Stocks: Keeping a watch on Europe

U.S. stocks closed lower Monday.

NEW YORK (CNNMoney)

Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits, the Ministry of Finance announced Monday. Some form of capital controls will be applied when the banks eventually reopen.

The island nation agreed earlier Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector, in return for a €10 billion European Union bailout. Banks have been shut since March 16.

U.S. stocks closed lower Monday as investors fretted over Cyprus. U.S. stock futures were up slightly ahead of the opening bell Tuesday.

Fear & Greed Index

Back in the U.S., the Census Bureau will release data on durable goods orders at 8:30 a.m. ET. The S&P/Case-Shiller home prices index is due at 9 a.m., while reports on consumer confidence and new home sales are up at 10 a.m.

European markets were firmer in morning trading, recovering some ground lost Monday when bank stocks were hit by concern that the Cyprus bailout could serve as a model for future eurozone rescues.

Asian markets ended mixed. The Shanghai Composite lost 1.3%, the Nikkei declined 0.6% and the Hang Seng added 0.3%.

First Published: March 26, 2013: 6:02 AM ET

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