Global equities were mixed following yesterday's U.S. market gains. Although they softened late in the session, yesterday market the first day that U.S. equities stayed in the green all day since January 26. While Asian equities were positive, Japan's Nikkei index closed down 0.65%. European bourses are down at this hour, with the exception of the U.K. FTSE, which is up 0.23%. Volatility is still elevated; VIX and VIX futures are both up, just shy of 4%.
The U.S. Dollar is continuing it's slide, with the dollar index down 0.42% at this hour, potentially down for the second consecutive day. Bond yields are also down slightly, while both industrial and precious metals are up. Copper in particular is up the most, 1.26%. As rising copper prices are generally viewed as a barometer of global economic growth, this will surely figure into the calculus of equities and bond traders.
At 6:00AM ET the NFIB released it's Business Optimism Index. The number came in at 106.9, above consensus. Futures initially fell on the news, while the dollar index vacillated before finding it's footing and rising a little higher. Pay attention to tomorrow's CPI print to be released at 8:30AM ET. Consensus calls for a Year-over-year number of 1.9% in CPI and 1.7% in CPI ex Food and Energy. Numbers above consensus will likely spur a sell-of in equities, while a softer print could lead to a relief rally as equities catch a bid.
On the earnings front, Under Armour and Blue Apron both impressed. Earnings on tap for the rest of the week include Baidu, Dr. Pepper Snapple, Cisco, Waste Management, CBS, Coca-Cola, John Deere, Kraft-Heinz and Campbell Soup.
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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.