1. China stimulus: China is freeing up more than $100 billion to help its economy, which is facing fears of a slowdown and an escalating trade war.

The country's central bank said late Sunday that it is set to release as much as 700 billion yuan ($107 billion) into the financial system by reducing the amount of deposits that most commercial banks are required to hold.

The move to cut the requirement by half a percentage point comes as the Chinese government is dealing with an emerging trade war with the United States and concerns its economy is weakening faster than expected.

2. Turkey reaction: Currency traders are focused on the Turkish lira after President Recep Tayyip Erdogan emerged victorious in a high-stakes election on Sunday.

The lira surged by as much as 3% on Monday.

The struggling currency's rally could be brief. Erdogan unnerved investors during the campaign by suggesting he would seek to influence monetary policy.

"All eyes will now be on Erdogan's appointment of ministers and markets will be watch closely if pragmatic reformists are appointed," said Paul Greer, a portfolio manager at Fidelity International.

3. Oil remains elevated: US crude futures were trading at nearly $69 per barrel after OPEC and other major producers, including Russia, pledged to increase production.

OPEC and its allies are targeting a production increase of up to 1 million barrels a day. But some cartel members will struggle to increase their output.

Oil analysts are worried that the additional supply won't be enough to satisfy rising global demand.

4. Stock market overview: There's a negative mood in the markets thanks to continued fears over trade.

US stock futures declined ahead of the open.

Many European markets dropped in early trading. Asian markets ended the day with losses, with many down by more than 1%.

The Dow Jones industrial average gained 0.5% on Friday, but still posted a loss of 2% for the week. The S&P 500 and Nasdaq both shed nearly 1% last week.

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5. Earnings and economics: Carnival (CCL) will report earnings before the opening bell. The US Census Bureau will publish May data on new home sales.

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6. Coming this week:

Monday — Carnival (CCL) earnings

Tuesday — Walgreens (WBA) will officially replace General Electric (GE) on the Dow; US Consumer Confidence Index released for June

Wednesday — Bed Bath & Beyond (BBBY), General Mills (GIS), Rite Aid (RAD) earnings

Thursday — Nike (NKE), Walgreens Boots Alliance earnings; Foxconn (TPE) breaks ground in Wisconsin; Federal Reserve releases bank stress test results

Friday — The White House plans to announce proposed restrictions on Chinese investments in the United States