Bank Earnings, Consumer Data

Good morning contrarians! It is Friday, April 14.

Stocks rallied yesterday after softer-than-anticipated producer prices. Tech led the way as the Nasdaq 100 (QQQ 0.00%↑) gained 2%. Bonds didn’t go along for the ride weirdly enough as 2-year, 10-year, and 30-year yields finished unchanged.

State of Play

Today is a busy day. Uncharacteristically busy for a Friday, with a bunch of economic data and first-quarter bank earnings. As of 0615 however this is little movement:

• Stock futures are mostly unchanged. Only the Nasdaq is moving at all from the break-even point, down 0.4%;

• Commodities aren’t moving either. WTI crude oil is flat, changing hands at $82.50/barrel. Copper is up <1%. Gold is unchanged after moving closer to a record high at $2050/oz. Silver continues its ascent however, up 1%;

• Bonds are flat. The 2-year yield is 3.95%, down just 2 basis points. The 10-year is unchanged at 3.43%.