Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, April 21.
State of Play
US stocks return to action today after a three-day absence. As we eye our board of indicators for signs of direction at 0655, sentiment is apparently being weighed down by news that President Trump is looking into firing Fed Chair Jerome Powell:
Stock index futures are moving lower led by tech. The Nasdaq is down 1.3% with S&P 500 futures off 1%;
Cryptos are rallying however. Bitcoin is up 3.5% to trade north of $87,000;
Commodities are mixed. WTI crude oil is down 2.5% to trade around $62.50/barrel but copper is up 1% and precious metals have resumed their rally with gold and silver up over 2% each;
Bonds are unchanged. The 10-year yields 4.35%.
Today’s Known Events
There is very little on the calendar for today. Some regional banks report earnings and an auction of short-term bills at 1130 ET and that’s about it.
Markets in Europe and Asia are closed today for Easter Monday.
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