10:00 EIA Natural Gas Stockpiles (+78) Last Report...Earnings Reports Economic Indicators & Events...

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

8:30 Non Farm Payrolls 3090K 6/5 10009 2.62

8:30 Private Payrolls 3000K 6/5 9844 2.62

8:30 Unemployment Rate 12.5 6/5 -5.7 2.62

8:30 Avg Weekly Hours 34.5 6/5 0.4 2.62

8:30 Avg Hourly Earnings -0.8 6/5 -2.0 2.62

8:30 Initial Claims 1350K 6/25 160 1.10

8:30 Continuing Claims 19000K 6/25 -478 1.10

8:30 Trade Balance -$53.1 bln 6/4 0.0 -0.34

Last Report

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

8:15 ADP Employment 2800K 6/3 -9000 -2760 6240 1.36 Indu HC

9:45 Markit Manufact PMI 49.6 6/23 50.0 49.6 -0.4 0.92 Finl Indu

10:00 ISM Manufacturing 49.5 6/1 43.8 43.1 -0.7 0.38 Ener HC

10:00 Construction Spending 1.0 6/1 -7.0 -2.9 4.1 0.38 Ener HC

All Day Total Vehicle Sales 13.0 mln 6/2 11.1 12.2 1.1 0.82 Ener C St.

10:00 Fed's Evans Speaks in Chicago

10:30 Energy Inventories

14:00 FOMC Minutes

Last Report

Upgrades

Ticker Firm From To

AGR Wells Fargo Mkt Wgt Overwgt

CAT Deutsche Hold Buy

CCOI SunTrust Hold Buy

CRL BoA Neutral Buy

FDX JP Morgan Neutral Overwgt

SAIL Goldman Sell Buy

Downgrades

Ticker Firm From To

AGCO Deutsche Buy Hold

BLMN G Haskett Buy Hold

CAE BoA Buy Neutral

DRI G Haskett Buy Hold

GSX Goldman Buy Neutral

SJI JP Morgan Neutral Underwgt

Initiations/Reiterations

Ticker Firm Action Rating

COUP KeyBanc Initiated Overwgt

DE Deutsche Resumed Buy

DKNG Stephens Initiated Overwgt

KIM Goldman Resumed Buy

MAC Goldman Resumed Sell

SPG Goldman Resumed Buy

- Futures Lower to Kick off Q3.i -0.8 %

h 2.0

i -1.6

i -1.3

Oil 39.94 h $0.7

Gold 1793.2 i -$7.2

$/Euro 0.892 h 0.00

$/Yen 107.46 i -0.5

10-Yr 0.68 h 0.02

Japan

China

Germany

UK

Trading Up ($):

FDX (15.73), BYND (13.52), AKRO (11.32), STZ (5.05), UPS (4.37), YRCW (2.55)

Trading Down ($):

AMZN (-8.28), TSLA (-8.21), GOOGL (-5.05), BA (-4.46), UNH (-3.28), XLRN (-2.77)-2.00

-1.50

-1.00

-0.50

0.00

0.50

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

BespokePremium.com

For Personal Use Only—Do Not Forward1

Ticker News

CPRI Missed EPS forecasts by 5 cents (0.11 vs 0.16) on stronger revenues.

FB Reuters reports that 400 advertisers have joined temporary boycott of Facebook ads.

FDX Beat EPS forecasts by 1.00 (2.53 vs 1.53) on stronger revenues.

GIS Beat EPS forecasts by 22 cents (1.10 vs 0.88) on inline revenues.

M Beat EPS by 47 cents (-2.03 vs -2.50) on weaker sales; May and June ahead of expectations.

MSI Reaffirmed Q2 guidance after announcing retirement of CFO.

SCS Missed EPS forecasts by 4 cents (-0.18 vs -0.14) on weaker revenues; raised dividend.

SNN Said Q2 revenues are on pace to decline by 29% which is inline with prior guidance.

SRE Sees upside to full year guidance; announces exit from South American operations.

UAL Announces tripling of schedule in August vs June; still down 60% from last year.

WHR Announces plan to reduce total workforce size in US as part of cost-cutting plan.

UNF Missed EPS forecasts by 30 cents (1.12 vs 1.42) on stronger revenues.

