First Call May 13, 2020

by | May 13, 2020 | First Call

  • S&P futures up 0.6%, after US equities, ended lower on Tuesday, selling off sharply late in the session.
  • Some concerns about Fauci reopening warning, US-China tensions, stimulus stumbling blocks, and a possible extension of stay-at-home orders in Los Angeles through July.
  • Also a lot of scrutiny on the disconnect between stocks and what is going on in the economy.
  • Stan Druckenmiller made very negative comments about the market late in the day which I will discuss on today's Daily Note
  • Asian markets mixed overnight. Mainland China, South Korea, Taiwan, and Australia saw moderate gains, while Japan and Hong Kong declined.
  • European markets under pressure.
  • Treasuries mixed with a bit of curve flattening.
  • Dollar weaker on the major crosses.
  • Gold up 0.4%.
  • WTI crude down 0.2% in choppy trading.
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