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BOE Rate Decision, US Data Dump, Some Earnings

BOE Rate Decision, US Data Dump, Some Earnings

Stock futures are gaining ground led by AI names…

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, June 20. The Bottom Line segment of today’s podcast starts at (5:39) for listeners who want to skip ahead. Be sure to check out the new ‘One Year Ago’ segment at the bottom of this page.

0701: Updates with Bank of England interest rate decision.

State of Play

Welcome back after the mid-week holiday. As we look at our board of indicators at 0635, some risk appetite appears to be developing:

  • Stock index futures are pointing to a higher open, led by tech. The Nasdaq is up another 0.7%. S&P 500 futures are 0.5% to the good. Even small caps are gaining a bit of ground, with the Russell 2000 up 0.4%.

  • Worth pointing out that the biggest movers are once again AI names: Nvidia (NVDA 0.00%↑), Super Micro Computer (SMCI 0.00%↑), Jabil Circuit (JBL 0.00%↑), Micron (MU 0.00%↑), AMD (AMD 0.00%↑). It may be worth checking in on our ‘undiscovered’ AI chip stocks at some point ;

  • Commodities are mostly quiet. Mostly because silver is up 2.5%. WTI crude oil is unchanged trading around $80.70/barrel, which is higher than it was before the holiday. Copper is up 0.3%;

  • Bonds are giving back some gains. The big move is in the 10-year, where the yield is up 10 basis points to 4.26%. The 2-year yield is up 4bps to 4.74% (yields move inversely to prices);

  • Cryptos are uncharacteristically quiet. Bitcoin is changing hands around $65,600, the same level it’s been for days or longer.

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The daily podcast discusses the major market activity and economic data release schedule for the day ahead, with a contrarian bent. Also includes regular podcast episodes a day (or more) early and without ads or announcements.