Markets are seeking clarity on President Trump's tariffs, with the president targeting Aug. 1 for new country-specific tariffs.

U.S. stocks are lower on Monday after a three-day holiday break as investors keep an eye out for more trade-related developments.

Futures on Wall Street are extending losses after benchmark indices witnessed selling pressure at the start of the new trading week. The Dow futures are currently down 110 points, while those on the S&P 500 and Nasdaq are down 15 and 25 points respectively.