U.S. equities are in lateral mode
U.S. equities are in lateral mode ahead of tomorrow's key payrolls update after some mixed signals on trade and global equities overnight. Jobless claims jogged back down towards cycle lows, pointing towards a rebound in payrolls. Hopes are high that Trump could schedule a meeting with Xi of China, following talks with Liu He at the White House today, but the Chinese apparently are balking on the tariffs remaining in place while awaiting compliance. The Dow is 12-points higher, S&P is flat and NASDAQ is off 9-points in pre-market action. Asia was mixed with Japan's N-225 flat and China's CSI 300 1% firmer, while Europe is all over the map with a flat Euro Stoxx 50, -0.5% FTSE and +0.17% German DAX. Morgan Stanley downgraded Micron, which reversed 3% lower after gains in the semis yesterday. Tesla plunged 12% after a 31% plunge in deliveries, as Model 3s faced a rough patch in China and Europe. Remaining on the docket is Fedspeak from Williams, Harker and Mester.