8:15 adp employment (mln) -20.5 4/23 30.0 27.0 …...bonds outperforming stocks stocks outperforming...

Time Event Estimate Date Act.vs. Est. S&P

8:30 Non Farm Productivity -5.5 3/5 -0.1 -3.39

8:30 Unit Labor Costs 4.5 3/5 -0.5 -3.39

8:30 Initial Claims 3.0 mln 4/30 0.34 -0.92

8:30 Continuing Claims 19.8 mln 4/30 -1.48 -0.92

15:00 Consumer Credit $15.00 bln 4/7 8.33 -0.16

Last Report

Time Event Estimate Date Est Act. Diff. S&P Best Worst

8:15 ADP Employment (mln) -20.5 4/23 30.0 27.0 -3.0 -0.05 Ener Util

10:30 DoE Energy Inventories

13:30 Fed's Bostic Discusses Virus Outbreak

COST April Sales

Last Report

Upgrades

Ticker Firm From To

ADNT RBC Capital Mkt Perf Outperf

AEO Ray James Mkt Perf Outperf

PPG JP Morgan Neutral Overwgt

TRI BMO Capital Mkt Perf Outperf

Downgrades

Ticker Firm From To

AIG Wlm Blair Outperf Mkt Perf

DOW UBS Buy Neutral

INCY JP Morgan Overwgt Neutral

MHK RBC Capital Mkt Perf Underperf

SNAP Citigroup Neutral Sell

VNO Stifel Hold Sell

Initiations/Reiterations

Ticker Firm Action Rating

CAKE Telsey Reiterated Mkt Perf

FOCO Needham Initiated Buy

INGN Needham Reiterated Buy

PINS Pivotal Reiterated Hold

XPO Cowen Reiterated Outperf

- Global Markets Mixed as US Futures Modestly Higher.h Closed %

h 0.6

i -0.2

h 0.5

Oil 24.52 i $0.0

Gold 1708.2 i -$2.4

$/Euro 0.925 h 0.00

$/Yen 106.07 i -0.5

10-Yr 0.69 h 0.02

Japan

China

Germany

UK

Trading Up ($):

MELI (104), AMZN (13.2), TSLA (12.79), GOOG (11.85), BYND (10.84), LPSN (4.56)

Trading Down ($):

ZTS (-5.75), INGN (-5.45), BG (-4.22), EA (-4.11), PINS (-3.27), DIS (-1.41)-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

16:00 18:00 20:00 22:00 0:00 2:00 4:00 6:00

Pe

rce

nt

Ch

ange

Asia Opens

Europe Opens

Today’s Events

Stock Specific News of Note

Noteworthy Macro EventsOther MarketsOvernight Trading

Tomorrow

Overnight Trading

Analyst Actions

Indicators/EventsMarket Timing Model

© Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

Earnings Reports

Economic Indicators & Events

Index Changes

BespokePremium.com

For Personal Use Only—Do Not Forward1

Ticker News

ALXN Beat EPS forecasts by 51 cents (3.22 vs 2.71) on stronger revenues; lowered guidance.

ATVI Beat EPS forecasts by 11 cents (0.65 vs 0.54) on stronger revenues; raised guidance.

BYND Beat EPS forecasts by 11 cents (0.03 vs -0.08) on stronger revenues; withdraws outlook.

CVS Beat EPS forecasts by 28 cents (1.91 vs 1.63) on stronger revenues; raised guidance.

DIS Missed EPS forecasts by 30 cents (0.60 vs 0.90) on stronger revs; suspends dividend.

DISCA Beat EPS forecasts by 3 cents (0.87 vs 0.84) on inline revenues.

DVA Beat EPS forecasts by 35 cents (1.83 vs 1.48) on inline revenues; reaffirmed guidance.

EA Beat EPS forecasts by 32 cents (1.43 vs 1.11) on stronger revenues; guidance mixed.

GM Beat EPS forecasts by 28 cents (0.62 vs 0.34) on stronger revenues.

JAZZ Missed EPS forecasts by 38 cents (0.45 vs 0.83) on weaker revenues; lowered guidance.

KLAC Beat EPS forecasts by 11 cents (2.47 vs 2.36) on inline revenues.

