Fred Imbert, Ryan Browne
At around 7:10 a.m., Dow Jones Industrial Average futures were trading 122 points lower, implying a decline of 119.43 points at the open. S&P 500 and Nasdaq 100 futures also fell.
The U.S. and China over the weekend agreed at the G-20 summit in Argentina to hold off on any additional tariffs on each other's goods on January 1, in order to allow trade talks to continue.
But discrepancies over when that truce would begin has led to confusion. While President Donald Trump's economic advisor, Larry Kudlow, told reporters Monday that the cease-fire would start from January 1, the White House later issued a corrected statement saying that the 90-day truce period would start on December 1.
Saul Loeb | AFP | Getty Images
US President Donald Trump (R) and China's President Xi Jinping (L) along with members of their delegations, hold a dinner meeting at the end of the G20 Leaders' Summit in Buenos Aires, on December 01, 2018.
Amid doubts over whether the two can prevent further escalation to the trade war, Treasury Secretary Steven Mnuchin on Monday told CNBC that he is "very hopeful" the two countries can turn the trade truce into a "real agreement."
In terms of economic data, Redbook sales figures are due at 8:55 a.m. ET. Meanwhile, New York Federal Reserve President John Williams is due to give a speech on tightness in the labor market at 10 a.m. ET.