U.S. equities pulled back from highs
U.S. equities pulled back from highs but have since found support and remain in shallow positive territory, with gains of 0.4-0.7% on the major indices paced by NASDAQ. Within the Dow the biggest gainers are Cisco +3.1%, Boeing +2.2% and UT +2.2%, while on the downside are UnitedHealth -2.7%, Exxon -1.17% and Chevron -0.9% after crude oil reversed 1% lower to the $60 area. Airbus rallied some 10% on earnings windfalls, helping prop up the French CAC 1%, even with the German DAX off 0.12%. VIX equity vol is 3% higher near 19.84, having bounced from lows of 17.60 earlier to mark highs of 20.66. Yet risk proxies gold, yen and Treasuries have been mostly firming, with gold below earlier highs of $1,357 to the $1,351 area, though the yen has rallied close to highs of 106.15 and Treasury yields probed lows at the long-end paced by the long-end and the 4.4 bp drop on the bond yield.