A.M. Update

S&P 500 futures are up +0.4%, having given up some of overnight gains. Overseas, Japan’s Nikkei surged +10.2% following its -12% slump on Monday. The trade deficit decreased to $73.1 billion in June (consensus -$72.8 billion) from $75.0 billion in May (revised from $75.1 billion). The 10-yr note yield is up 4 basis points to…