08:51 AM EDT, 06/02/2025 (MT Newswires) -- US equity futures were down before Monday's opening bell as investors monitored the global trade situation.

Dow Jones Industrial Average futures were down 0.3%, S&P 500 futures were 0.4% lower, and Nasdaq futures were down 0.6%.

Trade tensions reignited as China pushed back against the US, saying Washington has "seriously undermined" the interim trade deal between the two countries.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.2% at $65.41 per barrel and US West Texas Intermediate crude 4.7% higher at $63.62 per barrel.

The Purchasing Managers' Manufacturing index, scheduled for release at 9:45 am ET, is expected to show a 52.3 reading for May versus a 50.2 level in April, according to estimates compiled by Bloomberg.

The Institute for Supply Management's manufacturing index, due at 10 am ET, is expected to come in at 49.3 in May after April's 48.7 level. Forecasters see a 0.4% uptick in construction spending for April following a 0.5% decrease in March.

In other world markets, Japan's Nikkei ended 1.3% lower, Hong Kong's Hang Seng finished 0.6% lower, while the Chinese market was closed for holiday. The UK's FTSE 100 was up 0.1%, and Germany's DAX index was down 0.3% in Europe's early afternoon session.

In equities, Vera Therapeutics ( VERA ) shares were 58% higher pre-bell after the company said its phase 3 trial of atacicept for the treatment of immunoglobulin A nephropathy achieved its primary endpoint.

On the losing side, Arvinas ( ARVN ) shares were 10% lower after the company and Pfizer ( PFE ) said over the weekend that a phase 3 trial of vepdegestrant versus fulvestrant in breast cancer failed to reach statistical significance in improvement in progression-free survival.