MELI Beat EPS forecasts by 13 cents (-0.44 vs -0.57) on stronger revenues.

NXST Beat EPS forecasts by 79 cents (3.30 vs 2.51) on stronger revenues.

PINS Missed EPS forecasts by 1 cent (-0.10 vs -0.09) on inline revenues.

PKI Beat EPS forecasts by 14 cents (0.67 vs 0.53) on stronger revenues; guidance mixed.

SFM Beat EPS forecasts by 25 cents (0.79 vs 0.54) on stronger revenues; raised guidance.

SHOP Beat EPS forecasts by 36 cents (0.19 vs -0.17) on stronger revenues.

SMG Beat EPS forecasts by 92 cents (4.50 vs 3.58) on stronger revenues; raised guidance.

VMC Beat EPS forecasts by 4 cents (0.47 vs 0.43) on stronger revenues; withdraws guidance.

ZTS Beat EPS forecasts by 8 cents (0.95 vs 0.87) on stronger revenues; lowered guidance.

Bearish Bullish

Category One Week Two Weeks One Month

Sentiment 0.04 0.26 0.42

Technicals 0.00 0.17 0.43

Fundamental 0.12 0.12 0.48

Overall 0.06 0.17 0.42

Average (all days) 0.13 0.25 0.51

Expected S&P 500 Return (%)

Neutral

None

Ticker Date TOD EPS Revs.

BDX 5/7/20 AM 2.28 4,066.2

BMY 5/7/20 AM 1.49 10,023.0

BUD 5/7/20 AM -0.34 11,154.8

DHR 5/7/20 AM 1.05 4,370.8

HLT 5/7/20 AM 0.50 1,877.8

JBLU 5/7/20 AM -0.46 1627

NCLH 5/7/20 AM -0.27 1189

TEVA 5/7/20 AM 0.59 4153

BECN 5/7/20 PM -0.14 1456

BIDU 5/7/20 PM 3.92 21938

BKNG 5/7/20 PM 4.48 2138

CTSH 5/7/20 PM 0.94 4221

LYV 5/7/20 PM -0.70 1424

MCHP 5/7/20 PM 1.36 1325

UBER 5/7/20 PM -0.50 3187

Estimate

Conferences & Meetings

Dividends & SplitsIBM 1.63 MET 0.46

NSC 0.94 SON 0.43

PH 0.88 SBUX 0.41

AEP 0.70 SXT 0.39

WMT 0.54 PFE 0.38

WFC 0.51 CIT 0.35

8:30 Fed's Bostic Discusses COVID-19 Outbreak

10:30 EIA Natural Gas Stockpiles (+111)

12:00 Fed's Kashkari Speaks in North Dakota

16:00 Fed's Harker Discusses COVID-19 Outbreak

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Ticker Price

None

Standard Deviations

Below 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive

Ticker Price

ALXN 103.84 1.11 -0.08 49.5

Standard Deviations

Above 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive

Commodity Current 1 Wk Ago

$/Euro N N

$/Yen N N

2-Year N N

10-Year N N

Gold N OB

Silver N N

Copper N N

Crude Oil N OS

Heating Oil N OS

Gasoline N N

Natural Gas OB N

OS N OB

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20

Bonds Outperforming Stocks

Stocks Outperforming Bonds

Ticker % Chg. Occ. Chg. Percent Up Chg. Percent Up

IPGP 21.0 3 -2.6 33.3 -1.8 33.3

ACHC 21.5 7 -4.0 28.6 -0.4 42.9

IPGP 21.0 3 -2.6 33.3 -1.8 33.3

ADUS 19.9 3 -2.6 0.0 -3.1 0.0

NCLH -22.6 11 -2.1 63.6 -1.1 36.4

WRK -17.3 4 12.3 100.0 5.3 75.0

BHLB -16.3 4 3.9 75.0 -11.2 25.0

PBI -16.2 9 -0.6 33.3 1.0 66.7

Average Return (%)

