Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, July 30, 2025. Fed Day.
State of Play
Some good news from earnings as second-quarter GDP exceeds estimates. That may not be a good thing however. As we eye or board of indicators for signs of direction at 0840 ET, things are quiet:
Stock index futures are unchanged with the exception of small caps, which are up a bit (Russell 2000 +0.5%);
Cryptos are down a bit, with Bitcoin -1% to trade around $117,600;
Bonds aren’t doing anything. The 10-year yields 4.35%;
Commodities are flat as a board. WTI crude oil is unchanged, trading hands around $69/barrel. Copper, gold and silver all flat.
