Investors continued to look for clues over the timing of a first interest rates hike, after the Federal Reserve’s decision to sit tight sparked a fresh bout of volatility at the end of last week. The Nasdaq Composite Index was up 27.12 points (0.56 percent) to 4,854.34.

USA stocks rose early Monday, partially recovering from Friday’s rout as banking stocks rallied and existing-home sales data kicked off the week’s economic data releases.

Drugmakers slumped on concern of new regulations to control pricing following comments from Democratic presidential front-runner Hillary Rodham Clinton.

CASHING IN THE CHIPS: Atmel, a California-based semiconductor company, surged after the company accepted an offer worth about $4.6 billion in cash and stock from Britain’s Dialog Semiconductor.

Bank of America (Swiss: BAC.SW – news) dipped 0.8 percent as shareholders voted in favor of keeping chief executive Brian Moynihan as chairman, turning back an effort from critics who sought to strip Moynihan of the second post.

THE QUOTE: “Does holding the line mean the Fed knows something we don’t?” said Evan Lucas of IG Markets in a report. Although rock-bottom rates have helped fuel years of rising stocks since the financial crisis, the Fed’s reluctance to lift borrowing costs was seen as a reminder that growth in the US and elsewhere remains vulnerable to a slowdown in China.

Shares of Biogen fell 5.6 percent, while Gilead Sciences lost 2.5 percent. Tokyo was closed for a public holiday.

The Dow Jones Industrial Average is expected to open approximately down 229 points, while the S&P 500 and the Nasdaq are set to begin the session 28 and 75 points lower respectively.

General Motors fell 3.2 per cent and Ford 2.9 per cent. Brent crude, used to price worldwide oils, gained 67 cents to $48.90 in London. The yield on the benchmark 10-year Treasury note rose to 2.20 percent from 2.13 percent on Friday.