Risk trades leg lower in a big way

Commodity currencies and stocks were caught in a quick downdraft after at least four headlines hit at virtually the same time:

  • Florida virus cases spike (as we warned)
  • Beijing moved to phase-2 containment on the latest virus outbreak, closing schools
  • Texas virus hospitalizations rose 8.3% to hit a record
  • Powell indicated that corporate bond buying probably won't be aggressive and is more of a contingency

The S&P 500 is up just 0.45% after rising nearly 3% at the open.

Trump rant about Powell incoming...