U.S. equities are back on their heels
U.S. equities are back on their heels with the retreat in commodity prices and a Left alliance in France stirring the political pot there, bringing them into a collision course with Le Pen's National Front. Turbulence in the Trump Administration appeared evident with Trump's frustrations rising in his combative press conference yesterday, while reports are circulating that the border adjustment tax may be on the rocks and complicating an agreement on corporate tax reform. The Dow is 75-points lower, S&P fell 8-points and NASDAQ is 11-points down in pre-market action. The Nikkei and Shanghai comp settled 0.5% lower, while the Euro Stoxx 50 is off 0.5%. Leading economic indicators are the only major data piece this morning and are expected to rise modestly with support from low jobless claims. In terms of risk aversion, gold is over $1,243, the yen has firmed to 112.64 and Treasury yields extended their slide. WTI crude has eased 0.5% back to the $53 bbl area, while the RJ/CRB index is off 0.4% near 193.30 and the dollar index is marginally higher near 100.60.