Bearish Bullish

Category One Week Two Weeks One Month

Sentiment 0.08 0.15 0.49

Technicals 0.14 0.30 0.42

Fundamental 0.14 0.29 0.45

Overall 0.11 0.25 0.46

Average (all days) 0.13 0.27 0.54

Expected S&P 500 Return (%)

Neutral

Ticker Date TOD EPS Revs.

FLR 7/2/20 AM 0.25 4012

GBX 7/2/20 AM 0.14 606

KFY 7/2/20 AM 0.39 436.4

1/0/1900 1/0/00 0 0.00 0.0

1/0/1900 1/0/00 0 0.00 0.0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

1/0/1900 1/0/00 0 0.00 0

Estimate

Conferences & Meetings

Dividends & SplitsJPM 0.90 BMY 0.45

EIX 0.64 CSCO 0.36

MKC 0.62 CUZ 0.30

10:00 EIA Natural Gas Stockpiles (+78)

13:00 Baker Hughes Rig Count (260)

SITC Will replace MINI in the S&P 600 effective 7/1.

Index Changes

https://www.bespokepremium.com/

Ticker Price

LHX 169.67 -1.73 1.15 61.4

Standard Deviations

Below 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive

Ticker Price

CAG 35.17 2.25 -0.07 53.7

CL 73.26 1.13 -0.04 52.3

Standard Deviations

Above 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive

Commodity Current 1 Wk Ago

$/Euro N OS

$/Yen N OS

2-Year OB OB

10-Year N N

Gold OB OB

Silver OB OB

Copper OB OB

Crude Oil OB OB

Heating Oil OB OB

Gasoline OB OB

Natural Gas N OS

OS N OB

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

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

Bonds Outperforming Stocks

Stocks Outperforming Bonds

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

AAOI 15.5 17 -1.0 35.3 -3.2 29.4

SPPI 9.7 58 0.3 48.3 1.3 51.7

ANIK 8.5 19 -1.0 57.9 -1.5 42.1

LMNX 8.0 15 0.5 46.7 -1.1 46.7

DNR -18.4 20 0.6 50.0 -0.3 50.0

MLHR -10.3 8 -1.6 62.5 -0.3 37.5

GNW -9.8 38 2.3 65.8 2.2 63.2

TGI -9.5 68 -0.2 47.1 -1.5 38.2

Average Return (%)

Next Day Next Week

Index/Sector Current 1 Wk Ago

S&P 500 N OB

Cons Discret. OB OB

Cons Staples N N

Energy N N

Financials N N

Health Care N N

Industrials N N

Materials N N

Technology OB OB

Comm. Svcs N OB

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


Extreme Overbought

Overbought

Oversold

Extreme Oversold

7.0

19.8

0

10

20

30

40

50

60

70

80

90

100


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

OS

Indicator Change50-Day Moving Avg Spread i 3.7 % 5.6 %10-Day A/D Line i -205 -158# of Overbought Stocks i 99 150# of Oversold Stocks h 35 24

P/E Ratio Trailing i 21.81 22.02 Forward i 24.54 25.09

Dividend Yield h 1.95 % 1.93 %

Net Earnings Revisions -30.3 % -30.3 %

Credit Spreads (bps)High Yield h 652 602Corporate Bonds h 162 156

Current One Week Ago


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For an explanation of the first two pages of this report, please click here.


https://www.bespokepremium.com/wp-content/uploads/2019/07/Morning-Lineup-Explained.pdf

