Here is what you need to know.

The Trump administration has drafted a bill known as the "United States Fair and Reciprocal Tariff Act," which would allow President Donald Trump to raise tariffs without Congressional approval, Axios says.

The European Commission has threatened tariffs on $300 billion worth of US goods if Trump follows through on his threat to place big tariffs on European vehicles imported into the US.

Steel, iron, and Kraft Heinz Ketchup are among the goods to be hit with Canada's retaliatory tariffs against the US, the Associated Press says.

China's Shanghai Composite shed 2.52% on Monday, sending it to its lowest level since March 2016. Elsewhere, Britain's FTSE (-0.91%) leads the losses in Europe while the S&P 500 (-0.58%) is set to open lower.

Lopez Obrador, who vowed to oust the "mafia of power," won more than 53% of the vote, AP reports. The Mexican peso is weaker by 0.46% at 19.9998 per dollar.

"Cash is cool again," according to the $2.78 trillion asset manager State Street Global Advisors.

Buffett is set to collect an extra $1.7 billion of dividends after America's biggest banks raised payouts following their passage of the Fed's stress test.

The 5,000th Model 3 sedan rolled off the assembly line at around 5 a.m. P.T., hours after the deadline set by CEO Elon Musk, two workers at Tesla's Fremont, California factory told Reuters.

LeBron James has signed a four-year, $154 million deal with the Los Angeles Lakers.

Markit US Manufacturing PMI and ISM Manufacturing will cross the wires at 9:45 a.m. ET and 10 a.m. ET respectively. The US 10-year yield is down 3 basis points at 2.83%.