U.S. equities have snapped back
U.S. equities have snapped back with global stocks as short-covering kicks in following a week-long rout, given cover by a mostly solid round of earnings from JP Morgan, Citi and Wells. Treasury Secretary Mnuchin also sought to calm market tensions, which he said were a normal part of activity, while the fundamentals remained strong. This helped contribute to the rebound in sentiment after investor angst over higher interest rates and the trade conflict. The Dow is 252-points firmer, S&P gained 29-points and NASDAQ is up 112-points in pre-market action. This followed Sino-led gains of 2.1% on the HK Hang Seng, 1.4% on the CSI 300 and a 0.46% bounce on Japan's N-225. Europe is also higher amid gains of 0.6-0.9% on the majors there. In techland FAANG shares also rebounded 1.3-3.7% despite regulatory and privacy headwinds. Up next are trade prices, U. Michigan sentiment and later the Treasury budget. Fedspeak from Evans, Bostic and Quarles are on tap as well.