U.S. equities rebounded from overnight lows
U.S. equities rebounded from overnight lows to prop back up into the green once "fair value" adjustments are considered, following an otherwise fairly mixed global session ahead of Fed Powell's testimony. His prepared testimony was largely as expected, underscoring the gradualist approach to rate hikes and his first House inquisition at 10 ET is awaited next. Durable goods sank 3.7% and the advanced trade gap widened to $74.4 B. Focus shifted to M&A rivalries after Comcast made a $31 B bid for Sky of the UK, knocking its own shares lower while lifting Sky 20%. This trumped a Fox bid for remains Sky assets, which in turn was sought by Disney. The Dow is 17-points lower, S&P sank 3-points and NASDAQ is 2-points lower ahead of the opening bell. This followed a 1% N-225 gain in Japan and a 1.4% drop on China's CSI 300. In Europe, the UK FTSE 100 is marginally firmer after all the M&A skirmishing, while the other major indices on the continent are 0.2-0.4% lower. Macy's beat and rallied, while Fitbit missed and slumped 16%. Toll Brothers beat and lifted its shares. On tap next are home prices and consumer confidence.