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First Call May 13, 2020
- 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.