First Call

First Call February 25, 2020

Feb 25, 2020

Thomas Thornton

  • S&P futures up 0.4%, off worst levels and significantly off overnight highs.
  • S&P suffered the biggest one-day pullback since February 2018.
  • Asian equities mixed overnight. Japan the big decliner after being closed on Monday, losing more than 3%. Australia also fell sharply though South Korea bounced.
  • European markets weaker.
  • Treasuries little changed after big gains on Monday.
  • Dollar extending recent weakness vs yen but better on the euro cross.
  • Gold down 1.5%, giving back a good chunk of recent gains.
  • WTI crude down 0.4% after yesterday's 3.7% drop.
  • Bullish sentiment for S&P dropped under 50% to 43%
  • Today's Daily Note will do an initial damage assessment after yesterday's action
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