Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Oct. 28. The Bottom Line segment of today’s podcast starts at (3:05) followed by Stocks On The Contrarian Radar©️ feat MSM 0.00%↑ and DJT 0.00%↑ at (4:00) for listeners who want to skip ahead.
State of Play
As we eye our board of indicators for signs of direction at 0640, it looks like risk-on is developing, oil markets notwithstanding:
Stock index futures are pointing to gains, led by tech. The Nasdaq is up 0.8% with S&P 500 futures 0.6% to the good;
Commodities are getting beat up. Well oil is. WTI crude oil is down 6% to trade around $67/barrel. Copper is down just 0.3%. The drop in oil is apparently due to the limited Israeli air strikes against Iran;
Cryptos are gaining a bit with Bitcoin up 2% to trade around $68,600;
Bonds are unchanged. The 2-year yields 4.11% whilst the 10-year yields 4.26%.
Today’s Known Events
Some earnings to kick things off:
Philips (PHG 0.00%↑) reported disappointing results, importantly lowering sales guidance due to deteriorating demand from China. The stock is down double-digit percent overnight;
onsemi (ON 0.00%↑) is out before the open at 0930;
Ford (F 0.00%↑) reports after the close at 1600.
That’s it for known events today. But don’t get too comfortable because…
Listen to this episode with a 7-day free trial
Subscribe to Contrarian Investor Premium to listen to this post and get 7 days of free access to the full post archives.
