Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, March 5. The Bottom Line segment of today’s podcast starts at (2:57) for listeners who want to skip ahead.
State of Play
Stocks traded sideways yesterday but cryptos advanced again as Bitcoin approaches its all-time high from 2021 — a level deemed unthinkable as recently as a year ago. As we look at our board of indicators at 0415, a little bit of risk-off seems to be prevalent:
Stock index futures are pointing to a lower open, with the Nasdaq leading the drop, down 0.6%. S&P 500 futures are down 0.3%;
Cryptos have retreated from their intermittent peak, which for Bitcoin was around $68,700, or about 300 short of the all-time high. Bitcoin now trades around $66,700;
Commodities are flat as a board. WTI crude oil is unchanged at $78.70/barrel. Copper is unchanged;
Bonds are seeing a few bids, kind of. The yield on the 2-year down 2 basis points to 4.59% whilst the 10-year yield is down 2bps to 4.20% (yields move inversely to prices).
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