Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Wednesday, Jan. 24, 2024. The Bottom Line segment of today’s podcast starts at (3:30) for listeners who want to skip ahead.
State of Play
Stocks were mixed yesterday. The S&P 500 closed at another record high and the Nasdaq advanced, but Dow Industrials and small caps dropped a bit. After the close we had positive earnings from Netflix (NFLX 0.00%↑) and encouraging export numbers out of Japan. China also announced steps to loosen bank lending. As we look at our board of indicators at 0645 that all appears to be boosting sentiment:
Stock index futures are pointing to gains, with tech leading the way. Nasdaq futures are up 0.7% with the S&P up 0.4%;
In commodities land the only thing you need to know is that copper prices are rallying, up more than 2%. That is surely a direct result of the China news. WTI crude oil is unchanged trading around $74.50/barrel;
Cryptos are even rebounding, with Bitcoin up 3% to trade north of $40,000 again;
Bonds are seeing a few bids, with the 10-year yield down 3 basis points to 4.11% (yields move inversely to prices).
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