First Call March 16, 2020

by | Mar 16, 2020 | First Call | 0 comments

  • S&P futures off ~4.8%, trading limit down after US equities finished sharply lower last week, even with a Friday rally that saw the major indexes jump more than 9%.
  • SPY is down 10.75% premarket so there will be a halt on the open (-7%) 15 min. If we go down 13% another 15 minute halt
  • Asian markets lower overnight as Australia posted the biggest decline on record while Hong Kong, Taiwan, mainland China and South Korea all sold off. Japan fared the best but was still down nearly 2.5%.
  • European markets under meaningful pressure.
  • Treasuries rallying with the curve steepening.
  • Dollar weaker on the major crosses, particularly against the yen.
  • Gold down 3.7%. WTI crude down 7.9%.
  • I will be posting two notes today
  • Please stay safe
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