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

1/3 1/31 2/28 3/27 4/27 5/25 6/22

1180

1190

1200

1210

1220

1230

1240

1250

1260

1270

1280

1290

1300

1310

1/3 1/31 2/28 3/27 4/27 5/25 6/22

50-DMA: 1233

200-DMA: 1218

1190

1195

1200

1205

1210

1215

1220

1225

1230

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

1220

Gold Future: Last Six Months

Gold Front Month Future: Last 15 Trading Days

1350

1400

1450

1500

1550

1600

1650

1700

1750

1800

1850

12/30 1/29 2/27 3/26 4/24 5/22 6/22

1350

1400

1450

1500

1550

1600

1650

1700

1750

1800

1850

12/30 1/29 2/27 3/26 4/24 5/22 6/22

1695

1715

1735

1755

1775

1795

1815

1835

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

200-DMA: 1600

50-DMA: 1742

1808

S&P 500: Last Six Months

S&P 500: Last 15 Trading Days

2100

2300

2500

2700

2900

3100

3300

3500

12/30 1/29 2/27 3/26 4/24 5/22 6/22

2100

2300

2500

2700

2900

3100

3300

3500

12/30 1/29 2/27 3/26 4/24 5/22 6/22

2950

3000

3050

3100

3150

3200

3250

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

200-DMA: 3022

50-DMA: 2989 3100

Russell 2000: Last Six Months

Russell 2000: Last 15 Trading Days

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

12/30 1/29 2/27 3/26 4/24 5/22 6/22

200-DMA: 1474

1330

1350

1370

1390

1410

1430

1450

1470

1490

1510

1530

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

50-DMA: 1359

1441

Nasdaq Composite: Last Six Months

Nasdaq Composite: Last 15 Trading Days

6500

7000

7500

8000

8500

9000

9500

10000

10500

12/30 1/29 2/27 3/26 4/24 5/22 6/22

6500

7000

7500

8000

8500

9000

9500

10000

10500

12/30 1/29 2/27 3/26 4/24 5/22 6/22

50-DMA: 9352

200-DMA: 8730

9300

9400

9500

9600

9700

9800

9900

10000

10100

10200

10300

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

10059

Oil Future: Last Six Months

Oil Future: Last 15 Trading Days

12/30 1/29 2/27 3/26 4/24 5/22 6/22

-40

-20

0

20

40

60

80

12/30 1/29 2/27 3/26 4/24 5/22 6/22

200-DMA: 45

34

35

36

37

38

39

40

41

42

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

50-DMA: 31

39.82


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DJ Transports: Last Six Months

DJ Transports: Last 15 Trading Days

6000

7000

8000

9000

10000

11000

12000

12/30 1/29 2/27 3/26 4/24 5/22 6/22

6000

7000

8000

9000

10000

11000

12000

12/30 1/29 2/27 3/26 4/24 5/22 6/22

200-DMA: 9717

8600

8800

9000

9200

9400

9600

9800

10000

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

50-DMA: 8702

9173

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

1/3 2/3 3/3 3/31 4/29 5/28 6/25

150

154

158

162

166

170

174

178

182

186

190

1/3 2/3 3/3 3/31 4/29 5/28 6/25

200-DMA: 166

174

175

176

177

178

179

180

6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30

50-DMA: 178

178


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: Happy Canada Day to our friends up North, who have the day off today. Futures are near

session lows after rallying 20 points from 2:00 AM to 6:00 AM, while Treasuries are deep in the red as

the US yield curve bear-steepens along with lower gold prices, an intraday test and rejection of $40 by

WTI, and a modest move higher in the dollar. Global Economic Scorecard

APAC Markets: Hong Kong was closed last night,

and the rest of the region was all over the place as

Japanese equities fell the whole session and went

out at the lows, while Chinese onshore stocks did

the exact opposite. The broad TOPIX fell 1.3%

while the CSI 300 was up 2%, compared with an 8

bps drop for the KOSPI, 0.6% gain for the ASX 200

in Australia, and a 1.2% gain in India. The rally in

China was overshadowed by comments from a Chi-

nese official that described “the law is a ‘sword of

Damocles’ hanging above extremely few criminals

who are severely endangering national security.”

That’s a pretty oblique threat towards pro-democracy and pro-independence protestors given the fact

that the law wasn’t publicly disclosed until after it actually took effect.

We also note Japanese data on corporate lending for May released last night; as shown, Japanese cor-

porates are conducting the same scramble for liquidity that other corporations are, as the sector draws

down loans to insure adequate cash is available. We also note Tankan survey results form the BoJ, dis-

cussed in greater detail in our Global Economic Scorecard.

Europe Markets: In addition to PMIs (see next page) we also got the most timely labor market data in

Europe this morning via German unemployment

claims. They have receded rapidly towards more

normal territory in June, contrasting with the rapid

slowing of progress in US claims data. As far as

markets go, the STOXX 600 opened slightly higher

then started plunging and hasn’t really stopped

this morning. The index down 1% on 5:1 negative

breadth and every sector is lower, led by a 2.5%

drop in Autos and 1.7% drop in Banks. Security

contractor Loomis, French hotelier Accor, and UK

engine maker Rolls Royce are among the biggest

losers. Credit markets are holding up much better

than stocks, with benchmark CDS indices flat on

the session. We also note a very sharp bear-steepening in EUR yields thanks to US rate moves, despite

the weak equity price action and with falling spreads for marginal issuers in the process. EURCHF has

broken its 50-DMA to the downside on the latest equity market drop.

