Stock index futures traded in the red on Monday, as U.S.-China trade tensions escalated, while investors turned toward a week full of key macroeconomic releases. S&P 500 futures (SPX) -0.6%, Nasdaq 100 futures (US100:IND) -0.

Futures tied to Canada's main stock index edged higher on Monday despite lingering tariff-led uncertainty, helped by gains in commodity shares.

Global stocks and U.S. futures started the new month lower after Trump threatened to double tariffs on steel and aluminum, and trade tensions escalated between China and the U.S.

All three major averages closed out May with sizable gains Friday, with the S&P 500 and Nasdaq Composite seeing their best month since November 2023.

In Europe, the Stoxx Europe 600 declined 0.2% in morning trading. SSAB Series B climbed 4.3% and Danske Bank rose 3.1%. On the other hand, Bank Polska Kasa Opieki dropped 5.5%, and Powsz Kasa Oszcz Bk Polsk slipped 4.5%. The FTSE 100 was flat. Other stocks in Europe were down as France's CAC 40 decreased 0.5% and Germany's DAX fell 0.2%.

U.S. stock futures are lower with all eyes on key economic data, tax legislation and tariffs.

Asia stock markets trade in red on Monday, followed President Trump's announcement on Friday of plans to raise steel import tariffs from 25% to 50%, effective Wednesday, framing it as a step to reduce reliance on China.

Crude oil futures rise as Ukraine launches drone attacks on Russian airbases, impacting oil market and geopolitical tensions.