ended flat.
Related: Fear & Greed Index still extremely greedy
European markets were mixed in afternoon trading.
The ruble and Moscow stock index were stronger, continuing their recovery from sharp losses earlier this year as fears about an escalation of the crisis in Ukraine fade. A ceasefire between government forces and pro-Russian separatists declared last Friday appears to be holding. Sentiment was also improving after Abbott Laboratories (ABT) said Monday it would buy Russian pharmaceutical company Veropharm for as much as $495 million, underlining the waning threat of sanctions.
First Published: June 24, 2014: 9:53 AM ET
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