Source: Sharecast
As of 1245 BST, the Dow Jones Industrial Average was down 0.58%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.75% and 0.92% weaker, respectively.
The Dow closed 564.47 points higher on Friday, extending gains recorded in the previous session even as last month's non-farm payrolls report revealed hiring in the US slowed in April, albeit at a slightly less than expected clip.
Heightened hopes that the US may be able to strike a trade deal with one of its major trading partners were in focus early on Monday, with Chinese authorities stating they were currently evaluating the possibility of starting negotiations with the Trump Administration. However, the US has yet to announce that it has struck any trade deals with other countries.
Oil prices were also drawing an amount of investor attention early on Monday, with West Texas Intermediate futures down 4.27% at $55.80 a barrel after OPEC+ announced that it had agreed to surge production for a second month, hiking output by another 411,000 barrels a day in June. Brent crude futures were down 3.9% at $58.90 per barrel.
On the macro front, S&P Global's April composite and services PMIs will be published at 1445 BST, while the Institute for Supply Management's services PMI will follow at 1500 BST.
Looking ahead, the Federal Reserve will kick off its two-day policy meeting on Tuesday, with the central bank expected to make a decision on benchmark interest rates on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