Next Day Next Week

Index/Sector Current 1 Wk Ago

S&P 500 N N

Cons Discret. N N

Cons Staples N N

Energy N N

Financials N N

Health Care OB N

Industrials N N

Materials N N

Technology OB N

Comm. Svcs N N

Utilities N N

OS N OB

S&P 500 50-Day Moving Average Spread S&P 500 Internals Yesterday’s Movers

Relative Strength of Stocks versus Bonds

S&P 500 Overbought and Oversold Stocks (Percentage) Trading Ranges: Sectors

Trading Ranges: Bonds/Commodities

S&P 500 Overbought Stocks Most Likely to Fall

S&P 500 Oversold Stocks Most Likely to Rise

Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20

Extreme Overbought

Overbought

Oversold

Extreme Oversold

2.6

17.6

0

10

20

30

40

50

60

70

80

90

100

Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20

Green indicates percentage of oversold stocks, and red indicates percentage of overbought stocks.

OB

OS

Indicator Change50-Day Moving Avg Spread h 4.6 % 2.7 %10-Day A/D Line h 871 420# of Overbought Stocks h 88 70# of Oversold Stocks h 13 2

P/E Ratio Trailing h 19.36 19.33 Forward h 22.08 21.99

Dividend Yield i 2.11 % 2.11 %

Net Earnings Revisions -17.5 % -17.5 %

Credit Spreads (bps)High Yield i 779 802Corporate Bonds i 220 234

Current One Week Ago


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BBG US Dollar Index: Last Six Months

BBG US Dollar Index: Last 15 Trading Days

1180

1190

1200

1210

1220

1230

1240

1250

1260

1270

1280

1290

1300

1310

11/6 12/4 1/3 1/31 2/28 3/27 4/27

1180

1190

1200

1210

1220

1230

1240

1250

1260

1270

1280

1290

1300

1310

11/6 12/4 1/3 1/31 2/28 3/27 4/27

50-DMA: 1244200-DMA: 1214

1235

1240

1245

1250

1255

1260

1265

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

1250

Gold Future: Last Six Months

Gold Front Month Future: Last 15 Trading Days

1350

1400

1450

1500

1550

1600

1650

1700

1750

1800

11/1 12/2 12/31 1/30 2/28 3/27 4/27

1350

1400

1450

1500

1550

1600

1650

1700

1750

1800

11/1 12/2 12/31 1/30 2/28 3/27 4/27

1660

1680

1700

1720

1740

1760

1780

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

200-DMA: 1552

50-DMA: 1658

1724

S&P 500: Last Six Months

S&P 500: Last 15 Trading Days

2100

2300

2500

2700

2900

3100

3300

3500

11/1 12/2 12/31 1/30 2/28 3/27 4/27

2100

2300

2500

2700

2900

3100

3300

3500

11/1 12/2 12/31 1/30 2/28 3/27 4/27

2700

2750

2800

2850

2900

2950

3000

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

200-DMA: 3004

50-DMA: 2741

2868

Russell 2000: Last Six Months

Russell 2000: Last 15 Trading Days

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

11/1 12/2 12/31 1/30 2/28 3/27 4/27

200-DMA: 1500

1125

1175

1225

1275

1325

1375

1425

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

50-DMA: 1239 1274

Nasdaq Composite: Last Six Months

Nasdaq Composite: Last 15 Trading Days

6500

7000

7500

8000

8500

9000

9500

10000

11/1 12/2 12/31 1/30 2/28 3/27 4/27

6500

7000

7500

8000

8500

9000

9500

10000

11/1 12/2 12/31 1/30 2/28 3/27 4/27

50-DMA: 8127

200-DMA: 8433

8100

8300

8500

8700

8900

9100

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

8809

Oil Future: Last Six Months

Oil Future: Last 15 Trading Days

11/1 12/2 12/31 1/30 2/28 3/27 4/27

-20

-10

0

10

20

30

40

50

60

70

11/1 12/2 12/31 1/30 2/28 3/27 4/27

200-DMA: 49

-50

-40

-30

-20

-10

0

10

20

30

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

50-DMA: 2624.90


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DJ Transports: Last Six Months

