US equities were mostly lower following a very volatile Monday afternoon session, though stocks finished well off their worst levels, with the Dow Jones and S&P500 closing down 91bps and 23bps, while the Nasdaq finished up 10bps. White House officials continue to offer mixed messaging on trade. A bit of Fedspeak from Governor Kugler, who said coming tariffs will be consequential and the Fed is already seeing some signs of higher prices. Apple will reportedly send more iPhones to the US from India to avoid steeper China tariffs.