US equities are mostly lower with S&P futures pointing down 1.49%. US 2-year yield is steady at 3.8% and 10-year down 5 bps to 4.3%. Gold extends to new record high, bitcoin futures down and WTI crude settled slightly down. Both Asian and European equity markets are lower. Hang Seng underperformed and Taiwan was sharply down. China, Japan and South Korea were also weaker. European indices are pointing down around 1%. White House formally launched national security probes into pharmaceuticals and semis, paving the way for new sectoral tariffs. However, move had been widely telegraphed and market has seemingly been more focused on recent off-ramps. In addition, with US and Japan set to talk trade this week, some thoughts bar for early deals with key allies may be low.

Companies mentioned: Datagroup, SPX Technologies, NVIDIA Corp, ASML Holdings