Don, Chuck, & Nancy (oh, and Mike) battled it out in the Oval Office and sent stocks reeling... they both came out claiming victory though clearly both (and the markets) suffered a fleshwound...

China stocks were majestically bid into the close last night and sparked the overnight strength in US futures...(but China remains red on the week)

European stocks were buoyed by China early on but as Italy and France began to heat-up, risk rolled over and the US open added to selling...

As French credit risk has started to crack...

Overnight excitement after positive comments from Mnuchin and then from Trump on a big china announcement were quickly stymied by the apparent end of the trade truce (as WaPo reports Washington about to sanction China over cyberspying) and Trump's Oval Office debacle with Chuck and Nancy sparked selling into and beyond the European close...

On the cash side, it's clear that selling was instant at the open and accelerated after the Oval Office Deathmatch

Dow futures really show the chaos - a 400pt ramp, a 600pt plunge and 350 pt surged before dropping almost 200 into the close...

NOTE that at around 215pmET, AAPL shares were suddenly bid (cough...buybacks...cough) and that lifted the broad markets

And VIX was monkeyhammered to get Stocks green...

As @vader7x noted, ES bounced exactly at last weeks low 2621.25. There are no humans helping steer this ship. Just bots and pain.

Banks stocks opened gap up but quickly plunged into and beyond the European close...down for 5 days in a row

And GE puked to $6.66 March 2009 closing lows...

Early Cyclical stock strength was crushed from the open and then panic-bid as the last hour began...

And we note that the broad market bottomed to the tick when GE hit $6.66...

Once again the Treasury complex was selling across the curve dominated by the short-end as the long-end actually saw yields lower...

NOTE - once again as Europe closed, bonds started to sell off again

This sent the yield curve tumbling back to one-week lows...



The short-end of the curve remains inverted from 2s to 5s and 2s10s broke back to a 10 handle intraday...

The Dollar Index surged again intraday, but rolled over shortly after the European close - NOTE it has now made 2 Lower Highs since the peak in November

Cable was clubbed like a baby seal to fresh 18-month lows... (cable briefly broke below 1.25 intraday)

Offshore Yuan ended the day stringer (thanks to some overnight strength on trade hopes)

Cryptos continued to be sold with all the majors now in the red for the week...

Crude and Copper got a lift overnight but faded during the US day...

Gold in Yuan faded back towards its apparent 8500 peg

Finally, The T-Bill market is starting to worry about a government shutdown...

Who can blame them...