U.S. equities have bogged down
U.S. equities have bogged down after rallying sharply yesterday after global growth concerns reemerged following a deeper contraction in German manufacturing orders and weak Eurozone PMIs, which knocked European indices lower even after a relatively tame session in Asia. The German Bund also tipped into negative territory for the first time since the debt crisis. The Dow is 191-points lower, S&P sank 17-points and NASDAQ is off 45-points in pre-open trade. European indices are 0.7-1.4% lower, paced lower by the UK FTSE 100 amid likelihood that the Brexit deadline is postponed. Asia saw the majors post mostly shallow gains, while China's CSI 300 sank marginally. Top U.S. officials will head to Beijing next week, though doubts about the timing of a trade deal have been sown after Trump indicated that tariffs would remain in place until China accedes to demands. Nike sank 4% after its earnings came up short, while chipmakers have been under pressure as well. A late round of data will include wholesale trade, existing home sales and the Treasury budget.