Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, May 20. The Bottom Line segment of today’s podcast starts at (2:41) for listeners who want to skip ahead.
State of Play
It was a quiet weekend following a quiet trading session on Friday. As we look at our board of indicators at 0640, things are quiet with the exception of commodities:
Stock index futures are unchanged with no major US index moving more than 0.1% from their break-even points;
Commodities are moving higher, with copper up another 1%. Gold and silver are up 1% each. WTI crude oil is unchanged trading around $79.50/barrel;
Bonds are unchanged. The 2-year yields 4.82% whilst the 10-year yields 4.42%.
Today’s Known Events
Earnings season is winding down but we still have a few big names to get to this week. The highlight is Nvidia (NVDA 0.00%↑) after the close on Wednesday.
Today we’ve already gotten a couple from overseas: Li Auto (LI 0.00%↑) missed top- and bottom-line estimates and is moving lower in the pre-market. Ryanair (RYAAY 0.00%↑) is moving lower in London trading.
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