Stock Market Update

The stock market is tracking a firmly lower open after President Trump's threat to implement a 50% tariff on European imports sent equity futures to lows. The S&P 500 futures trade 90 points below fair value.

The comments have also weighed on European equities after a subdued first half of the European session. As a result, Germany's DAX is now down 2.6% after trading little changed just an hour ago.

Treasuries are off to a higher start with the 10-yr yield falling seven basis points to 4.49%, though it is still up five basis points for the week. Meanwhile, the 30-yr yield is down four basis points at 5.03% today, but still up 12 basis points for the week.