Futures on Wall Street have begun trading on Sunday evening US time on a negative note amidst rising uncertainties on trade and geopolitical tensions. Both US and China traded barbs over the weekend for violating a trade agreement that was reached in Geneva last month,

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.

The S&P 500's strong May performance may be derailed by stagflation pressures, JPMorgan warns.