Here are five things you must know for Monday, June 3:

1. -- Stock Futures Slide as Trade Risks Stymie Investors

U.S. stock futures fell on Monday and shares in Europe and Asia extended declines as investors reacted to escalating trade tensions between the U.S. and China.

China published details of its trade stance with the United States over the weekend in a move that suggested Beijing was digging in for a prolonged dispute with the U.S., the world's largest economy. The white paper also included plans for a so-called Unreliable Entities list of U.S. companies, similar in nature to a collection of Chinese companies targeted by the U.S. Commerce Department, in the coming weeks. There also was a suggestion that officials would investigate FedEx (FDX - Get Report) after executives at Huawei Technologies accused it of deliberately mishandling packages.

"If the U.S. side wants to use extreme pressure, to escalate the trade friction, to force China to submit and make concessions, this is absolutely impossible," China's Vice Commerce Minister Wang Shouwen said. "During the (trade) consultations, China has overcome many difficulties and put forward pragmatic solutions. However, the U.S. has backtracked, and when you give them an inch, they want a yard."

China's tough stance on trade, and a warning from Defense Minister Wei Fenghe for the U.S. not to meddle in the country's decades-long dispute with Taiwan, triggered a new bout of risk aversion for global investors.

Contracts tied to the Dow Jones Industrial Average fell 77 points, futures for the S&P 500 were down 8.35 points, and Nasdaq futures slumped 33 points. The S&P 500's losses in May, down 6.6%, were the steepest in nine years.

U.S. investors also will be eyeing developments Monday from Washington, where officials from Mexico will meet with their American counterparts to discuss the current immigration crisis along the southwestern U.S. border, which triggered a move by Donald Trump last week to threaten to impose escalating tariffs on goods heading into the United States from Mexico.

The economic calendar in the U.S. on Monday includes the PMI Manufacturing Index for May at 9:45 a.m. ET, the ISM Manufacturing Index for May at 10 a.m., and Construction Spending for April at 10 a.m.

Earnings reports are expected Monday from Ascena Retail Group (ASNA - Get Report) , Box Inc. (BOX - Get Report) and Coupa Software (COUP - Get Report) .

2. -- Germany's Infineon to Buy Cypress Semiconductor for $10 Billion

Germany's Infineon Technologies (IFNNY) will acquire Cypress Semiconductor   (CY - Get Report) in a deal with an enterprise value of €9 billion ($10.1 billion).

Infineon, Europe's biggest semiconductor company, said it would pay $23.85 a share for Cypress, a major supplier of Wi-Fi/Bluetooth connectivity chips for cars, home electronics and IoT devices. The price is a 33.8% premium to the closing price of Cypress on Friday of $17.82. 

Cypress was rising 24.3% in premarket trading Monday to $22.15.

"The planned acquisition of Cypress is a landmark step in Infineon's strategic development," said Infineon CEO Reinhard Ploss. "We will strengthen and accelerate our profitable growth and put our business on a broader basis."

The closing of the acquisition is expected by the end of 2019 or early 2020.

Cypress spiked last week amid reports it had considered takeover interest, and the has risen nearly 40% so far this year, giving the company a market value of $6.51 billion.

3. -- Justice Department Prepares Antitrust Probe of Google - Report

The U.S. Department of Justice is gearing up for an investigation of Alphabet's (GOOGL - Get Report) Google unit, according to The Wall Street Journal.

The probe will examine the company's practices in search and other businesses, the Journal reported, citing people familiar with the matter.

Google views the Justice Department's investigation as the latest in a series of out-of-date complaints that have been passed between regulators worldwide for years, the Journal said, citing people familiar with the company's stance.

Google was fined $1.7 billion earlier this year by European regulators for antitrust violations in the online advertising market.

Meanwhile, Google experienced high levels of network congestion across key parts of its network over the weekend. The traffic affected both its Google Cloud and YouTube offerings and caused severe congestion and user outages in the northeastern United States.

"The network congestion issue in eastern USA, affecting Google Cloud, G Suite, and YouTube has been resolved for all affected users as of 4:00 pm US/Pacific," Alphabet said in a statement. "We will conduct an internal investigation of this issue and make appropriate improvements to our systems to help prevent or minimize future recurrence."

"We will provide a detailed report of this incident once we have completed our internal investigation," the statement added. "This detailed report will contain information regarding SLA credits."

Alphabet fell 2.8% in premarket trading on Monday to $1,076.07.

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4. -- Goldman Sachs to Buy Manager of Optometry Practices for $2.7 Billion

The merchant-banking division of Goldman Sachs (GS - Get Report)   agreed to buy Capital Vision Services, the company that manages MyEyeDr. optometry practices, from private-equity firm Altas Partners LP and Canadian pension fund Caisse de depot et placement du Quebec.

Terms of the deal weren't disclosed but The Wall Street Journal had reported that the deal for Capital Vision Services was valued at $2.7 billion, including debt.

Capital Vision supports independent optometrists and practices affiliated with the MyEyeDr. brand by providing them with financial, marketing, human-resources and accounting services. MyEyeDr., which has 575 practices in 18 states, also offers vision-care services and sells prescription eyeglasses and contact lenses.

The deal is expected to close in the third quarter.

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5. -- Apple's WWDC Kicks Off Monday

Apple's (AAPL - Get Report) annual developer conference kicks off on Monday, and it could be a pivotal one for the tech giant, according to TheStreet's Annie Gaus.

Less than three months after Apple unveiled a big services push, Apple's weeklong World Wide Developers Conferencecould shed more light on Apple's plans for the remainder of 2019 and beyond. As iPhone sales have slowed in recent quarters, the company's growing slate of services offerings are a critical piece of its strategy.

At a keynote on Monday, Apple is expected to announce a wide array of updates across various platforms, including iOS, macOS, tvOS and watchOS. 

The company also is set to reveal iOS13, its latest mobile operating system. Last year, Apple also announced plans for cross-platform app functionality, an under-the-hood improvement that could simplify app development. At the same time, Apple is also expected to introduce more homegrown apps of its own, which could place it in competition with its own development community.

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