U.S. equities are consolidating in shallow negative territory
U.S. equities are consolidating in shallow negative territory after pulling back from opening gains on solid bank earnings, which briefly eclipsed political, trade and Mideast intrigue that remains simmering in the background... just one tweet away. Trump just tweeted "analysts are bringing back our factories, analysts are bringing back our jobs, and analysts are bringing back those four beautiful wo..." Seems he must have been interrupted in the midst of a "MAGA" reference. Financials rolled back over after the earnings reports were digested and Boeing skidded lower on Russia threatening to cut off titanium exports amidst sanctions, which could impact aircraft production. European markets cooled off into their close as well, lending some downforce. The major U.S. indices are all about 0.2% lower presently. Within the Dow the biggest decliners are JP Morgan -2.6%, Boeing -1.9% and Intel -1%, while on the upside are GE 3%, Coca-Cola +1.3% and Exxon +0.8% in what looks like a pretty defensive move. VIX equity volatility is still 4.4% lower near 17.60, however, while the dollar index is relatively inert near 89.80, NYMEX crude is up 0.8% near $67.60 and gold is back near highs of $1,346. Treasury yields pulled back from earlier highs.