U.S. equities have bounced back to session highs
U.S. equities have bounced back to session highs with oil beating a path higher toward $50 bbl after successive API/EIA inventory draws, though European bourses are mostly lower. Curiously the ISM services surge is being taken at face value, though it also raised the odds of a Fed hike near-term. The German DAX is off 0.3%, though Deutsche Bank posted a 1.3% gain and VW at +2.1% is the index leader. Gains on Wall Street are being paced by tech and the NASDAQ +0.7%, while the blue chips are lagging slightly behind. Within the Dow CAT +2.4%, Goldman +2.1% and du Pont +2% are top of the leader board, while Verizon -2.1% is the main laggard. The VIX equity volatility index is accordingly 5.5% lower near 12.87 compared to its 12.70-13.68 session range, with year-lows of 11.02 just below.