As the backend-loaded week kicks off, Wall Street will turn its eyes to U.S. trade data ahead of U.S. President Donald Trump's meeting with Chinese President Xi Jinping.

"Traders are going to be parsing through that data for hints on what it means for trade partnerships with China and other countries," said Adam Sarhan, CEO of 50 Park Investments. "It will be similar to the way they go through data looking for clues about the Federal Reserve's next move."

The U.S. trade deficit data are scheduled for release Tuesday at 8:30 a.m. ET. Economists expect it to have narrowed in February to $44.8 billion from a five-year high of $48.5 billion.

"It's not typically a market mover, but since it's pretty quiet at the start of the week, the report will get more attention than usual," said Lindsey Bell, investment strategist at CFRA. Other data reports due later this week include the March jobs report and minutes from the Federal Reserve's previous meeting. Several Fed officials are also scheduled to speak throughout the week.

Xi and Trump will meet Thursday and Friday at Mar-a-Lago. Last week, Trump said via Twitter the meeting would not be easy because "we can't have massive trade deficits … and job losses."

Trump tweet 2: ...and job losses. American companies must be prepared to look at other alternatives.

"If it's an adversarial meeting — which I don't expect it to be — the market could sell off hard," said 50 Park's Sarhan. "That said, if it goes very well, the market could rally."