Macro Update - May 7, 2019

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Includes: ACWF, ACWI, AIIQ, BIBL, CHGX, CPER, CRF, DDM, DGT, DIA, DMRL, DOG, DTEC, DUSA, DXD, EDOW, EEH, EPS, EQL, ESGF, ESGL, ESGW, FEX, FIHD, FLQG, FLQH, FWDD, GLQ, GSEW, HDMV, HUSV, IVV, IWL, IWM, JHML, JJCTF, JKD, OMFS, OTPIX, PMOM, PPLC, PSQ, QID, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RVRS, RWM, RYARX, RYRSX, SCAP, SCHX, SDOW, SDS, SFLA, SFY, SH, SMLL, SPDN, SPLX, SPSM, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, USA, USMC, UWM, VFINX, VGFO, VOO, VT, VTWO, VV, WBIL, XMX, ZF
by: Robert W. Baird & Co.
Summary

Weakness in copper and declining bond yields does not seem consistent with improving economic conditions.

Beneath the headline gains, both employment and GDP reports hint at reasons for caution.

Global outlook remains cloudy at a time when policy uncertainty is again rising.