Consumer Prices, Earnings

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, May 13.

State of Play

Yesterday saw an epic rally in stocks after news of the China trade deal. Tech surged, with the Nasdaq adding over 4% to lead major US indexes. As we eye or board of indicators for signs of direction at 0700 ET, a mixed picture awaits:

• Stock index futures are taking a breather, with the S&P 500 and Nasdaq down just a bit;

• Commodities are pointing to further risk-taking however, with copper up 1% and WTI crude oil also up 1% to trade around $62.50/barrel;

• Cryptos are down a bit with Bitcoin dropping 1%;

• Bonds aren’t doing anything. The 10-year yields 4.45%, unchanged.

Today’s cover art by author via Flux (Pro) AI