U.S. stock futures traded slightly higher on Tuesday, following Monday's major selloff as markets digested President Donald Trump's comments that there would be a "period of transition" as the economy adjusted to a global trade war.

       Dow futures traded up 156 points, or about 0.36%.

       The Dow Jones Industrial Average closed down about 2% on Monday, while the S &P 500 declined 2.7%. The tech-heavy Nasdaq plummeted 4%, which amounted to more than $1 trillion in losses, according to Bloomberg.

       Asian stocks, which opened sharply lower on Tuesday, following the U.S. selloff, recovered some ground. And European stocks were trading mixed.

       The Bureau of Labor Statistics is expected Tuesday morning to release a report on how many jobs are open in the economy, which could provide another clue about the strength of economy amid the new recession concerns. An inflation report is expected Wednesday.

       The main driver of the recent declines appears to be America's trade war, with investors watching the administration's latest plans on trade and tariffs. The selloff coincided with retaliatory tariffs against the U.S. following levies last week on Canada, Mexico and China, some of which were delayed.

       This is a developing story. Please check back for updates.

       ABC News' Max Zahn contributed to this report.