U.S. equities trimmed their losses
U.S. equities trimmed their losses after a decent earnings beat by BofA, which posted a profit increase for the first time in 3-quarters and rallied nearly 2% in pre-open trade. This helped offset the sharp drop in the Empire State index, along side the minor rebound in industrial production. Stocks are still smarting from passive-aggressive remarks from Yellen on Friday, while looking ahead to the ECB meeting on Thursday for any guidance on QE tapering. The Dow is 6-points lower, S&P slipped 1-point and NASDAQ is 3-points lower, above earlier lows. This followed a mixed global picture after HK and China shares fell 0.8%, while Japan's N-225 gained 0.26% with the yen loitering around 104.00. In Europe, the major bourses are roughly 0.4-0.5% lower, led by the UK FTSE that has retreated 0.8%. Fed VC Fischer is on tap at midday, speaking before the Economic Club of NY and has leaned toward tightening. Hasbro shares rallied nearly 4% after a 14% jump in revenues. Caterpillar announced a change at the helm with CEO Oberhelman to retire in 2017.