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Equity futures are indicating a modestly higher (or lower depending on when you look at the futures) open, but don’t let the numbers fool you.  From midnight to around 4:30 eastern, S&P 500 futures rallied more than 4.5% in reaction to news of a deal being struck in DC over the $2 trillion coronavirus relief bill.  From 4:30 through now, though, all of those gains have been erased.

Markets are still searching for equilibrium and trying to figure out when the economy will be able to re-open, and right now there is just about zero clarity on that front.  Then, when the time comes where certain areas of the country look to be in the clear and can open for business a whole new set of questions will arise.  First, how do you cordon off these areas that are no longer hotspots from the areas that are still hot?

Read today’s Bespoke Morning Lineup for a discussion of the details of the relief bill in DC, Asian and European markets, and the latest trends and statistics of the outbreak.

It’s been an exceptionally strong two days for gold as the yellow metal has rallied over 5% on back to back days.  With all the liquidity being thrown into the system, some investors are clearly worried about the dollar’s purchasing power down the road. Going back to 1980, there have only been four prior periods where gold has seen similar moves on back to back days, with the last occurrence coming in September 2008.  In other words, it has been extremely rare to see these kinds of moves.