Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Tuesday, Sept. 19.
State of Play
Stocks finished unchanged yesterday and appear to be treading water as we await the Fed tomorrow. As of 0615:
Stock index futures are pointing to modest gains led by small caps. The Russell 2000 (IWM 0.00%↑) is up 0.4%. S&P 500 (SPY 0.00%↑) and Nasdaq futures up a little less;
Commodities are mixed. Copper is down 1% but WTI crude oil is up almost 1% to trade around $91.50/barrel;
Cryptos continue to move higher. Haven’t mentioned cryptos in awhile, but Bitcoin is up another 1% this morning to trade around $27,200;
Bonds are unchanged. The 2-year yields 5.06%, the 10-year 4.32%.
Known Events
Instacart has its public listing. The online grocer will start trading today under CART 0.00%↑ ticker, apparently at $30/share. Autozone (AZO 0.00%↑) reports earnings before the open.
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