Incyte (INCY) is down 20% to $65.70 and Merck (MRK) is down 1.1% to $53.91 after their melanoma treatment failed a late-stage trial. Hong Kong's Hang Seng and Singapore's Strait Times indexes actually rose 1% overnight, while Shanghai's SSE Composite and Tokyo's Nikkei were barely in the red. Probably more important, hourly earnings rose faster than expected, 0.3% compared with an anticipated 0.2%, amounting to annualized wage inflation of 2.7% - hardly compatible with a 2.8% yield on the 10-year Treasury note.