Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, Nov. 5. Happy Election Day in the US! The Bottom Line segment of today’s podcast starts at (3:10) for listeners who want to skip ahead.
State of Play
Stocks moved sideways yesterday in a quiet day of trading just as we had anticipated. As we eye our board of indicators for signs of direction at 0630, some modest risk appetite appears to be poking its head out:
Stock index futures are pointing to small gains led by tech. The Nasdaq is up 0.4% With S&P 500 futures up 0.3%;
Commodities are continuing to gain ground with the big move this morning in copper, which is up 1%. WTI crude oil is up 0.5% to trade close to $72/barrel. Gold and silver are unchanged;
Bonds aren’t doing anything. The 2-year yields 4.18% whilst the 10-year yields 4.31%;
Cryptos are flat as a board. Bitcoin is unchanged trading around $69,000.
Today’s Known Events
Obviously the US election is the main event today. This even though we won’t get definitive results for a few days in all likelihood — or maybe longer. The obvious tea leaf to watch is Trump Media & Technology Group (DJT 0.00%↑). That stock rallied by 12% yesterday and is up 6% in the overnight session but after all that it’s still down substantially (27% or so) from where it was just one short week ago.
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