US open: Dow and S&P edge forward, as oil prices rebound

US stocks fluctuated on Monday, as markets relinquished some of last week's gains, with investors digesting comments by Federal Reserve members.

Just after 10:30 in New York, the Dow Jones Industrial Average was 59.69 points up to 18,187.34, while the S&P rose 5.67 points and the Nasdaq shed 2.46 points.

St. Louis Federal Reserve President, James Bullard told CNBC that the dovish statement from last week may have misplaced investor expectations about the first rate hike, while Cleveland Fed President Loretta Mester, said the Fed could do more to help guide the market in terms of rate moves.

The dollar lost over 1% against the euro 0.3% against the yen but was largely stable agains the pound, while gold futures slipped 0.16% to $1,182.70.

Oil prices rebound from last week's losses, with Brent crude gaining 1.3% to $56.05 a barrel, while West Texas Intermediate rose 1.12% to $47.10 a barrel.

"US stocks have been especially sensitive to moves in the US dollar and oil prices so with both moving lower on Monday, US stocks look to follow suit," said CMC Markets analyst Jasper Lawler.

Sales of existing homes rose 1.2% in February to a seasonally adjusted annual rate of 4.88m, falling below analysts' expectations of a 4.94m reading.

According to figures released by the National Association of Realtors, existing home sales remain sluggish, having fluctuated over the 5m level for the past two and half years.

The report added that the median sales price of used homes hit $202,600 in February, a 7.5% increase year-on-year.

Meanwhile, the Chicago Fed National Activity Index dipped to -0.11 in February from -0.10 in January. Any reading below zero indicates growth below historic trends.

The three-month moving average was at -0.08 from +0.26 in the month before. For the monthly index, the production and consumption/housing sub-categories were also below zero.

In company news, cruise-operator Carnival Corp fell 1.17% after Deutsche Bank's analysts downgraded the rating on the stock to 'hold' from 'buy', while railroad operator Kansas City Southern dropped almost 7% after the company lowered its 2015 sales growth outlook.

Drugmaker Gilead Sciences fell 1.8% after Bloomberg reported the company had warned health-care providers on Friday that nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone had developed abnormally slow heart beats and one had been died following a heart attack.

Tenet Healthcare Corp rose over 5% after it announced it was creating a $2.6bn joint venture with United Surgical Partners International.