Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, June 24: The start of the last trading week of the second quarter (and first half) of 2024. The Bottom Line segment of today’s podcast starts at (3:37) for listeners who want to skip ahead.
State of Play
As we look at our board of indicators at 0635, things are pretty quiet outside of AI stocks and cryptos, which are moving lower:
The major move is in cryptos, with Bitcoin down almost 5% to trade around $61,300;
Stock index futures are flat, with major US indexes hogging the break-even point. Among individual stocks, Nvidia (NVDA 0.00%↑) is down another 2% in the pre-market. NVDA dropped the last two days in a row and was down 4% the last week. Fellow AI darling Super Micro Computer (SMCI 0.00%↑) is also down 2% in the pre-market;
Commodities aren’t doing much either, with WTI crude oil up 0.5% to trade around $81/barrel. Copper is unchanged;
Bonds are unchanged. The 2-year yields 4.74% whilst the 10-year yields 4.26%.
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.
