Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, April 24.
State of Play
Stocks put in another major rally yesterday, but finished off the highs after US Treasury Secretary Scott Bessent dented some of the optimism on China trade talks. As we eye our board of indicators for signs of direction at 0650, things are mixed:
Stock index futures are dipping a bit, with S&P 500 and Nasdaq down 0.2%. They were down more earlier;
Cryptos are on the same trajectory as stocks, with Bitcoin down 1% to trade around $92,500;
Commodities are moving higher. WTI crude oil is up 1% to trade close to $63/barrel again. Copper is up 0.5%. Precious metals have resumed their rally, with gold and silver up 1.5% each;
Bonds are seeing a few bids, with the 10-year yield down 5 basis points to 4.34% (yields move inversely to prices).
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