Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, Aug. 10. Inflation day.
State of Play
Good earnings news overnight. Disney (DIS 0.00%↑) and Wynn (WYNN 0.00%↑) did enough to impress investors after yesterday’s close. Alibaba (BABA 0.00%↑) just now reported a solid beat of analyst estimates. All three stocks are moving higher in the pre-market. As of 0630 we’re looking at risk-on:
Stock index futures are pointing to gains, with the S&P 500, Nasdaq and Russell 2000 all up about 0.5% to 0.6%;
Commodities aren’t doing much. WTI crude oil is down 0.5% to trade around $84/barrel after setting a fresh high for the year yesterday. Copper is up 0.7%;
Bonds ar unchanged. The 2-year yields 4.80%, the 10-year 4.02%.
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