Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, June 5. The Bottom Line segment of today’s podcast starts at (4:37) for listeners who want to skip ahead. Be sure to check out the new ‘One Year Ago Today’ segment at the bottom of this page.
State of Play
Stocks eked out gains yesterday even as the JOLTS report showed slower job growth than anticipated. After the close we had strong earnings from Hewlett Packard Enterprises (HPE 0.00%↑) and CrowdStrike (CRWD 0.00%↑). As we look at our board of indicators at 0640, some risk appetite appears in place:
Stock index futures are pointing to gains, led by tech after those earnings. The Nasdaq 100 (QQQ 0.00%↑) is pointing to a gain of 0.5% at the open. S&P 500 (SPY 0.00%↑) futures are 0.2% to the good;
Commodities are flat. WTI crude oil is unchanged trading around $73.50/barrel. Copper is unchanged;
Cryptos are ascending again. Bitcoin is up 3% to trade around $70,700;
Bonds are unchanged after putting in another rally. The 2-year yield is 4.79% whilst the 10-year yields 4.34%.
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