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First Call January 16, 2020
- S&P futures up 0.3% after US equities finished mostly higher on Wednesday, extending recent gains.
- No change in the bullish narrative surrounding trade, renewed central bank balance sheet expansion, expectations for an earnings rebound and US economic resilience.
- The biggest concern seems to continue to revolve around valuation.
- Treasuries little changed to slightly stronger. Dollar a bit firmer vs yen and slightly weaker vs euro. Gold up 0.1%. WTI crude down 0.3%.