DAILY MARKET UPDATE

May 13, 2022

Equity futures opened higher Friday following a late-session rally yesterday. Improving risk-on sentiment carried into international stock markets overnight following commentary from Fed Chairman Powell and a modestly constructive assessment from Shanghai officials regarding the zero Covid policies there. Smaller cap, long duration tech shares, some of the most beaten down in this drawdown from the highs, have led the reversal which has sent the S&P back to the 4,000 level. Treasury yields rose along with crude oil prices while the Greenback continued to hold at the best levels in decades. Twitter shares slumped after the latest Musk tweet threw his bid for the company into some doubt.

Markets:

* Nikkei +2.64%

* Shanghai Composite +0.96%

* Hang Seng +2.68%

* DAX +2.10%

* FTSE +2.55%

* CAC +2.52%

* DJIA +1.47%

* S&P 500 +2.39%

* Nasdaq +3.82%

* Russell 2000 +3.06%

BSD Global Tech Hedge Fund +2.16%