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First Call May 5, 2021
- S&P futures up 0.3% in Wednesday morning trading after US equities finished mostly lower in the prior session with growth and momentum under pressure while value and cyclical plays held up better.
- ADP payroll missed estimates but better than the previous month
- I will be focusing on commodities on today's note
- A few extra charts on this note: Euro Stoxx 50, US 10 year, Bitcoin, Etherium, Crude
- Asian markets mixed overnight while China, Japan, and South Korea were all closed for public holidays.
- European markets seeing good gains.
- Treasuries slightly weaker across the curve with 10-year yields at ~1.61%.
- Dollar little changed vs yen and euro.
- Gold little changed.
- WTI crude up 1.1%, extending its rally (up ~4.5% this week).