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Fed Speakers, Fed Beige Book, Fall Conference Season Kick-Off
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Fed Speakers, Fed Beige Book, Fall Conference Season Kick-Off

Stock futures are mixed but cryptos were beaten up overnight and heading lower…

Good morning contrarians! It is Wednesday, Sept. 7.

Stocks sold off yesterday, but finished off the lows. The Nasdaq once again saw the worst of it, dropping by 0.7% for its seventh straight day of losses. The S&P 500 was down about 0.4%.

State of Play

As of 0630, we are looking mostly at risk off. Eurozone unemployment just printed a little higher than anticipated and stocks in that part of the world are moving lower. Here in the US:

  • Stock futures are mixed. The Nasdaq is pointing to modest gains of around 0.2% but the Russell 2000 which tracks small caps is down 0.5%;

  • Cryptos are continuing to sell off. It’s been a rough 24-hour period in crypto land. Bitcoin is down 6% to trade below $19,000. Ethereum is doing even worse, down 9%;

  • Bond yields appear to be coming in a bit at the short end of the curve after rising yesterday. The 2-year is down 3 basis points to 3.47%. The 10-year is down about 2bps to 3.32% (yields move inversely to prices). That’s the narrowest the yield curve inversion has been in some time. Maybe months.

  • Commodities are mostly unchanged, with WTI crude oil up less than 1% to $87.40/barrel. Copper and gold are flat but silver is up more than 1% for the second day in a row.

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The daily podcast discusses the major market activity and economic data release schedule for the day ahead, with a contrarian bent. Also includes regular podcast episodes a day (or more) early and without ads or announcements.