- Market focus is turning back to trade developments after President Trump said he was holding up a trade agreement with China and reiterated his stance that there might be no deal at all.
- The tough line on trade talks caused U.S. markets yesterday to close back at the starting line, while DJIA futures are now pointing to a 62-point decline at the open.
- Analysts are also starting to reassess the June market comeback, with some saying it doesn't quite make sense. "This rally is not fundamentally backed. Instead what we are seeing is a bunch of people getting swung around and now they are chasing stocks higher," said Tom Essaye, founder of The Sevens Report.
- Oil is down 2.7% at $51.81/bbl, gold is 0.7% higher at $1340/ounce and the 10-year Treasury yield is down 2 bps to 2.12%.
- ETFs: SPY, QQQ, DIA, SH, SSO, VOO, SDS, IVV, SPXU, TQQQ, UPRO, PSQ, SPXL, RSP, SPXS, SQQQ, QID, DOG, QLD, DXD, UDOW, SDOW, VFINX, EPS, DDM, QQEW, QQQE, SPLX, OTC:SFLA, QQXT, SPUU, SPXE, UDPIX, OTPIX, RYARX, SPXN, SPDN, SPXT, SPXV