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Here’s one we haven’t seen in a long time. The S&P 500 and Nasdaq are both poised to open within 0.10% of their close on Friday. While global equities have been uncharacteristically stable this morning, crude oil is still experiencing extreme volatility and briefly traded below $20 to its lowest level in 17 years.
Read today’s Bespoke Morning Lineup for a discussion of the latest trends and statistics of the outbreak, overnight moves in the market, and a great state by state summary of the latest Covid-19 trends in the United States.
While things are far from certain, one encouraging trend we have seen in recent trends related to the Covid-19 outbreak is that the day over day percent change in global case counts and deaths has shown signs of starting to flatten from the mid-single digits to the low single digits. Due to the fact that the decline came on a Sunday (we saw similar declines on prior Sundays), we would caution against reading too much into this, but in a world where we’re grasping at straws for signs of hope, this one is worth watching. While global trends are slowing, as noted in this morning’s report, US trends have still shown no similar signs of improvement.