Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, June 3, 2025.
Read this month’s portfolio update letter.
State of Play
Stocks closed higher yesterday thanks mainly to big tech. As we eye or board of indicators for signs of direction at 0700, things are quiet:
Stock index futures are pointing to small losses. The Nasdaq and S&P 500 are down 0.3% each;
Bonds are seeing a few bids. The 10-year yield is down 4 basis points to 4.42% (yields move inversely to prices);
Commodities have come back to earth a bit after yesterday’s rally. WTI crude oil is unchanged trading around $62.70/barrel. Copper is down 1.5%. Gold and silver are down <1%;
Cryptos aren’t doing anything. Bitcoin is up <1% to trade around $105,000.
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