US stock futures are sharply lower in Monday's premarket activity as investors brace for President Donald Trump's "Liberation Day" tariffs announcement Wednesday, and await key manufacturing data coming out later in the morning.

Dow Jones Industrial Average futures were down 0.7%, S&P 500 futures were falling 1.1%, and Nasdaq futures were trading 1.5% lower.

Oil prices were moving higher, with front-month global benchmarks North Sea Brent crude up 0.3% at $72.94 per barrel and US West Texas Intermediate crude rising 0.3% to $69.55 per barrel.

Investors will also be keeping an eye out for the March reading of the Chicago purchasing managers' index, which is expected to be unchanged from February at 45.5, and remain below the 50.0-point threshold demarcating contraction from expansion.

In equities, shares of Citius Oncology (CTOR) jumped 64%, adding to a 1.5% gain the previous session. Newton Golf Company (NWTG) shares surged 33% after it reported record 2024 revenue growth Monday. And 1stdibs.Com's (DIBS) stock advanced 11%, adding to a marginal gain on Friday.

On the losing side, shares of Vaxcyte (PCVX) lost 32% after reporting topline results Monday from a phase 2 study of VAX-24 to prevent invasive pneumococcal disease in healthy infants. Marblegate Acquisition (GATE) shares dropped 22%, piling on to a 20% loss on Friday.