U.S. stock futures are pointing lower as investors review comments from China that accused the U.S. of undermining the recent trade agreement between the two countries; President Donald Trump said he would double tariffs on steel imports to 50%, sending U.S. steelmaker stocks higher in premarket trading; Federal Reserve Chair Jerome Powell is set to deliver remarks today; and Blueprint Medicines (BPMC) stock is soaring after French pharmaceutical firm Sanofi (SNY) said it would acquire the U.S. drugmaker. Here's what investors need to know today.

1. US Stock Futures Fall as Investors Consider China Tariff Comments

U.S. stock futures are pointing lower as investors weigh China's accusation that the U.S. had undermined a trade agreement between the two countries, potentially inflaming trade tensions. Nasdaq futures are 0.5% lower after the tech-heavy index rose by more than 9% in May for its biggest monthly gain since November 2023. S&P 500 futures are down 0.3% after the benchmark index added more than 6% last month, also its biggest advance since November 2023, while Dow Jones Industrial Average futures are dipping 0.2%. Bitcoin (BTCUSD) is lower, trading at just over $104,000. The yield on the 10-year Treasury note is higher. Oil futures are surging roughly 4% and gold futures are up nearly 2% to trade at around $3,375 an ounce.

2. China Accuses US of Undermining Trade Deal in Response to Trump

China on Monday said that the U.S. had introduced measures that "seriously undermine" the trade agreement between the two countries. China's statement follows remarks from President Donald Trump that accused Beijing of being in violation of the deal struck last month in Geneva. China said that moves by the U.S. to issue export control guidelines for AI chips, stop the sale of chip design software to China, and revoke Chinese student visas were among the violations of the agreement.

3. Trump Says US Will Double Steel Tariffs to 50%

President Trump said Friday that he would double tariffs on steel imports to 50%, sending shares of U.S. steelmaker Cleveland-Cliffs (CLF) soaring 25% in premarket trading, while those of Steel Dynamics (STLD) and Nucor (NUE) are jumping around 10%. Tariffs of 25% on steel and aluminum went into effect on March 12, part of Trump's stated goal of bringing more metal production to the U.S., which imports nearly a quarter of its supplies of steel. The move comes amid Trump's endorsement of a "partnership" between U.S. Steel (X) and Japan's Nippon Steel after former President Joe Biden blocked Nippon's proposed acquisition.

4. Powell Remarks Come as Fed Faces Pressure on Interest Rates

Federal Reserve Chair Jerome Powell is scheduled to deliver remarks today at 1 p.m. ET at an event hosted by the central bank. Powell's comments come after he met last week with President Trump, who has been pressuring the Fed to lower interest rates, and as price pressures eased again in April. Fed officials have said they are monitoring inflation for signs of price increases from Trump's tariffs. Powell’s comments follow remarks from Fed Governor Christopher Waller, who this weekend said that interest rate cuts could be on the table later this year.

5. Blueprint Medicines Stock Soars as Sanofi Acquires Biotech for More Than $9B

Shares of Blueprint Medicines (BPMC) are soaring 27% in premarket trading as French pharmaceutical firm Sanofi (SNY) said it would acquire the U.S. drugmaker for up to $9.5 billion. The deal would give Sanofi access to Blueprint's treatment for systemic mastocytosis (SM), a rare immunological disease. "Blueprint's established presence among allergists, dermatologists, and immunologists is expected to enhance Sanofi’s growing immunology pipeline," Sanofi said. U.S.-listed shares of Sanofi are down less than 1%.