US futures were mostly lower on Monday, with S&P 500 contracts down 0.2% and Nasdaq 100 futures falling 0.4%, while the Dow Jones hovered near the flatline. Investors returned from an extended holiday to digest fresh trade developments. President Trump announced that the US would unveil new trade deals and issue tariff warnings, setting August 1 as the effective date for reciprocal tariffs, leaving a three-week window for further negotiations. The European Union, meanwhile, stated it is nearing a framework trade agreement with the US. Additionally, Trump warned that any country aligning itself with the "anti-American policies" of the BRICS bloc would face an extra 10% tariff on imports to the US. On the corporate front, Tesla shares tumbled nearly 6% in premarket trading after Elon Musk announced plans to launch a new political party, raising investor concerns over potential damage to Tesla’s brand and sales.