Stocks: Choppy trading ahead

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NEW YORK (CNNMoney) -- U.S. investors were bracing for a choppy day Monday.

With little on the economic or corporate docket, futures were barely moving, a sign that investors may stay on the sidelines ahead of Tuesday's Fed meeting.

The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were little changed ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

The Treasury Department will release its February budget report Monday afternoon and reports are due later in the week will include retail sales and the latest reading on inflation.

The Fed is expected to announce Tuesday that it will leave key interest rates unchanged at very low levels -- but investors will be looking for clues as to how the central bank plans to proceed in the coming months.

U.S. stocks finished higher for a third straight day Friday, after the government's monthly jobs report modestly exceeded expectations.

Also Friday, Greece struck a deal with its private-sector creditors that will pave the way for the nation to secure new bailout funds and stave off a disorderly default.

Greece's deal triggered credit default swaps -- derivatives contracts that investors use to insure against default. But the Greek CDS market is very small and not expected to be disruptive to financial markets.

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Companies: Bank of America (BAC, Fortune 500) shares were off by about 1% in premarket trading. On Friday, the bank said it would significantly slash mortgage balances for as many as 200,000 borrowers, as part of the $26 billion settlement reached between the five major mortgage servicers.

Youku (YOKU) and Tudou (TUDO) -- often called the YouTubes of China -- announced a merger Monday that sent Tudou shares up by a whopping 127%. The new venture will be called Youku Tudou Inc.

Carnival (CCL) shares were up almost 3% in premarket trading. The cruise line posted an earnings loss on Friday, but said bookings were up.

Shares of PepsiCo (PEP, Fortune 500) were up slightly before the opening bell after the company announced Brian Cornell has rejoined the company as CEO of PepsiCo Americas Foods and John Compton will become president of PepsiCo.

Clothing retailer Urban Outfitters (URBN) will report its quarterly results after the bell on Monday. Analysts surveyed by Thomson Reuters expect the company to post earnings of 29 cents a share on $741 million in revenue.

Economy: The February Treasury Budget report is expected to show a deficit of $229 billion, according to a survey of analysts by Briefing.com, up from $222.5 billion in February 2011.

The national average price for a gallon of gasoline rose above the $3.80 mark Monday, resuming the advance that has plagued drivers throughout the winter.

The average price rose nine-tenths of a cent, according to the survey of gas stations conducted for the motorist group AAA. It was the third straight advance, with prices gaining 3.4 cents a gallon over Saturday and Sunday..

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World markets: China reported a trade balance deficit of $31.5 billion for the month of February, far exceeding expectations.

Imports for the month surged 39.5% over the same period last year, easily outdistancing export growth -- which checked in at 18.4%.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) slid 0.2% and Japan's Nikkei (N225) fell 0.4%, while the Hang Seng (HSI) in Hong Kong rose 0.2%.

European stocks were mixed in morning trading. Britain's FTSE 100 (UKX) and France's CAC 40 (CAC40) were off 0.2%, while the DAX (DAX) in Germany added 0.1%.

Currencies and commodities: The dollar lost ground against the Japanese yen, but strengthened against the British pound and the euro.

Oil for April delivery slipped $1.14 to $106.26 a barrel.

Gold futures for April delivery fell $12.60 to $1,698.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.02% from 2.04% late Friday.