AMD Earnings, Fed Eve

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, May 6.

State of Play

Stocks dropped a bit yesterday for the first time in weeks on renewed tariff concerns. As we eye or board of indicators for signs of direction at 0650, it looks like we could be in for a little more selling:

• Stock index futures are down, led by tech again. The Nasdaq is down 0.9% with S&P 500 futures down 0.6%;

• Commodities are rising across the board. WTI crude oil is rallying, up 2.5%. Gold and silver continue to climb, up ~2% each. Copper is up just 0.3%;

• Cryptos are unchanged. Bitcoin trades around $94,000;

• Bonds aren’t doing anything either. The 10-year yields 4.36%.

Today’s cover art by author via Grok AI