DJ Transports: Last 15 Trading Days

6000

7000

8000

9000

10000

11000

12000

11/1 12/2 12/31 1/30 2/28 3/27 4/27

6000

7000

8000

9000

10000

11000

12000

11/1 12/2 12/31 1/30 2/28 3/27 4/27

200-DMA: 9996

7750

7850

7950

8050

8150

8250

8350

8450

8550

8650

8750

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

50-DMA: 8114

8047

Long Bond Future: Last Six Months

Long Bond Future Intraday: Last 15 Trading Days

150

154

158

162

166

170

174

178

182

186

190

194

11/6 12/5 1/6 2/4 3/4 4/1 4/30

150

154

158

162

166

170

174

178

182

186

190

194

11/6 12/5 1/6 2/4 3/4 4/1 4/30

200-DMA: 164

179

180

181

182

183

184

4/15 4/17 4/21 4/23 4/27 4/29 5/1 5/5

50-DMA: 179

180


For Personal Use Only—Do Not Forward

BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from

sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its

accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the

purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not

responsible for any losses incurred from any use of this information.

4

Morning Commentary

Overview: US equities are poised to gap 70 bps higher at the open but have given up their best levels

of the session after a rip-roaring rally for futures off 9:00 PM lows last night. The dollar is higher, rates

are bear-steepening, and front-month WTI tested its 50-DMA but was rejected intraday as gold runs up

against its own resistance. Global Economic Scorecard

Refunding: Today the Treasury market is braced for the quarterly refunding announcement at 8:30

AM, which announces the value of bills, notes, and bonds the government intends to sell. The pending

announcement will be roughly $4trn and include the new 20 year bonds that have not yet had an auc-

tion. Auctioned amounts have been rolling at a record pace as the administration funds the CARES Act

and makes up for a collapse in various taxes as job losses skyrocket.

Earnings: The biggest report today is Danish diabetes care provider Novo Nordisk, which reported Q1

EBIT 11.7% above estimates thanks to a 6.8% sales beat; the company also reiterated full-year guid-

ance and is up 1.5%. Two banks are notable reports as well with French lender Credit Agricole (+1.1%)

announcing €621mm in provisions (triple last year’s number), a revenue beat and small net income

miss, and a 0.7-ppt decline in CET1 capital to 11.4%. Italy’s largest bank, UniCredit, reported a €2.71bn

net loss thanks to a variety of special factors. Management declined to guide 2020 guidance, but did

say that net income in 2021 could get to 75%-80% of its long-term targets if the economy recovers as

expected. The stock is up 1% after an initial tumble. In Germany, BMW (-3%) reported lowered guid-

ance with 2020 auto EBIT margins of 0-3% versus 2%-4% prior while capex is forecasted to drop 30% or

more YoY in 2020; Q1 sales were down 6.4% YoY, but the company does have €19bn in cash on hand. A

final note: Siemens Gamesa, the wind turbine manufacturing player based in Spain, is down 1.8% after

reporting sales a hair below forecasts and an 81% decline in underlying EBIT; that said, management

expects wind “may be a winner” in EU recovery plans. Of note in the US, GM reported EPS more than

twice as high as analysts expected (sales 3% above estimates), ending the quarter with $33.4bn in Au-

tomotive liquidity and $24.9bn in Financial liquidity as the company targets a May 18th restart in the

US and Canada. COVID cost the company $1.4bn of EBIT in Q1.

APAC Markets: A strong session, with China back in action but Japan, Singapore, and Thailand

shuttered; markets were broadly higher including a 1.8% leap in Korea and 1.1% rise in Hong Kong.

KRW led local FX higher in a mixed day for the dollar. In China, you know things are bad when targets

get dropped, and that’s what the government is considering for 2020 GDP growth.

Europe Markets: We’ve got breakdowns of PMI and factory order data on the following pages, but also

wanted to flag plunging retail sales volumes in March released today by Eurostat: while the sales of

food, beverages, and tobacco rose 5% on a volume basis and online shopping sales rose 2.6%, textiles/

clothing/accessories were down 38.9%, gasoline sales fell 20.8%, and durables categories ex auto were

down at a mid-teens rate. Total sales volumes were down 11.2% MoM. This is basically consistent with

the sort of spending pattern shifts we’ve seen in the US.

European equities are getting lots of dispersion this morning with broad averages up a quarter percent

but multiple groups up 1% (Insurance, Resources) and down 1% (Oil & Gas, Travel & Leisure). Rates are

up 3 bps across the curve in Germany, Italian spreads are down, credit markets are flat, and EURSD is

down a third session in a row.

