U.S. equities are back in the red zone
U.S. equities are back in the red zone after the tech rout from Friday spread globally and washed back up on U.S. shores in pre-market trade, though losses here again seem mainly confined to large-cap tech. Profit-taking on so-called FANG shares was extended after analyst downgrades on Apple spread to its supply chain as well. AG Sessions will testify before the Senate today, representing some political risk. One bright spot is GE +2.7% after confirming that CEO Immelt announced a successor. The Dow is 20-points lower, S&P is off 5-points, while NASDAQ is 54-points lower in pre-open action. In Asia, Japan's N-225 closed 0.5% lower, the Hong Kong Hang Seng sank 1.2%, but the China CSI 300 was only marginally lower. In Europe, most bourses are 1% lower or more, ex-FTSE, which is off just slightly after the GBP plunged. U.S. data is scant today, though there will be a couple compressed Treasury auctions ($48 B 3s, 10s) due to the FOMC meeting Wednesday. Fedspeak is mum until Yellen's presser midweek.