Morning Note - May 6, 2021

*Good Morning!*

Futures are up small so far this am as interest rates move lower. The 10-yr is down to 1.566% which is helping the tech trade out. Five year breakevens are now above 2.7% which is pushing real yields to a 52-wk low. That's a positive for tech and gold. Commodities higher, US dollar lower, but energy lower too.

ADP missed but still added ~2…