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After starting the day limit down yesterday, futures were briefly limit up today but have pulled back a bit. Besides the deeply oversold readings in equities, a catalyst for the surge is the Administration’s promised “very dramatic” actions last night. The White House plans being floated by the President last night include a payroll tax cut and short-term expansion of paid sick leave. Full details are due later today.

For now, markets will continue to trade off fear and headlines, so expect more of the same in terms of volatility.

Read today’s Bespoke Morning Lineup for a discussion of the moves overnight and this morning, the latest updated figures on the coronavirus, and a recap of Asian and European markets.

Below is an update of our S&P 500 sectors and where they are trading relative to their trading ranges.  Every sector is currently oversold, and the only sector that isn’t at ‘extreme’ levels is Utilities.  Along with Utilities, the only two sectors not more than 3-standard deviations below their 50-DMA are Consumer Staples and Health Care.