U.S. stock futures traded modestly higher late Sunday, pointing to a rebound from the jobs data-induced weakness on Friday. President Donald Trump’s reciprocal tariffs on U.S. trading partners, which officially kick in on Thursday, remain an overhang.

Speaking to CBS “Face The Nation” about tariffs, U.S. Trade Representative Jamieson Greer said, “A lot of these are set rates, pursuant to deals.”

“Some of these deals are announced. Some are not. Others depend on the level of the trade deficit or surplus we may have with the country.”

Trump’s standoff with the Federal Reserve Chair Jerome Powell and the controversy surrounding the firing of the Bureau of Labor Statistics Head Erika McEntarfer are also expected to dent sentiment.

As of 10:34 p.m. ET on Sunday, the Nasdaq and the Russell 2000 futures were up 0.35% or more each, while the Dow and S&P 500 futures have added about 0.30% each.

Stocks fell in the week ended Aug. 1 as a soft July jobs report, Trump’s revised tariff announcement, and mixed earnings sapped risk appetite. In the process, the S&P 500 Index snapped a two-week winning run.

For the week, the Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, fell 2.21%, and the SPDR S&P 500 ETF (SPY) declined 2.41%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) plunged about 3% and 4.20%, respectively. 

The unfolding week’s economic calendar is relatively light, featuring a couple of services sector activity readings, weekly jobless claims data, June trade balance data, preliminary third-quarter productivity and unit costs data, and a few Fed speeches.

On Monday, the Commerce Department will release its factory orders report for June at 10 a.m. ET. Economists, on average, expect a 4.9% drop in orders in June following an 8.2% climb in the previous month.

On Semi (ON), Transocean (RIG), Tyson Foods (TSN), BioNTech (BNTX), Palantir Technologies (PLTR), IAC (IAC), Lattice Semi (LSCC), Vertex Pharma (VRTX), ZoomInfo (GTM), and Vornado Realty (VNO) are among the notable companies reporting Monday.

Crude oil futures pulled back modestly in Asian trading despite OPEC+ announcing another big output hike, but gold futures were modestly higher. The 10-year Treasury note yield recovered after slumping to the 4.22% level on Friday, dragged by the soft jobs data.

The U.S. dollar was mixed against major counterparts.

Most major Asian markets retreated on Monday morning, tracking the starkly negative sentiment on Wall Street from the previous Friday and the lingering fears concerning the Trump tariffs.

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