U.S. equities rolled back over
U.S. equities rolled back over after the shallow rebound from lows was checked by the latest WTO-China salvo by Trump on Twitter, which followed earlier hostile rhetoric from China, while economic advisor Kudlow failed to dowse the trade fires this time around. There's time to step back from the brink over the next 60-days, but the stock market remains jittery into the weekend. Financials and industrials under pressure, given lower yields and higher trade rhetoric. The Dow -1.3% is actually underperforming, followed by the S&P 500 -1.2% and NASDAQ -1%. The S&P 500's 200-day m.a. at 2,493 remains the nearby backstop. Within the Dow the deepest declines have been on CAT -2.8%, Boeing -2.3% and UnitedHealth -1.9%, while P&G -0.2% is outperforming. Interviewed on CNBC, Treasury Secretary Mnuchin said the President is absolutely prepared to defend our interests, but is not seeking a trade war with China. He seemed to dodge when questioned whether negotiations were started or even ongoing, amid disconnect with China over discussions. Yet he remains "cautiously optimistic" that something can be worked out. Yields are slightly above lows, while the dollar index is now slightly lower near 90.20.