Japan Corporate Liquidity Surges

-4

-2

0

2

4

6

8

Japan CorporateLoans 2m %Change (SA ByBespoke)

German Unemployment Shock Abating

-200

-100

0

100

200

300

400

Germany UnemploymentClaims MoM ('000s)

https://www.bespokepremium.com

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








5

Global Manufacturing PMIs: June activity gauges for the glob-

al manufacturing sector were released by Markit overnight

and the results were mixed. 8 of the 27 manufacturing PMIs

released so far returned to expansion territory, with some

huge improvements month-over-month. Turkey, France, Ire-

land, Russia, Spain, and India all reported sequential double-

digit point advances in their readings, while no country report-

ed declines in PMIs from May to June. There is plenty of bad

news, though. Despite lifting of lockdowns and even near-

normalcy in some countries, most national manufacturing

gauges are still reading below 50 which implies sequential lev-

el declines. If levels of activity were returning to where they

were before, PMI readings would be in the high 50s or low

60s, at the least. Instead, the more middling readings imply

either no return to the prior level of activity or a lack of relia-

bility in PMI surveys. As regular readers know, we suspect

both are the case to varying degrees.

Looking at major economy PMIs, Eurozone new orders were

led lower in June by a twenty-first consecutive decline in new

orders from abroad, Chinese new orders for exports declined,

and South Korea reported new drops in order volumes. In gen-

eral, the recent declines in economic activity around the world

appear to be continuing in the form of weaker trade volumes.

Morning Commentary

Bounces In Global Manufacturing PMIs, But Not Dramatic Ones

20

30

40

50

60

70

Austria - Manufacturing - 46.5 vs 31.6 priorJapan - Manufacturing - 40.1 vs 41.9 priorAustralia - Manufacturing - 51.2 vs 44.1 priorCanada - Manufacturing - PendingUS - Manufacturing - 49.6 vs 36.1 priorMalaysia - Manufacturing - 51 vs 31.3 priorIndonesia - Manufacturing - 39.1 vs 27.5 priorPhilippines - Manufacturing - 49.7 vs 31.6 priorThailand - Manufacturing - 43.5 vs 36.8 priorSouth Korea - Manufacturing - 43.4 vs 41.6 priorTaiwan - Manufacturing - 46.2 vs 42.2 priorMyanmar - Manufacturing - 48.7 vs 29 priorChina - Manufacturing - 51.2 vs 49.4 priorIndia - Manufacturing - 47.2 vs 27.4 priorRussia - Manufacturing - 49.4 vs 31.3 priorPoland - Manufacturing - 47.2 vs 31.9 priorTurkey - Manufacturing - 53.9 vs 33.4 priorSpain - Manufacturing - 49 vs 30.8 priorCzech - Manufacturing - 44.9 vs 35.1 priorItaly - Manufacturing - 47.5 vs 31.1 priorFrance - Manufacturing - 52.3 vs 31.5 priorGermany - Manufacturing - 45.2 vs 34.5 priorEurozone - Manufacturing - 47.4 vs 33.4 priorGreece - Manufacturing - 49.4 vs 29.5 priorMexico - Manufacturing - PendingVietnam - Manufacturing - 51.1 vs 32.7 priorColombia - Manufacturing - Pending

Country Category June Prior Change

Turkey EM 53.9 40.9 13.0

France DM 52.3 40.6 11.7

Australia DM 51.2 44.0 7.2

China EM 51.2 50.7 0.5

Vietnam EM 51.1 42.7 8.4

Malaysia EM 51.0 45.6 5.4

Ireland DM 51.0 39.2 11.8

UK DM 50.1 40.7 9.4

Philippines EM 49.7 40.1 9.6

US* DM 49.6 39.8 9.8

Russia EM 49.4 36.2 13.2

Greece DM 49.4 41.1 8.3

Spain DM 49.0 38.3 10.7

Myanmar EM 48.7 38.9 9.8

Italy DM 47.5 45.4 2.1

Eurozone DM 47.4 39.4 8.0

India EM 47.2 30.8 16.4

Poland EM 47.2 40.6 6.6

Austria DM 46.5 40.4 6.1

Taiwan EM 46.2 41.9 4.3

Netherlands DM 45.2 40.5 4.7

Germany DM 45.2 36.6 8.6

Czech EM 44.9 39.6 5.3

Thailand EM 43.5 41.6 1.9

South Korea EM 43.4 41.3 2.1

Japan DM 40.1 38.4 1.7

Indonesia EM 39.1 28.6 10.5

*Note: Flash

Markit June Man'f PMIs








6

Coronavirus: Cases, hospitalizations, and positive test

rates continue to trend higher. Cases are rising in eve-

ry state except for NE, MD, NH, RI, MA, NJ, and NY.

