First Call

FIrst Call May 12, 2021

May 12, 2021

Thomas Thornton

  • S&P futures down 0.4% and the Nasdaq down 0.6% after US equities finished lower for a second straight session on Tuesday as value and cyclicals came under pressure while growth and momentum largely recovered from outsized declines seen early in the session.
  • All eyes will be on the CPI report in a few minutes
  • Asian markets mostly lower overnight with Taiwan, Japan, and South Korea all dragged down by tech names while Hong Kong and China outperformed.
  • European markets are mostly higher but upside limited.
  • Treasuries are unchanged to firmer at the back end.
  • The Dollar a bit stronger vs yen and euro.
  • Gold down 0.1%.
  • WTI crude up 1.2%.
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