In economic data, the monthly ISM survey of US manufacturing purchasing managers is due at 10 am ET. Expectations call for the manufacturing index to hold pretty flat at 49.1 in May versus 48.7 in April. That would indicate business activity is shrinking very slowly. A reading above 50 shows expansion and a reading below indicates contraction. ISM was looking for business to rebound nicely in the first half this year after a disappointing showing in the second half last year but uncertainties and disruptions flowing from import tariffs has undercut demand.

Meanwhile, on the policy news front, risk assets are back under pressure Monday after President Trump's announcement that he would double tariffs on steel and aluminum imports to 50 percent starting June 4. That puts the trade war back in focus, as did a new volley of accusations from President Trump that China has not honored the terms of the tentative trade agreement the two sides reached last month, followed by China's retort that the US was doing the same thing. The two sides were supposed to cut tariffs on goods from the other.

Plus, investors will be watching the fate of the president's"big beautiful" tax and spending bill in the Senate. The bond market has been hit hard as the bill advanced through the House amid nonpartisan forecasts that it would raise the deficit by about $3 trillion over 10 years.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.