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markets, click or type LIVE/ in a news window.)

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Futures down: Dow 0.2%, S&P 500 0.31%, Nasdaq 0.44%

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Boeing ( BA ) rises on brokerage upgrade

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Blueprint Medicines ( BPMC ) gains on Sanofi's buyout offer

(Updates with prices)

By Kanchana Chakravarty and Sukriti Gupta

June 2 (Reuters) - U.S. stock index futures dipped on

Monday following President Donald Trump's plans to double

tariffs on imported steel and aluminum, fueling more uncertainty

around U.S. trade policies.

Trump said on late Friday he planned to increase tariffs on

imported steel and aluminum to 50% from 25% starting Wednesday,

just hours after he accused China of violating an agreement.

Shares of U.S. steel companies rose in premarket trading,

with Cleveland-Cliffs ( CLF ) jumping 25.6%, Nucor ( NUE ) up

10.6% and Steel Dynamics ( STLD ) 11.4% higher.

However, shares of U.S. automakers fell with Ford

down 0.8% and General Motors ( GM ) losing 1.1%.

The increased levies risk deepening Trump's global trade

war, and doused enthusiasm in markets stemming from the U.S.

president's softer trade stance that drove a recovery in risky

assets last month.

A temporary relief on some levies on China and a

rollback of steep tariff threats on the European Union, along

with strong earnings and improving economic picture helped the

benchmark S&P 500 log its best monthly performance in 18 months

in May.

"It is really hard to keep up or predict what's going to

happen on trade at the moment, and that's before we factor in

the full ramifications from the court ruling last Thursday

night, and then subsequent brief stay of execution for them on

appeal," Jim Reid, global head of macro and thematic research at

Deutsche Bank, said in a note.

A federal appeals court on Thursday temporarily reinstated

most of Trump's 'Liberation Day' tariffs blocked a day prior to

that by the Court of International Trade.

"For now, it seems likely that the tariff uncertainty will

linger for a long time ahead even if we're still likely past the

peak aggressiveness of U.S. policy," Reid said.

At 7:34 a.m. ET, Dow E-minis were down 85

points, or 0.2%, S&P 500 E-minis were down 18.25 points,

or 0.31%, and Nasdaq 100 E-minis were down 95 points, or

0.44%.

Most megacap and growth stocks were down, with Tesla

leading losses after it reported lower monthly sales in

Portugal, Denmark and Sweden. The stock was last down 1.5%.

Focus will be on comments from Federal Reserve Chair Jerome

Powell later in the day as he presents opening remarks before

the Federal Reserve Board International Finance Division's 75th

anniversary conference at 1:00 p.m. ET (1700 GMT).

Fed Governor Christopher Waller said on Monday that interest

rate cuts remain possible later this year even with the Trump

administration's tariffs likely to push up price pressures

temporarily.

On the data front, a reading of S&P Global U.S.

manufacturing PMI is due at 9:45 a.m. ET and ISM's manufacturing

activity index is scheduled for 10:00 a.m. ET.

Investors are also looking ahead to a crucial

nonfarm-payrolls report on Friday to gauge the U.S. labor

market's strength amid tariff volatility.

Among other stocks, Moderna ( MRNA ) rose 2.1% after the

U.S. Food and Drug Administration approved its next-generation

COVID-19 vaccine for everyone aged 65 and above.

Blueprint Medicines ( BPMC ) advanced 26.8% after French

drugmaker Sanofi

to buy

the biopharma group for up to $9.5 billion.

Boeing ( BA ) rose 1.6% after BofA Global Research

upgraded the planemaker's stock to "buy" from "neutral".