Eyes on tariffs once again but US PMIs will be a highlight as well

We got some good weekend news on tariffs for a change as Bloomberg's Josh Wingrove reported that tariffs are now planned to be more targeted than threatened.

"It’s shaping up as more focused than the sprawling, fully global effort Trump has otherwise mused about, officials familiar with the matter say," the report says.

The optimism might be misplaced as it highlights that the countries spared will be the ones with trade deficits to the USA or barely any trade at all. Still, it's a change in tone S&P 500 future are up 64 points, or 1.1%.

In terms of today's economic calendar, the main event is the March S&P Global manufacturing and services PMI, which is due at 9:45 am ET. We have seen some sharp deterioration in sentiment measures but plenty of people are skeptical that it will flow into the hard data. That said, another bad number today -- particularly if one of the main measures falls below 50 -- will add to the angst. The services one fell to 51.0 in February from 56.9 shortly after the election.

Aside from that, comments from the BOE's Bailey (2 pm ET) and the Fed's Barr (3:10 pm ET) are the lone notable items.