U.S. equities remain on the defensive
U.S. equities remain on the defensive after yesterday's 1.3-1.7% rout ripped through global bourses overnight. The Dow is off 11-points, S&P fell 9-points and NASDAQ is 27-points lower in pre-market action after mixed earnings and higher yields yesterday inspired some deeper profit-taking, above overnight lows after the Boeing earnings beat. The T-note yield is still holding on to its perch over 3.0%, helping the dollar index rally another 0.5% to the 91.20 area, while the VIX equity volatility index is up another 5% to the 19.0 area. In M&A, U.S.'s Comcast made a bit for Sky Plc of the UK, pressuring shares of the former 2.5% lower and the latter 3.5% firmer. Facebook earnings are on tap, though data outside of the tepid MBA mortgage report are scarce. Asia was weak with Japan's N-225 off 0.28%, the HK Hang Seng 1% lower and China CSI 300 -0.38%. The weaker euro isn't helping Europe much, after a 1.2% decline in the Euro Stoxx 50 and 1.6% slump in the German DAX.