U.S. equities have cooled their jets
U.S. equities have cooled their jets paring earlier gains after the dollar tumbled in reaction to the rash of dovish Fedspeak, while crude oil also pulled back from highs on solid product builds in the EIA report. Yields are following suit on the downside. European bourses have cut gains from over 1% to 0.3-0.7%. Amazon CEO Jeff Bezos also tweeted news of his impending divorce, which added some uncertainty to that large cap stock, which is 0.5% lower. Declines on JP Morgan and AT&T are reportedly pulling the S&P 500 into the red, while Constellation Brands -8.6%, Digital Realty Trust -5.6% and CVS are deepest decliners, while PG&E +8% has bounced back, along with IPG +5.5% and Micron +5.3%. In NASDAQ, AMD +7.5%, Nvidia +5.6% and Ulta Beauty +5.2% are tops. VIX equity vol is 1% firmer now near 20.68 after dipping below 20.0 earlier, while the dollar index is off 0.4% near 96.40 and WTI crude is is 2.4% firmer near $51.0 again after dipping following EIA product builds.