Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, June 27. The Bottom Line segment of today’s podcast starts at (3:05) for listeners who want to skip ahead. Be sure to check out the new ‘One Year Ago Today’ segment at the bottom of this page.
State of Play
Stocks bounced around yesterday and finished marginally higher. After the close Micron (MU 0.00%↑) reported earnings that beat forecasts but management crucially didn’t raise revenue guidance, which was enough for investors to dump the stock overnight. As we look at our board of indicators at 0630, all is quiet:
Stock index futures are essentially flat, with no major US index moving more than 0.2% from the break-even point;
Commodities aren’t doing anything. WTI crude oil is sitting on $81/barrel, unchanged, whilst copper prices are unchanged as well;
Cryptos also flat as a board. Bitcoin not moving from the $61,200 level it has found itself the last couple days;
Bonds, too, are unchanged. The 2-year yields 4.75% whilst the 10-year yields 4.33%.
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