Cases are either at a peak or within 5% of peak in 22

different states. Positive rates are north of 10% over

the past week in 9 different states, and are rising in 39

of 50 states.

The good news is that hospital surge capacity looks to

be okay in some of the worst-hit states. Texas is one

example: while the state has been adding 349 hospital

patients per day over the past week, Texas HHS data

has over 13,000 available hospital beds including 1,405

available ICU beds. It also helps that death rates from

this new acceleration in case counts remain very low;

total death counts continue to fall.

Morning Commentary

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

Global Cases & Deaths

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

US Test Count Versus Positive Test Rate

Note: for 6/25 NJ

reported ~1800

back-dated deaths,

making the 6/25

death count appear

artificially high.

0

2

4

6

8

10

12

14

16

Day/Day Cases (%)

Day/Day Deaths (%)

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

US Case Count Day/Day

Ex NY/NJ

0

500

1000

1500

2000

2500

3000

US Deaths Day/Day

Ex NY/NJ

649,076

6.83

3

8

13

18

23

28

0

100000

200000

300000

400000

500000

600000

700000 Day/Day Tests

% Positive In Each Day's Reported Tests

Breadth of COVID-19 Improvement Stats Across States

Note: both metrics are based on the change in the 7 day moving average, for the date in

question and versus the day one week before.

-6000

-4000

-2000

0

2000

4000

6000

8000

10000

12000

14000

5

10

15

20

25

30

35

40

45

50 Number of States w/ Rising Cases (Left)

Number of States w/ Rising Positive Rate (Left)

Change In Cases (National, Right)

Change In Cases (Ex NY/NJ, Right)

Daily New Reported COVID Hospitalizations

-1500

-500

500

1500

2500

3500

4500

5500

6500

Day/Day Change InHospital Admissions(Ex NY/NJ)