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5

PMIs: Overnight data showed the breadth of services sector hits to the global economy, with two

countries reporting single-digit PMI readings in the month of April. India and Spain both saw PMI gaug-

es below 10, which we didn’t think we would ever see for any reason, from any country; to our

knowledge, the Indian number is the lowest PMI reading for any country in the history of Markit data.

The charts below provide summary data for Services and Composite (output-weighted Services and

Manufacturing) by country, and illustrate the breadth and depth of global activity declines in April.

None of this is really news, of course, but it’s still jarring nonetheless.

Morning Commentary

Global Services PMIs Collapse Into Disaster Territory

Global Composite PMIs Are In Disasaster Mode

0

10

20

30

40

50

60

Japan - Services - 22.8 vs 33.8 prior

US - Services - 26.7 vs 39.8 prior

China - Services - Pending

India - Services - 5.4 vs 49.3 prior

Russia - Services - Pending

Spain - Services - 7.1 vs 23 prior

Italy - Services - 10.8 vs 17.4 prior

France - Services - 10.2 vs 27.4 prior

Germany - Services - 16.2 vs 31.7 prior

Eurozone - Services - 12 vs 26.4 prior

Australia - Services - 19.5 vs 38.5 prior

Brazil - Services - Pending

0

10

20

30

40

50

60

Japan - Composite - 27.8 vs 36.2 prior

UAE - Composite - 44.1 vs 45.2 prior

Saudi Arabia - Composite - 44.4 vs 42.4 prior

US - Composite - 27 vs 40.9 prior

Singapore - Composite - 28.1 vs 33.3 prior

China - Composite - Pending

Ireland - Composite - 17.3 vs 37.3 prior

India - Composite - 7.2 vs 50.6 prior

Russia - Composite - Pending

South Africa - Composite - 35.1 vs 44.5 prior

Kenya - Composite - 34.8 vs 37.5 prior

Italy - Composite - 10.9 vs 20.2 prior

France - Composite - 11.1 vs 28.9 prior

Germany - Composite - 17.4 vs 35 prior

Eurozone - Composite - 13.6 vs 29.7 prior

Lebanon - Composite - 30.9 vs 35 prior

UK - Composite - 13.8 vs 36 prior

Nigeria - Composite - 37.1 vs 53.8 prior

Brazil - Composite - Pending

Hong Kong - Composite - 36.9 vs 34.9 prior

Dubai - Composite - Pending

Australia - Composite - 21.7 vs 39.4 prior








6

German Factory Orders: March data for the volume of German new factory orders was released this

morning by Statistisches Bundesamt, the German statistics agency. The results were bad, as is to be

expected, and are of course lagged, but do well to illustrate the unprecedented shock to activity that

COVID-19 represented. And remember, factories are relatively less impacted than services! That hasn’t

stopped a 32% decline in autos new orders, 10.8% drop in basic metals, and 16.4% decline in broad

machinery in the month of March. The overall decline in new orders was 15.6% in one month, easily a

record for one month, and remember that April results will be substantially worse than these numbers

based on PMI data.

Morning Commentary

Industry MoM

3m/3m

Ann. YoY MoM

3m/3m

Ann. YoY MoM

3m/3m

Ann. YoY

Textiles -9.92 -6.56 -15.06 -6.83 0.77 -2.92 -8.31 -2.60 -8.86

Apparel -7.49 -4.57 -10.93 -15.09 -37.01 -20.35 -10.27 -18.08 -14.45

Paper 4.21 18.15 4.32 -6.35 -2.15 -4.29 -0.30 9.12 0.71

Chemicals 1.04 19.68 4.18 -4.23 30.71 5.31 -2.23 26.42 4.88

Pharma 12.02 27.02 16.34 0.34 25.73 -2.71 3.84 25.88 2.74

Basic Metals -13.26 -3.80 -8.77 -7.44 17.05 -4.15 -10.81 4.66 -6.82

Fabricated Metals -8.83 0.00 -12.48 -11.66 -12.59 -22.37 -9.70 -4.54 -16.00

Computers/Electronic -8.66 14.48 -2.03 -3.91 18.07 0.32 -5.53 16.88 -0.43

Electrical Equipment -8.10 -4.43 -9.19 -8.83 -20.88 -9.48 -8.46 -13.21 -9.29

Other Machinery/Equipment -11.22 -12.31 -15.04 -19.01 -5.94 -17.57 -16.36 -8.36 -16.70

