US equity futures initially tumbled for much of the overnight session on mounting market liquidity and regional bank concerns, but erased almost all losses just after 7am ET when US President Trump spoke to Fox and calmed fears of a trade war with China, lifting sentiment following yesterday's steep declines in banking stocks.S&P 500 futures fell as much as 1.5% before paring the loss to 0.2% as of 8:00am ET. Here is a snapshot of Trump's comments on Fox News this morning which helped reverse the selloff:

TRUMP SAYS HE'S MEETING WITH CHINA'S XI IN TWO WEEKS

TRUMP, ASKED IF HIGH CHINA TARIFFS WILL STAND: NO

TRUMP ON CHINA TRADE: WE'LL SEE WHAT HAPPENS

TRUMP: CHINA IS ALWAYS LOOKING FOR AN EDGE

TRUMP ON CHINA TRADE: I DON'T KNOW WHAT'S GOING TO HAPPEN

TRUMP ON CHINA TARIFFS: IT'S NOT SUSTAINABLE

TRUMP: 100 PERCENT TARIFF IS NOT SUSTAINABLE

TRUMP ON CHINA TARIFFS: WE'RE GOING TO DO FINE WITH CHINA

TRUMP ON CHINA TARIFFS: WE HAVE TO HAVE A FAIR DEAL -FBN

Friday's crop of earnings helped bolster regional banks, with Truist Financial Corp., Regions Financial Corp. and Fifth Third Bancorp all rising in early trading after they reported lower provisions for credit losses than expected. Overnight, there were not much incremental positive headlines. ORCL updated its revenue and EPS guidance and beat expectations; however, this positive update has been widely expected with a high bar entering this earnings season. Bond yields are 1-4bp lower; USD is lower. Commodities are mixed: oil lower; base metals mostly higher. The US economic calendar includes August TIC flows at 4pm. Housing starts and import/export price indexes will be delayed due to government shutdown. Fed speaker slate includes Musalem at 12:15pm, and Fed's external communications blackout ahead of the Oct. 29 Fed policy decision begins Saturday