U.S. manufacturing activity accelerated to more than a 14-year high in August, boosted by a surge in new orders, but growing concerns over rising raw material costs as a result of import tariffs could restrain further growth.

Things are fairly quiet to start the post-Labor Day session, with the e-minis trading slightly lower (and off their highs by ~14 handles) and European stocks trending lower throughout the session. The focus remains on China tariff implementation and the new Nafta pact, though no major developments occurred on either front over the holiday weekend aside from some posturing on social media.