Focus Turns to Employment Data

Good morning contrarians! It is Thursday, Aug. 4.

Stocks put in a major rally yesterday. Tech led the way, with the Nasdaq adding 2.5% during the session. The S&P 500 was up 1.5%.

State of Play

As of 0635 today there is not much going on:

• Stock futures are up a tiny bit, with the Nasdaq pointing to gains of 0.5% at the open and SPY up 0.3%;

• Commodities are flat, with WTI crude oil up 1% to trade around $92/barrel. Copper is unchanged;

• Cryptos are dropping a bit, with bitcoin down 2% to trade below $23,000;

• Bonds are unchanged, with the 2-year yield at 3.1% and the 10-year at 2.73%.