Confirming the same headline from yesterday, Treasury Secretary Stephen Mnuchin warned today that "many of our trade talks with China have broken down."

Mnuchin added that "China remains very important in cooperation over North Korea."

Dow futures dropped - though remain up around 200 points on the day - on heavy volume...

As Nanex's Eric Scott Hunsader notes, 1500 S&P500 futures contracts sold at once through 3 ticks is what caused that little tsunami of quotes at 12:41:21 ET

Mnuchin's comment came right as the S&P erased the post-tariffs plunge...

Of course, we doubt this dip will last as it appears once again that buying US stocks during a trade war is the path of least resistance.