Chicago Fed national

S&P futures are flat after Monday’s drop in the S&P 500 where a rout in Apple weighed on tech companies and tensions with North Korea persist; Asian stocks are modestly lower while Europe has shaken off the Korean crisis and is in the green on the back of a sharp drop in the EURUSD which has tumbled below 1.18 as the USD rises ahead of much anticipated speeches by the Fed Chair and the French president.

Despite all the exuberant 'soft' survey data, The Fed's National Activity Index dropped in January and missed expectations as 49 of the 85 subcomponents deteriorated.

The Chicago Fed national index, which draws on 85 economic indicators, was minus 0.05 in January versus 0.18 in December.

A reading below zero indicates below-trend-growth in the national economy and a sign of easing pressures on future inflation.