7 Day Avg








7

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

AK 0 0 21 6 2,627 237 0.80 0.46 0.46 28.71 8.79 3,591.03 323.58

AL 12 1 993 395 7,516 571 13.21 2.51 0.20 202.43 80.50 1,532.94 116.54

AR 5 -3 586 87 6,673 -1,745 8.78 1.56 -1.04 194.04 28.97 2,211.20 -578.23

AZ 35 12 3,005 279 13,120 808 22.91 4.87 1.63 412.87 38.35 1,802.48 110.97

CA 57 -8 5,692 1,476 95,744 15,862 5.95 1.45 -0.21 144.06 37.35 2,423.16 401.45

CO 4 -2 258 57 5,140 180 5.02 0.77 -0.37 44.80 9.92 892.58 31.28

CT 6 -3 88 9 9,149 3,074 0.96 1.80 -0.88 24.64 2.60 2,566.17 862.28

DE 1 0 90 26 1,906 269 4.70 0.73 0.00 91.98 26.85 1,957.79 276.25

FL 39 3 6,990 3,648 43,532 17,715 16.06 1.80 0.15 325.46 169.86 2,026.83 824.80

GA 17 -6 1,945 716 14,660 905 13.27 1.57 -0.57 183.16 67.45 1,380.71 85.22

HI 0 0 12 1 1,200 156 1.00 0.10 0.10 8.48 0.40 847.84 110.08

IA 4 1 376 63 5,641 774 6.67 1.22 0.36 119.26 19.92 1,787.83 245.41

ID 0 0 214 101 1,877 375 11.40 0.16 0.08 119.42 56.28 1,047.40 209.02

IL 30 -17 773 155 29,073 4,600 2.66 2.40 -1.34 61.02 12.27 2,294.27 363.01

IN 10 -7 389 91 8,260 -687 4.71 1.51 -1.08 57.78 13.54 1,226.94 -102.09

KS 2 0 283 133 3,102 523 9.11 0.54 -0.15 96.99 45.70 1,064.67 179.52

KY 4 0 212 24 5,663 626 3.74 0.90 0.10 47.42 5.47 1,267.52 140.02

LA 12 -1 929 356 13,225 -1,521 7.02 2.67 -0.15 199.74 76.58 2,844.73 -327.27

MA 23 -9 206 -16 8,643 -499 2.39 3.37 -1.25 29.66 -2.28 1,243.64 -71.87

MD 14 -2 365 -7 7,474 -284 4.88 2.32 -0.28 60.30 -1.09 1,236.30 -47.02

ME 0 0 37 12 1,892 553 1.96 0.32 0.21 27.53 8.93 1,407.62 411.61

MI 12 1 362 86 16,627 3,322 2.17 1.20 0.13 36.20 8.63 1,664.89 332.65

MN 7 -4 405 35 12,182 -804 3.32 1.29 -0.76 71.79 6.26 2,159.99 -142.59

MO 8 -4 487 240 7,948 3,293 6.13 1.26 -0.58 79.33 39.08 1,294.94 536.52

MS 12 1 621 229 6,547 3,871 9.49 4.03 0.48 208.75 76.95 2,199.92 1,300.82

MT 0 0 32 14 2,420 942 1.32 0.13 -0.13 29.94 12.70 2,264.00 881.11

NE 3 -1 155 -3 2,788 55 5.56 1.48 -0.66 80.13 -1.55 1,441.19 28.51

NC 13 -1 1,460 231 19,458 1,971 7.50 1.25 -0.07 139.16 22.02 1,855.23 187.94

ND 1 0 37 9 1,224 -48 2.99 0.75 -0.56 47.99 11.25 1,606.36 -62.42

NH 4 1 29 -2 1,346 -83 2.14 2.94 0.95 21.22 -1.16 989.92 -61.04

NJ 298 266 276 -54 19,846 -1,821 1.39 33.55 29.98 31.09 -6.03 2,234.37 -205.00

NM 3 -1 184 63 5,663 1,356 3.25 1.64 -0.34 87.75 29.91 2,700.95 646.49

NV 2 1 637 303 4,149 427 15.35 0.70 0.37 206.81 98.33 1,346.96 138.68

NY 13 -10 624 -20 59,161 -4,986 1.05 0.65 -0.51 32.08 -1.04 3,041.16 -256.29

OH 18 -1 809 221 16,785 2,170 4.82 1.56 -0.12 69.20 18.88 1,435.92 185.62

OK 2 1 390 49 6,649 1,898 5.86 0.58 0.29 98.52 12.49 1,680.22 479.73

OR 2 1 197 29 3,846 -607 5.13 0.51 0.17 46.81 6.98 911.86 -144.02

PA 26 0 559 100 12,155 1,296 4.60 2.06 -0.03 43.63 7.78 949.45 101.25

RI 6 0 40 -13 2,874 225 1.39 5.93 0.40 37.76 -12.00 2,713.09 212.26

SC 9 0 1,398 452 10,189 4,250 13.72 1.83 0.00 271.52 87.76 1,978.89 825.42

SD 1 0 59 3 872 -97 6.74 1.29 0.32 66.37 3.88 985.37 -110.13

TN 9 2 1,029 390 12,530 3,040 8.22 1.30 0.27 150.65 57.14 1,833.66 444.87

TX 29 2 5,659 1,779 38,856 3,306 14.57 1.01 0.06 195.18 61.35 1,340.05 114.03

UT 1 -1 560 79 5,497 1,700 10.18 0.40 -0.40 174.54 24.69 1,714.53 530.31

VA 17 6 542 19 10,960 -893 4.94 1.97 0.72 63.48 2.18 1,284.06 -104.64

VT 0 0 6 1 919 0 0.68 0.00 -0.23 10.07 2.29 1,473.47 -0.46

WA 6 -2 483 283 10,145 5,606 4.76 0.83 -0.21 63.47 37.20 1,332.28 736.17

WI 5 -2 498 165 9,270 -175 5.37 0.83 -0.32 85.56 28.36 1,592.07 -30.13

WV 0 0 46 12 2,491 26 1.85 0.08 -0.24 25.82 6.55 1,393.76 14.31

WY 0 0 33 10 705 211 4.72 0.00 -0.49 57.51 16.78 1,217.63 363.83

USA 787 215 41,079 44,358 590,216 649,076 6.83 2.40 0.66 125.39 135.41 1,801.67 1,981.34

Week

Change

Raw Count (7 Day Average) Per 1mm Population

COVID-19 Outbreak Statistics By State: Level, Growth, and Per Capita (As-Of 6/30/2020)7 Day +ve

