U.S. equities resumed their slide
U.S. equities resumed their slide after Trump tripled down on the tariff threat with China, mulling another $100 B in tariffs that was met with promises of an equal response amid growing mutually assured destruction in trade. The payrolls report meanwhile is expected to show 225k gains for March, along side a low 4.0% jobless reading and 0.2% rise in hourly earnings. Fed Chairman Powell is on tap next to discuss the economic outlook at midday, followed shortly thereafter by SF-NY Fed's Williams on the same. The Dow is 244-points lower, S&P faltered 23-points and NASDAQ is off 67-points in pre-open trade. Europe has slavishly followed suit, trading 0.2-0.7% on the major bourses, while Asia was mixed with mostly minor losses outside of the HK Hang Seng +1.1%, while China was still closed. Heavily held FAANG stocks have come back under pressure, trading 1-2% lower. The VIX equity volatility index is back up 10% to the 21.0 area, while the dollar index is slightly firmer near 90.45 and NYMEX crude is 0.8% lower near $63.