S&P 500 futures are at a session low, down 57 points, or 0.9%, as the trading week kicks off. Instead of focusing on potential removal of tariffs, the market is focused on global sovereign yields. Long-dated borrowing costs in the US have risen to just shy of the 'frightful' 5% level while UK 30s at 5.70% are at the highest since 1998.
With that, the pound is under particularly heavy pressure, down 150 pips to 1.3392.
The economic calendar starts slow with nothing at the bottom of the hour but it picks up at 9:45 am ET with the final US manufacturing PMI from S&P Global followed by the ISM manufacturing report 15 minutes later.
Eyes will also be on an announcement from US President Trump at 2 pm ET, following rumors of health problems.
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