U.S. equities are mixed-to-flat
U.S. equities are mixed-to-flat while awaiting more detail on the ongoing U.S.-Canada trade talks and any follow-up negotiations with the Chinese as the next round of $200 B in tariffs loom in September pending review. EM FX volatility appears to be resuming as well, with the Turkish lira weakening back through 6.44 to 2-week lows after Moody's downgraded 20 financial institutions there, putting the euro back under pressure as well. That also spilled over to the offshore yuan, which is near session lows. The Dow is 6-points lower, S&P is flat and NASDAQ is 10-points higher in pre-open action. Europe is mixed with the Euro Stoxx up 0.14%, FTSE -0.3%, DAX +0.17%, but Spanish IBEX -0.7%. Asia was mixed as well after a 0.15% gain on the N-225 and a 0.4% slump on the China CSI 300. FAANG members Alphabet and Amazon rallied near 1% after a bullish note from Morgan Stanley. HP beat and rallied over 1%, while Dick's Sporting Goods sank 9% after a same-store sales miss. Q2 GDP may be revised downwards, while NAR PHSI and Treasury supply is due.