Motor Vehicles/Trailers -30.74 -43.65 -30.67 -28.81 -22.20 -27.52 -29.43 -30.39 -28.60

Autos -35.53 -56.80 -35.88 -30.78 -15.19 -28.00 -32.00 -28.94 -30.04

Other Transport -47.10 58.24 -38.93 14.45 -62.17 -44.74 -14.00 -44.59 -43.16

Total -14.80 -10.24 -14.27 -16.09 -10.29 -16.79 -15.58 -10.44 -15.83

Germany New Factory Order Volumes By IndustryDomestic Foreign Total

German Factory Orders In Free Fall

35

45

55

65

75

85

95

105

115

Total

Domestic

Foreign








7

Coronavirus: The number of COVID cases reported

nationally outside the epidemic ground zero in New

York and New Jersey continues to rise, though contin-

ued spread of testing also means that the test positive

rate has continued to fall under 10%. The ability of

states to weather peak health care system demand

and the spread of testing capacity remain positive, but

ultimately we want to see a continuation in the pattern

downward trend of deaths. States that reported new

highs in total case counts for the seven days ended

yesterday include Illinois, Iowa, Texas, Kansas, Wiscon-

sin, New Mexico, Arizona, Mississippi, and Montana.

Meanwhile Louisiana is a month from peak case counts

and running at 23% of that case load; New York is 25

days from peak and running at 38% of peak case load.

Morning Commentary

US Test Count Versus Positive Test Rate

231,791

9.17

4

9

14

19

24

29

34

0

50000

100000

150000

200000

250000

300000

350000 Day/Day Tests

% Positive In Each Day's Reported Tests

Progress In Slowing Case Counts For A Number of States

1

10

100

1000

10000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61

Ne

w C

ase

s P

er

Da

y (

Log

Sca

le)

Days Since 100th Confirmed Case

AL AKAZ ARCA COCT DEFL GAHI IDIL INIA KSKY LAME MDMA MIMN MSMO MTNE NVNH NJNM NYNC NDOH OKOR PARI SCSD TNTX UTVT VAWA WVWI WY

Deaths Day Over Day (w/ 7 Day Moving Avg)

Global Cases & Deaths

Global Deaths % of Global Confirmed Cases

New Confirmed Cases Per Day (w/ 7 Day Moving Avg)

0

5

10

15

20

25

30

35

40

Day/Day Cases (%)

Day/Day Deaths (%)

7.02

1.5

2.5

3.5

4.5

5.5

6.5

7.5

0

5000

10000

15000

20000

25000

30000

35000

40000

US Case Count Day/Day

Ex NY/NJ

0

500

1000

1500

2000

2500

3000

US Deaths Day/Day

Ex NY/NJ








8

COVID By State: The table below includes a wide range of COVID-19 data points by state, as a refer-

ence. We will update it daily on this page.

