Tuesday's relatively muted action in markets follows losses on Monday when Trump posted a flurry of letters to social media that announced new tariff rates ranging from 25% to 40% on more than a dozen countries starting August 1.

All three major U.S. indexes ended higher last week, notching three record closing highs despite an abbreviated trading week.

The major averages are coming off a choppy session as investors follow the latest trade headlines out of the White House.