Wall Street was poised for a lower open on Monday as investors assessed the potential strength of an economic recovery, while energy shares could be pressured by lower oil prices.

After a sharp three-month rally, indexes eased last week as traders increasingly questioned if stocks are due for a correction. Worries the economic recovery could be tepid have dented optimism that drove the S&P 500 up by as much as 40 percent from March's 12-year low.

Investors were cautious ahead of a Federal Reserve meeting that starts on Tuesday, bracing for Fed guidance on growth and any hints on expanding the central bank's $300 billion program of Treasuries purchases. Housing and gross domestic product data are also expected this week.

Investors are also watching the Treasury's record $104 billion worth of bond auctions scheduled this week to finance massive spending aimed at reviving the world's biggest economy. There is a growing worry about the escalating budget deficit and the threat of inflation related to government fund raising.

S&P 500 futures fell 10 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slid 79 points, and Nasdaq 100 futures lost 13 points.

The enthusiasm for a 'V-shaped' recovery has been tempered by the realization that there remains systemic risk in the economy, said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.

Energy shares could come under pressure as oil fell below $69 a barrel as the dollar strengthened. Exxon Mobil Corp was off 1 percent to $70.35 in premarket trading. While higher oil prices can be a boon for energy companies, rising prices can lead consumers to further curb spending.

Adding to the caution, the World Bank said Monday that prospects for the global economy remain unusually uncertain as it cut 2009 growth forecasts for most economies. For details, see

Walgreen Co fell 6 percent to $29.53 in premarket trading after the drugstore chain posted slightly lower third-quarter profit as shoppers stuck to the necessities.

Apple Inc climbed before the open after initially retreating, adding 0.6 percent to $140.30. Over the weekend, there was a report that Chief Executive Steve Jobs had a liver transplant about two months ago but is expected to return to work later this month. On Monday, Apple reported that it sold more than 1 million units of its newest iPhone in the first three days of the launch.

On Friday, the S&P 500 and Nasdaq rose as positive broker comments on Microsoft lifted tech shares, but the major indexes lost ground for the week for the first time in five weeks.

(Reporting By Leah Schnurr; editing by Jeffrey Benkoe)

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