Morning Commentary

State Deaths Cases Tests Deaths Cases Tests

AK 9 0 371 1 22,692 969 0.10 12.30 0.00 507.15 1.37 31,019.28 1,324.59

AL 313 17 8,285 260 106,766 3,649 7.13 63.84 3.47 1,689.72 53.03 21,774.83 744.21

AR 80 0 3,496 38 54,635 193 19.69 26.51 0.00 1,158.45 12.59 18,104.10 63.95

AZ 395 33 9,305 386 88,260 3,007 12.84 54.27 4.53 1,278.38 53.03 12,125.76 413.12

CA 2,317 63 56,212 1,275 779,902 32,028 3.98 58.64 1.59 1,422.65 32.27 19,738.25 810.58

CO 851 9 16,907 272 85,004 1,914 14.21 147.78 1.56 2,935.89 47.23 14,760.88 332.36

CT 2,633 138 30,621 1,334 108,643 6,150 21.69 738.51 38.71 8,588.65 374.16 30,472.44 1,724.97

DE 187 5 5,371 83 24,680 570 14.56 192.04 5.13 5,515.71 85.24 25,344.95 585.36

FL 1,536 113 37,439 542 466,956 21,505 2.52 71.52 5.26 1,743.15 25.24 21,741.40 1,001.27

GA 1,288 66 29,711 343 200,883 17,558 1.95 121.31 6.22 2,798.32 32.31 18,920.13 1,653.70

HI 17 0 621 1 33,999 133 0.75 12.01 0.00 438.60 0.71 24,012.76 93.94

IA 207 19 10,111 408 60,569 3,408 11.97 65.61 6.02 3,204.68 129.32 19,197.36 1,080.17

ID 64 0 2,106 45 30,308 501 8.98 35.71 0.00 1,175.18 25.11 16,912.33 279.57

IL 2,838 176 65,962 2,122 346,286 13,139 16.15 223.96 13.89 5,205.41 167.46 27,327.25 1,036.87

IN 1,326 62 21,033 526 115,834 2,537 20.73 196.96 9.21 3,124.23 78.13 17,205.92 376.84

KS 137 1 5,458 213 40,092 1,489 14.30 47.03 0.34 1,873.47 73.11 13,761.65 511.10

KY 261 8 5,245 115 60,047 1,638 7.02 58.42 1.79 1,173.99 25.74 13,440.33 366.63

LA 2,115 51 29,996 323 188,231 7,300 4.42 454.96 10.97 6,452.43 69.48 40,490.29 1,570.30

MA 4,212 122 70,271 1,184 333,349 9,081 13.04 606.09 17.56 10,111.66 170.37 47,967.32 1,306.71

MD 1,390 73 27,117 709 140,103 3,108 22.81 229.92 12.07 4,485.35 117.27 23,174.07 514.09

ME 61 4 1,226 21 20,772 21 100.00 45.38 2.98 912.06 15.62 15,452.92 15.62

MI 4,179 130 44,397 643 222,836 643 100.00 418.45 13.02 4,445.54 64.38 22,312.93 64.38

MN 455 27 7,851 617 88,009 2,068 29.84 80.68 4.79 1,392.11 109.40 15,605.45 366.69

MO 377 19 8,916 162 95,066 3,615 4.48 61.43 3.10 1,452.73 26.40 15,489.55 589.01

MS 342 32 8,207 330 80,308 631 52.30 114.91 10.75 2,757.59 110.88 26,983.86 212.02

MT 16 0 456 0 15,272 184 0.00 14.97 0.00 426.66 0.00 14,289.22 172.16

NE 78 0 6,083 173 34,609 855 20.23 40.32 0.00 3,144.63 89.43 17,891.26 442.00

NC 452 22 12,256 408 151,800 5,361 7.61 43.10 2.10 1,168.56 38.90 14,473.57 511.15

ND 25 0 1,266 41 36,421 1,667 2.46 32.81 0.00 1,661.28 53.80 47,792.70 2,187.49

NH 86 0 2,588 0 26,949 0 n/a 63.25 0.00 1,903.35 0.00 19,819.65 0.00

NJ 8,244 334 130,593 2,324 288,173 10,306 22.55 928.15 37.60 14,702.79 261.65 32,443.91 1,160.30

NM 156 5 4,031 181 81,720 3,743 4.84 74.40 2.38 1,922.43 86.32 38,973.14 1,785.08

NV 268 6 5,594 103 47,884 1,718 6.00 87.01 1.95 1,816.14 33.44 15,545.97 557.76

NY 19,645 230 321,192 2,239 1,028,899 21,589 10.37 1,009.84 11.82 16,510.70 115.09 52,890.01 1,109.77

OH 1,135 79 20,969 495 160,735 5,580 8.87 97.10 6.76 1,793.89 42.35 13,750.84 477.37

OK 247 9 4,127 83 79,417 15,569 0.53 62.42 2.27 1,042.97 20.98 20,070.15 3,934.58

OR 113 4 2,839 80 65,424 1,967 4.07 26.79 0.95 673.11 18.97 15,511.64 466.36

PA 3,012 554 50,957 865 250,882 5,292 16.35 235.28 43.27 3,980.40 67.57 19,597.11 413.37

