This is gonna be a little long, but I hope someone enjoys it.
Young Lovecraft's views were a lot like Ben Franklin.
He feared foreigners would overtake Englishmen and replace English with a new universal language. He thought Asians would eventually rule the world.
However, Lovecraft was also poor throughout most his life. While he starved in New York, a place he grew to hate more than any other, his wife sent him a small allowance.
As a poor man in New York, Lovecraft worked as a clerk in a few places. However, he grew to hate immigrants of all colors and nations because he believed they were taking jobs from him.
After he told his wife he filed for divorce (he actually didn't even until his death) he received an offer to become editor of Weird Tales magazine. Unfortunately, because Lovecraft was Lovecraft, he refused the offer because it required him moving to Chicago.
Well...he was later contacted by a Jewish man using the stage name Harry Houdini. Houdini thought Lovecraft was brilliant and hired him to ghostwrite books on debunking the seance room and other spiritualism. Then, following one of Houdini's biggest marketing gimmicks, a random man punched Houdini in the gut, killing him instantly.
Working with Houdini nuanced a lot of Lovecraft's racism. He focused more on rich and poor. As Steinbeck would say, Lovecraft saw himself as a temporarily embarrassed millionaire. In spite of that, Lovecraft was especially opposed to blacks throughout his life, both in his personal letters and in his writing.
I'm sure someone will come along to correct points of this, but that's a brief overview.