"Normally, when we have those corrections, it's a little bit more than what we've seen so far," he said of the past week's performance.
The coming week will see a flurry of economic reports released and significant attention is likely to be focused on fresh surveys on inflation and retail sales.
Consumer prices, composed within the consumer price index (CPI), were widely expected to accelerate to 0.6 percent last month from a 0.4 percent clip in the prior month, while the core rate -- which excludes food and energy costs -- is seen holding unchanged at 0.2 percent.
Retail sales for last month are seen rebounding with a 0.6-percent clip, following a 0.2 percent decline in the prior month. Investors will be tracking the retail release closely for hints on consumer spending, which accounts for the lion's share of US economic growth.
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