(This is our Weekly Commentary from May 3. All data is from that date. We send out our Weekly Commentaries every Sunday evening).
Macro Picture
Equities ended the week mixed although the last two days were fairly weak, ending on a dour note. There's clearly a tug of war going on as investors weigh positive news on the virus (especially surrounding remdesivir) against very poor economic news. Friday's weak market is being attributed to a possible restart to US-China trade friction.
Obviously, the lock-downs that are now two months old have taken a heavy toll