Global markets were mixed on Tuesday (May 19) with United States (US) stocks closing lower as a STAT News report raised concerns about Moderna’s trial report and the drug’s effectiveness, moderating optimism of vaccine development. On the macro side, Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified before the Senate Banking Committee as part of required policy response updates, with the latter saying the government is “fully prepared to take losses” on business bailouts. 

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