Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, June 22.
State of Play
As of 0635 it looks like the risk-off for all but crypto theme is continuing:
Stock index futures are pointing to a loss at the open. The Nasdaq and S&P 500 are down 0.3% each;
Cryptos continue their ascent. Bitcoin is up another 4% to trade north of $30,000;
Commodities are mixed. WTI crude oil is down about 1.5% to trade around $71/barrel but copper and natural gas are up about 0.8% each;
Bonds are selling off a tiny bit, with the yield on the 2-year up 4 basis points to 4.74% and the 10-year also up 4bps to 3.76% (yields move inversely to prices).
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