U.S. equities rebounded from correction lows
U.S. equities rebounded from correction lows with some semblance of stability returning overseas and short-covering emerging in the FAANGs. Oil prices also rebounded 2% from lows to the $54.50 area before Trump attempted to tweet them lower again. CNBC reported that White House trade advisor and China trade hawk Navarro won't attend Trump-Xi meeting, according to SCMP report. That could be interpreted as a more hopeful omen on the trade front. The Dow is 149-points firmer, S&P gained 19-points and NASDAQ is up 76-points in pre-open trade, slightly below earlier highs after dip in durables and rise in jobless claims. This followed gains in Europe, with the Euro Stoxx 50 up 0.7%, UK FTSE 100 +1.1% and German DAX +1%. Asia was more equivocal after a 0.35% drop in Japan's Nikkei and 0.25% rise in China's CSI. Short-covering returned to the semiconductor sector as well with the Philly SOX indicating higher. Foot Locker surged 15% after an earnings windfall, helping lift Nike too, but Deere sank 4% after a miss. On tap next are final U. Michigan sentiment, existing home sales and leading indicators.