Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, July 9, 2025. Today’s Stocks On The Contrarian Radar©️ segment features pharmaceuticals, specifically MRK 0.00%↑, and can be read at the bottom of this page.
State of Play
Stocks have meandered this week due to lack of catalysts, just as was anticipated. As we eye or board of indicators for signs of direction at 0715 ET things are pretty quiet:
Stock index futures are unchanged with no major US index moving more than 0.2% from the break-even point;
The big move in commodities is in copper, which is consolidating after jumping to record highs earlier. This was caused by, you guessed it, tariffs or the threat thereof as President Trump said he would slap a 50% import tariff on the industrial metal. WTI crude oil is unchanged at $68.50/barrel. Gold and silver not doing much either;
Cryptos aren’t moving much. Bitcoin unchanged trading around $108,80;
Bonds are flat. The 10-year yields 4.40%.
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