U.S. equities are trading mixed
U.S. equities are trading mixed heading into U.S.-E.U. auto talks in Washington, with earnings from the likes of Boeing and GM reflecting some negative impact from past tariffs on aluminum and steel that have raised their cost base. GM sank over 6.3% and other automakers are similarly lower heading into the talks. Moreover, there's the China decision on the Qualcomm/NXP merger at midnight tonight that could send a chill through the tech sector if a negative result. The Dow is 55-points lower in early trade, while S&P 500 is up 3-points and NASDAQ is up 25-points in early trade. This followed mixed trade in Asia with a 0.46% rise on the Nikkei and a 0.11% decline on the China CSI 300. Europe is mainly 0.15-0.76% lower, seen with the most to lose from a pitched tariff battle on autos. Among the flurry of earnings updates, UPS and Coca-Cola beat, while Facebook is due after the close and FAANGS are trading higher for now. New home sales are on tap next and expected to drop 3% in June.