Good morning contrarians! It is Thursday, March 23.
Stocks sold off yesterday after Fed chair Jerome Powell once more dashed hopes of a Fed pivot. Powell was helped out by Treasury Secretary Janet Yellen, who said blanket insurance of bank deposits is not on the table. Regional banks sold off on this. The SPDR S&P Regional Banking ETF (KRE 0.00%↑) declined by 6% on the day.
State of Play
As of 0635 things are a little all over the place with no clear direction yet:
Stock futures are pointing to small gains led by the Nasdaq (+0.8%);
Commodities are mixed. Gold and silver are rallying, up >1% each, while WTI crude oil is down 1% to trade around $70/barrel;
Cryptos are down a bit, with Bitcoin off 1% but watch this space because Coinbase (COIN 0.00%↑) is apparently in hot water with regulators.
Bonds are flat. The 2-year yield is 3.97% with the 10-year sitting at 3.49%.
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