Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, July 11. There is frankly very little on the calendar today, leaving the focus on tomorrow’s CPI print…
State of Play
Yesterday saw a nice rally from small caps, with the Russell 2000 gaining 1.6%. Bond yields retreated as well. As of 0625, all is quiet:
Stock index futures are unchanged. No major US index is moving more than 0.2% from the break-even point;
Commodities aren’t doing anything either. WTI crude oil is changing hands around $73/barrel with copper up 0.3%;
Bond yields continue to retreat. The 2-year yield is down 3 basis points to 4.83% whilst the 10-year is down 5bps to 3.96% (yields move inversely to prices).
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