U.S. equities were dented with global stocks
U.S. equities were dented with global stocks as China continued to loosen the reins on the yuan and Trump threatened to throw down the gauntlet on auto tariffs. This followed a "rising chorus" of concerns about tariffs recorded both in Fed Powell's testimony and the Beige Book. The EU has also threatened to retaliate against any move on autos even as EU emissary Junker and his team plans to meet with the White House. Damp earnings from AMEX and eBay also plagued investors, though the early rounds of firmer Philly Fed and 48-year low jobless claims were positive and IBM beat. The Dow is 64-points lower, S&P is off 8-points and NASDAQ is 25-points lower ahead of the opening bell, above earlier lows. Asia was mostly weaker, with the majors 0.1-0.4% lower, while Europe also rolled over 0.2-0.4% (ex-UK FTSE 100 +0.3%). Comcast reportedly won't pursue a bid for Fox assets, but will focus on a UK Sky purchase instead, as Disney sorts through the pieces. Fox and Sky are lower, while Comcast and Disney have rallied on this divide and conquer approach. Leading indicators remain on the docket.