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Futures down: Dow 0.24%, S&P 500 0.31%, Nasdaq 0.45%

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Energy stocks rise after OPEC+ maintains output increase

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Moderna ( MRNA ) up as FDA approves next-generation COVID vaccine

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Tesla falls after reporting lower May sales for some EU

nations

(Updates before markets open)

By Kanchana Chakravarty and Sukriti Gupta

June 2 (Reuters) - Wall Street's main indexes were on

track for a lower open on Monday after President Donald Trump

revealed plans to double tariffs on imported steel and aluminum,

fueling more uncertainty around U.S. trade policies.

Trump

said late on 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 27.1%, Nucor ( NUE ) up

11.6% and Steel Dynamics ( STLD ) 11.4% higher.

However, shares of automakers fell with Ford down 0.4%

and General Motors ( GM ) losing 1.2%.

"People have been thinking about that (steel tariffs) and

trying to formulate the economic impact. It presents the markets

with a lot of uncertainty right now," said Peter Andersen,

founder at Andersen Capital Management.

The increased levies risk deepening Trump's global trade

war, and dousing 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.

Also fueling risk-off moves in global markets, Kyiv

struck some of Moscow's nuclear-capable bombers on Sunday,

renewing concerns around further escalation of the

war

.

At 8:48 a.m. ET, Dow E-minis were down 100 points,

or 0.24%, S&P 500 E-minis were down 18.25 points, or

0.31%. Nasdaq 100 E-minis were down 97.25 points, or

0.45%

Most megacap and growth stocks were down, with Alphabet

leading losses, down 2.2%. Tesla lost over 1%

after it reported lower monthly sales for Portugal, Denmark and

Sweden.

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 4.1% after the

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

COVID-19 vaccine for everyone aged 65 and above.

U.S.-listed energy stocks advanced after producer group

OPEC+ kept output increases in July at the same level as the

previous two months.