Test Rate

(%)

Week

Change

Week

Change

Week

Change

Week

Change

Week

Change

Cases

Day/Day

Tests

Day/Day

Deaths

Day/Day

Deaths

Day/Day

Cases

Day/Day

Tests

Day/Day








8

Morning Commentary

State Trend Cases State Trend Cases

OK Rising 0 100 390 MS Rising 2 83 621

UT Rising 0 100 560 KY Rising 24 81 212

CA Rising 0 100 5692 ME Rising 37 70 37

NC Rising 0 100 1460 IA Rising 54 67 376

TX Rising 0 100 5659 LA Rising 84 59 929

WY Rising 0 100 33 MN Rising 37 56 405

GA Rising 0 100 1945 IN Rising 60 55 389

NM Rising 0 100 184 VA Rising 30 45 542

SC Rising 0 100 1398 ND Rising 40 44 37

AK Rising 0 100 21 SD Rising 48 43 59

ID Rising 0 100 214 CO Rising 62 42 258

AL Rising 0 100 993 HI Rising 83 42 12

MO Rising 0 100 487 DE Rising 63 38 90

TN Rising 0 100 1029 NE Falling 55 35 155

FL Rising 0 100 6990 PA Rising 80 34 559

NV Rising 0 100 637 MD Falling 54 33 365

WA Rising 0 100 483 IL Rising 57 30 773

MT Rising 0 100 32 MI Rising 90 28 362

WI Rising 31 99 498 NH Falling 57 28 29

AR Rising 1 98 586 VT Rising 82 15 6

AZ Rising 2 98 3005 RI Falling 65 10 40

KS Rising 53 96 283 MA Falling 67 9 206

WV Rising 35 94 46 CT Rising 66 8 88

OR Rising 9 89 197 NJ Falling 84 8 276

OH Rising 70 88 809 NY Falling 81 6 624

State Trend State Trend

OK Falling No -1.3 5.9 MS Falling No -5.2 9.5

UT Falling No -2.5 10.2 KY Rising No 0.0 3.7

CA Rising No 0.7 5.9 ME Rising No 0.1 2.0

NC Rising No 0.5 7.5 IA Rising No 0.2 6.7

TX Rising No 3.6 14.6 LA Rising No 3.1 7.0

WY Falling No 0.0 4.7 MN Rising No 0.5 3.3

GA Rising No 4.3 13.3 IN Rising No 1.4 4.7

NM Rising No 0.4 3.2 VA Rising No 0.5 4.9

SC Falling No -2.2 13.7 ND Rising No 0.8 3.0

AK Rising No 0.2 0.8 SD Rising No 1.0 6.7

ID Rising No 3.9 11.4 CO Rising No 1.0 5.0

AL Rising No 4.6 13.2 HI Falling No -0.1 1.0

MO Rising No 0.8 6.1 DE Rising No 0.8 4.7

TN Rising No 1.5 8.2 NE Falling No -0.2 5.6

FL Rising No 3.1 16.1 PA Rising No 0.4 4.6

NV Rising No 6.4 15.4 MD Rising No 0.1 4.9

WA Rising No 0.4 4.8 IL Rising No 0.1 2.7

MT Rising No 0.1 1.3 MI Rising No 0.1 2.2

WI Rising No 1.8 5.4 NH Rising No 0.0 2.1

AR Rising No 2.9 8.8 VT Rising No 0.2 0.7

AZ Rising No 0.8 22.9 RI Falling Yes -0.6 1.4

KS Rising No 3.3 9.1 MA Falling No 0.0 2.4

WV Rising No 0.5 1.9 CT Falling Yes -0.3 1.0

OR Rising No 1.4 5.1 NJ Falling No -0.1 1.4

OH Rising No 0.8 4.8 NY Rising No 0.1 1.1

State Trend Net State Trend Net

OK Falling 80 7 7 MS Falling 64 -2 16

UT Rising 53 5 5 KY Rising 73 5 5

CA Rising 80 200 200 ME Rising 75 1 1

NC Falling 81 -1 -1 IA Falling 66 -7 -4

TX Rising 0 349 349 LA Rising 90 18 19

WY Falling 75 0 0 MN Rising 53 -5 -10

GA Rising 43 58 58 IN Falling 61 -18 -6

NM Rising 65 -3 -3 VA Rising 74 -6 8

SC Falling 37 28 28 ND Falling 84 -1 0

AK Rising 71 0 0 SD Falling 68 -2 -3

ID Falling 0 0 0 CO Falling 85 -3 3

