Tuesday's relatively muted action in markets follows losses on Monday when Trump posted a flurry of letters to social media that announced new tariff rates ranging from 25% to 40% on more than a dozen countries starting August 1.

All three major U.S. indexes ended higher last week, notching three record closing highs despite an abbreviated trading week.

Asian stocks were higher while European stocks and U.S. futures were mostly flat as markets focus on the latest trade developments after President Trump announced a three-week extension to the tariff deadline to Aug.