After surging more than 40 points at the open, the S&P 500 has just printed new session lows, with the index now just 0.2% higher on the day; banks, utes, energy, industrials, and staples are all lower on the day while tech and discretionary continue to lead the day's gains but are also paring their advance.

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Meanwhile, the Dow has just turned red, having dropped over 400 points from the open, with small caps well red by now.

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And all the major US equity indices are now below their 200DMAs.

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And Treasuries are bid.

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One likely reason: the catalyst for yesterday's attempted ramp, the report that Trump would meet with China's president Xi Jinping at the November G-20 summit was just put in doubt by Larry Kudlow:

• KUDLOW SAYS `NOT 100 PERCENT DECIDED' TRUMP, XI WILL MEET
• KUDLOW: CHINA'S RESPONSES TO U.S. ASKS ARE `UNSATISFACTORY'

Europe had no better luck, with the low tick of the day for Germany's DAX and the Stoxx 600 indexes coming right at the close and in the red; the DAX currently sits at its lowest close since February 2017, while the SXXP closed at the weakest since December 2016.

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Overnight Bank of America ominous warned that "If it doesn't bounce now..." referring to the market. It was not clear what would happen if the initial bounce indeed turned red...