AL Rising 19 14 14 HI Falling 0 0 0

MO Falling 82 1 1 DE Rising 80 0 -4

TN Rising 12 12 12 NE Falling 24 -2 -2

FL Falling 47 0 0 PA Rising 76 -12 -15

NV Rising 49 29 29 MD Falling 62 -23 -16

WA Rising 83 11 11 IL Rising 82 -24 -13

MT Falling 81 0 0 MI Rising 76 33 -12

WI Rising 80 0 0 NH Falling 71 -3 -3

AR Rising 1 6 6 VT Rising 78 1 0

AZ Rising 5 94 94 RI Falling 71 -5 -4

KS Falling 0 0 0 MA Falling 79 -26 -31

WV Rising 78 1 1 CT Rising 85 -7 -6

OR Falling 78 -5 -5 NJ Rising 80 -13 -14

OH Rising 57 22 22 NY Rising 85 -39 -30

COVID-19 Net Hospitalizations By State: 7 Day Moving Average As-Of 6/30/20Days Since

Peak

% of

Peak

Days Since

Peak

% of

PeakNew Hospitalizations Per Day: Distribution & TrajectoryNew Hospitalizations Per Day: Distribution & Trajectory

COVID-19 Case Count By State: 7 Day Moving Average As-Of 6/30/20

New Cases Per Day: Distribution & Trajectory New Cases Per Day: Distribution & Trajectory

% of

Peak

Days Since

Peak

Days Since

Peak

% of

Peak

COVID-19 Positive Test Rate By State: 7 Day Moving Average As-Of 6/30/20

At Low?

WoW

Change At Low?

WoW

ChangePositive Test Rate: Distribution & Trajectory Positive Test Rate: Distribution & Trajectory

Positive

Rate

Positive

Rate








9

US Markets: ADP data missed expectations in June (2.369 mln vs 2.9 mln) and June auto sales num-

bers, FOMC Minutes, ISM manufacturing PMI, Markit manufacturing PMI, and construction spending

are all on the schedule. Mortgage applications also fell for a second week running. To stay on top of all

the latest reports, make sure to check out our Interactive Earnings Calendar. You can also follow US

and Global data with our Economic Scorecard.

Morning Commentary

Change Change

Asset Level Since Fri. 5d Chg 3m Chart Asset Level Since Fri. 5d Chg 3m Chart

S&P 500 3069.50 -67.1 63.9 Gold 1794.80 -31.7 128.7

Russell 1419.70 -124.5 167.6 Silver 18.55 -49.4 471.5

VIX Fut 31.67 257.5 -574.4 WTI 39.86 150.2 470.2

TSX 928.50 0.0 145.3 Copper 271.75 -40.3 247.0

2 Year 14.85 0.0 14.7 Nikkei 22121.73 -74.7 -183.1

5 Year 29.10 0.3 28.8 CSI 300 4247.78 201.3 262.8

10 Year 67.25 1.6 66.6 ASX 200 5934.40 61.9 -52.5

30 Year 143.45 2.4 142.0 STOXX 600 357.31 -84.1 3.9

2s10s 52.20 1.8 3.3 BBG USD 1220.83 8.6 28.8

5s30s 114.19 2.1 3.0 EURUSD 1.1207 -24.0 -39.1

5 Yr BE 117.64 0.6 116.5 USDJPY 107.39 -50.0 32.7

10 Yr BE 134.34 0.5 133.0 EM FX 54.29 0.7 -54.8

Jul '20 99.73 0.3 0.03 CDX IG 75.98 0.1 -2.5

Sep '20 99.74 0.5 0.03 iTraxx IG 66.52 -0.7 -2.1

Dec '20 99.71 0.0 0.04 CDX HY 519.33 0.6 2.8

Mar '21 99.80 0.0 0.03 iTraxx HY 382.12 -0.5 -11.0

Euro

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10:00 EIA Natural Gas Stockpiles (+78) Last Report...Earnings Reports Economic Indicators & Events...

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