A cool-down might be on the horizon as major index futures slip following a record-breaking run of gains for the S&P 500.

The S&P 500 and the Nasdaq were lower on Monday after U.S. President Donald Trump rekindled worries about the fallout of a global trade war by introducing new tariffs, while focus remained on the Federal Reserve's monetary policy decision later this week.

The U.S. stock market has rebounded from the decline caused by Trump's 'Liberation Day' tariffs, fueled by tariff pauses, strong earnings, and positive economic data. However, uncertainty persists due to unpredictable trade policies.

U.S. stock index futures fell on Monday after President Donald Trump reignited concerns about the effects of a global trade war by introducing new tariffs, while markets awaited the Federal Reserve's monetary policy decision this week.