RI 355 14 9,933 281 76,435 2,299 12.22 335.11 13.22 9,376.41 265.25 72,151.99 2,170.18

SC 283 8 6,757 131 67,771 3,583 3.66 54.97 1.55 1,312.37 25.44 13,162.70 695.90

SD 24 3 2,721 53 19,022 309 17.15 27.13 3.39 3,075.76 59.91 21,502.07 349.29

TN 226 7 13,690 119 218,862 7,419 1.60 33.07 1.02 2,003.46 17.42 32,029.33 1,085.73

TX 906 22 33,369 1,037 427,210 19,812 5.23 31.25 0.76 1,150.82 35.76 14,733.47 683.27

UT 56 6 5,449 132 126,715 2,054 6.43 17.47 1.87 1,699.65 41.17 39,524.85 640.68

VA 713 29 20,256 764 114,177 1,406 54.34 83.53 3.40 2,373.14 89.51 13,376.69 164.72

VT 52 0 907 5 17,518 186 2.69 83.33 0.00 1,453.55 8.01 28,074.21 298.08

WA 841 7 15,462 277 216,320 4,315 6.42 110.44 0.92 2,030.49 36.38 28,407.49 566.65

WI 353 13 8,566 330 92,769 3,840 8.59 60.63 2.23 1,471.21 56.68 15,933.03 659.52

WV 50 0 1,238 32 54,823 1,584 2.02 27.98 0.00 692.72 17.91 30,676.27 886.33

WY 7 0 596 10 10,915 461 2.17 12.09 0.00 1,029.79 17.28 18,859.32 796.53

USA 64,933 2,520 1,188,130 21,251 7,504,952 231,791 9.17 198.21 7.69 3,626.83 64.87 22,909.25 707.55

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COVID-19 Outbreak Statistics By State: Level, Growth, and Per Capita (As-Of 5/5/2020)Positive

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9

US Markets: Mortgage purchase applications rose 5.8% this week and have now recovered about 40%

of their decline off mid-March levels with increases in each of the last three weeks as the housing mar-

ket starts to bounce back. ADP jobs data today showed job losses of 20.236 million which was actually

a bit better than expected, but that’s little consolation when we are talking about a reading north of 20

million. To stay on top of all the latest reports, make sure to check out our Interactive Earnings Calen-

dar. You can also follow US and Global data with our Economic Scorecard.

Morning Commentary

Asset Level Change 5d Chg 3m Chart Asset Level Change 5d Chg 3m Chart

S&P 500 2877.25 66.5 -274.6 Gold 1707.60 -17.5 -125.5

Russell 1276.90 69.4 -667.3 Silver 15.28 109.2 -164.2

VIX Fut 33.26 -224.8 475.6 WTI 24.61 20.4 6032.6

TSX 897.90 63.9 -225.3 Copper 235.80 109.3 -88.3

2 Year 19.02 0.2 -1.1 Nikkei 19619.35 0.0 -76.8

5 Year 38.45 1.0 1.7 CSI 300 3936.25 60.5 179.0

10 Year 67.92 1.7 5.2 ASX 200 5384.61 -41.5 -16.4

30 Year 135.06 1.9 10.1 STOXX 600 336.23 21.8 -312.0

2s10s 48.70 1.5 6.3 BBG USD 1252.53 22.6 65.4

5s30s 96.57 1.0 8.4 EURUSD 1.0813 -24.9 -55.2

5 Yr BE 72.72 0.5 71.9 USDJPY 106.10 -44.1 -54.4

10 Yr BE 110.21 0.8 109.1 EM FX 52.80 -25.9 -127.7

Jun '20 99.65 1.0 -1.5 CDX IG 89.56 -0.6 2.7

Sep '20 99.70 0.5 -0.5 iTraxx IG 83.92 -0.6 5.8

Dec '20 99.68 0.5 -0.5 CDX HY 651.09 -0.6 23.5

Mar '21 99.74 0.5 0.0 iTraxx HY 507.72 -0.2 31.0

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https://www.bespokepremium.com/interactive-earnings-calendar/

https://www.bespokepremium.com/interactive-earnings-calendar/

https://www.bespokepremium.com/interactive/economic-monitors/eco-global

8:15 adp employment (mln) -20.5 4/23 30.0 27.0 …...bonds outperforming stocks stocks outperforming...

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