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First Call May 21, 2020
- S&P futures down 0.5% off lows.
- Recent strength has been chalked up to the usual suspects, including reopening push, massive fiscal and monetary policy stimulus, signs global economic activity bottoming out, and corporate commentary highlighting stabilization/improvement in demand. Upside exacerbated by positioning/FOMO/pain trade dynamics.
- Europe weaker, Asia mixed
- Treasuries unchanged to slightly better at the back of the curve.
- Dollar stronger vs both yen and euro.
- Gold down 1.1% Silver down 2%.
- WTI crude up 2.3%.