spx 30 min chart

The stock market is taking comfort in lower yields and diminished odds of the Fed hiking rates to the economy's breaking point.

The Nasdaq is leading the way with a 1.2% gain. That erases a decline as large as 1.9%. The S&P 500 has also nearly trimmed a 2% decline and sits lower by just 0.3%.

There are some signs of a turn in FX as well as the US dollar begins to give back gains. Cable is up to 1.1952 from a low of 1.1899. CAD, AUD and NZD bulls are also dipping their toes in the water.