Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, May 5.
Read this month’s Contrarian Portfolio update here!
State of Play
Events in Omaha dominated the weekend headlines before President Trump tried to grab them back for himself, stating he would institute a 100% tariff on movies “produced in foreign lands.” As we eye or board of indicators for signs of direction at 0650, it looks like risk off:
Stock index futures are pointing lower. Tech is leading the drop with the Nasdaq down 0.9%. S&P 500 futures are down 0.8%;
Commodities are mixed. The biggest move is in precious metals, which are continuing to rally. Gold and silver are each up 2.5%. WTI crude oil is down 1.6% to trade around $57/barrel. Copper is up 1%;
Cryptos are dropping a bit with Bitcoin down 1% to trade close to $94,000 again;
Bonds are unchanged. The 10-year yields 4.32%.
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