Trade. You had that comment from president frump saying that trade talks between the u. S. And china had already started but also lines from the Trump Administration suggesting that theyre looking at additional tariffs on european good, so a little bit more concern than there was yesterday on the trade front, maybe being reflecked in south korea, for example , were all looking at some of the different indexes in terms of the regions. He filipino possesso is down you saw a bit of a pickup in the 10year u. S. Treasuries and maybe some weakness in those u. S. Futures. The s p 500 hit a record yesterday. The termal chart is announcement versus fenses cyclicals. As this terminal shows, there is still a premium in terms to have defenses over sickly calls and that has endured even after the fast ball crisis, highlight build the red bar, 20082009 so maybe putting some question marks over the desire to get into cyclicals given the premium that defensive still have. That is something investors c