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May Day today, with European stock markets closed, as well as local holidays in China, Hong Kong, Singapore, and India. The hot streak in US equities is continuing...

The recent equity rally looks set to come to an end after disappointing earnings from Super Micro Computer Inc., which caused the stock to slide 15% in after-market trading, dragging S&P 500 and Nasdaq 100 futures down 0.5%.

The recovery in risk sentiment is continuing as we approach a flurry of US data and earnings later this week. Gold (XAU) continues to trade around $3,300 (about $200 off the peak), and US equities have posted a five-day winning streak—the longest positive run since November.