Good morning contrarians!
Stock futures are flat as of 0630. Nothing doing at all. Tech stocks down a bit, with the Nasdaq off about 0.2%. This follows a record close for all three major U.S. indexes on Monday. The S&P set its 60th record close of the year.
Natural gas is moving higher again, up 2.5%, but other commodities aren’t doing much either. Cryptos are moving up a bit, with bitcoin up another 2% to about 63,500. Some action in the bond market, with the 2-year yield dropping as the front-end of the curve is bought, That is down to 0.478%. It was above 0.52% yesterday and could portend some risk-off. The 10-year yield is dropping a little less, down to 1.552%, and the 30-year flat. This looks like yield-curve steepening, an expectation of higher interest rates.
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