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“Real knowledge is to know the extent of one’s ignorance.” – Confucius

It’s a mixed picture for equity futures this morning after Thursday’s drubbing.  There’s been no economic data so far, but at 10 AM we’ll get flash readings on April Manufacturing and Services activity from Markit.  Investors will be looking for signs of how serious or likely the Democrats will be to pass Biden’s plans to raise capital gains tax rates for the highest earners, but with some Democrats even voicing concerns, this plan may not be the slam dunk that the market feared yesterday.

Read today’s Morning Lineup for a recap of all the major market news and events including the biggest overnight events, some key earnings reports, economic data from around the world, as well as the latest US and international COVID trends including our vaccination trackers, and much more.

Economic data has generally been strong around the world lately, but don’t tell that to the 10-Year US Treasury.  Yesterday, the yield on the 10-year US treasury closed below its 50-DMA for the first time since last August.