The market's throwing a mild version of the tantrum thrown by Veruka Salt, who said of a golden goose at the Wonka factory: "I want it NOW!" A recalibration of some premises behind the "Trump trades" in their purest and most obvious forms, is underway.
Some fingers are pointing to the gears of D.C. policy-making grinding loudly, with hearings on cyber-spying draining energy away from the hoped-for pronto passage of tax cuts, regulatory unwind and maybe even some infrastructure check-writing. The noise from Capitol Hill does seem to coincide with the softening up of stocks this morning. But there are other, more direct relevant excuses for this little spasm of selling: Investor sentiment had reached a rolling boil, switchbacks in global currencies pressured the "reflation" trade, a slight shortfall in ADP jobs numbers helped put a bid in Treasuries, and perhaps the mechanical flow of fresh cash into stocks at the start of the year has been put to work.
Here's what I'm watching heading into the closing bell: