U.S. equities retreated again
U.S. equities retreated again after fresh trade concerns, trend highs on yields and a soft Cisco forecast conspired against the bulls. Sino-U.S. trade talks resume this week, while Japan is reportedly mulling over $400 M in retaliatory tariffs on U.S. exports. The T-note yield earlier topped 3.12% and the bond yield eyed 3.25% before pulling back, while WTI crude cleared $72 bbl to extend its winning streak as well and the dollar index ran as high as 93.55 before pulling back to 93.40. That's all providing some indigestion for stocks. The Dow is 42-points lower, S&P sank 6-points and NASDAQ is 37-points lower in pre-market action. Europe is 0.2-0.6% firmer on the major bourses, while Asia was split with Japan's N-225 +0.5% and China's CSI 300 0.7% lower. The Philly Fed index surge didn't really help matters at least on the Fed front, though the new orders leapt also saw a prices paid dip, while claims rebounded 11k. Cisco sank 4% after a disappointing forecast over its business plan, though Wal-Mart rallied over 1% after earnings. Leading indicators for April is on tap next.