Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Feb. 24. Today’s Stocks On The Contrarian Radar©️ features BABA 0.00%↑ and starts at the bottom of this page.
State of Play
Friday was pretty ugly, with markets experiencing their worst sell-off of the year. As we eye our board of indicators for signs of direction at 0635, that seems to be forgotten with risk appetite emerging:
Stock index futures are moving higher, led by small caps. The Russell 2000 is up 0.9% with S&P 500 and Nasdaq up 0.5%;
Commodities aren’t doing much. WTI crude oil is unchanged at $70.50/barrel. Copper is down 0.8%;
Cryptos are also quiet. Bitcoin changing hands around $95,700;
Bonds are unchanged. The 10-year yields 4.44%.
Today’s Known Events
It’s a massive week for earnings, anchored by the Nvidia (NVDA 0.00%↑) release on Wednesday.
Today’s activity is a little more muted:
Domino’s Pizza (DPZ 0.00%↑) just reported earnings that fell short of estimates and that stock is dropping in the pre-market, to the tune of 3% at the time of this writing;
Owens Corning (OC 0.00%↑), a major supplier of construction materials and therefore worth watching for the crucial US homebuilding market, beat estimates and is rising in the pre-market;
After the close at 1600 we’ll hear from Hims & Hers Health (HIMS 0.00%↑), Zoom Video (ZM 0.00%↑) and Realty Income (O 0.00%↑), a popular REIT, among others.
(Nvidia earnings on Wednesday loom large…)
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