Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, March 12. The Bottom Line segment of today’s podcast starts at (5:45) for listeners who want to skip ahead.
State of Play
Stocks traded sideways yesterday in a blah session with few events to move markets. After the close Oracle (ORCL 0.00%↑) came through with some stellar earnings and that stock rallied overnight as a result. As we look at our board of indicators at 0615, all is pretty quiet ahead of a key inflation reading at 0830:
Stock index futures are pointing to a higher open, led by tech. The Nasdaq is up 0.5% whilst S&P 500 (SPY 0.00%↑) futures point to a gain of 0.3%;
Commodities aren’t doing much. WTI crude oil is up <1% to trade around $78.50/barrel. Copper is unchanged;
Cryptos aren’t doing anything either with Bitcoin is sitting at $71,900, roughly unchanged, right below its latest record high of $72,467;
Bonds, too, are flat. The 2-year yield is 4.53% with the 10-year sitting at 4.09%.
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