Morning Note | May 19, 2022

Good Morning!

Markets are lower again this morning as the S&P 500 looks to be officially entering a bear market (a close of -20% from its record high).  The global risk-off tone has most markets around the global falling about 1.5%.   Given the magnitude of todays’ (likely) sell-off, macro data does not matter but keep an eye on Philly Fed given the weak…