US equity futures and Treasuries decline as Wall Street return from a long weekend to a week packed with jobs data. President Trump said India has offered to cut its tariff rates on US goods following his imposition of 50% levies as punishment for India's purchases of Russian oil. Valantin Marinov of Credit Agricole says the US economy is likely to be more resilient than consensus, which would disappoint the Fed. Amy Wu Silverman of RBC Capital Markets believes some investors have been taken aback by the stock rally, and have had to roll back the timeframe of when the "reckoning" in the market will come.

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