Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, July 27. A massive day of earnings and economic data.
State of Play
The Federal Reserve yesterday raised its benchmark rate by 25 basis points as expected. It was a rather humdrum event. Markets barely moved. After the close we then had Meta (META 0.00%↑) crush earnings estimates. That stock is up 8%, taking tech with it. As of 0630:
Stock index futures are pointing to gains, massive gains in the case of the Nasdaq, which is up 1.2%. S&P 500 futures are up 0.6%;
Commodities are gaining ground as well, with WTI crude oil up 1% to trade around $79.50/barrel;
Bonds are unchanged. The 2-year yields 4.83% and the 10-year 3.87%.
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