Inflation Watch Week

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, Feb. 10. Today’s Stocks On The Contrarian Radar©️ section featuring NWL 0.00%↑ starts at the bottom of this page.

State of Play

Fresh news from tariff land, with President Trump saying he will impose 25% charges on steel and aluminum tariffs. As we eye our board of indicators for signs of direction at 0700 that has impacted commodity markets:

• Commodities are gaining ground. Not just steel and aluminum, but gold and silver, which are up over 1%. WTI crude oil is up 1.3% to trade close to $72/barrel and copper prices up another 0.7%;

• Stock index futures are showing some signs of life. The Nasdaq is up 0.7% with S&P 500 futures 0.5% to the good;

• Cryptos aren’t doing much. Bitcoin is up 1% to trade around $97,700;

• Bonds aren’t doing anything. The 10-year yields 4.49%.

Today’s Known Events

We start with earnings:

• McDonald’s (MCD 0.00%↑) just missed on top- and bottom-line estimates but stock is weirdly up so far in the pre-market;

• onsemi (ON 0.00%↑) reports later this morning;

That’s pretty much it for today. But don’t get too comfortable because the rest of the week is packed with action: Fed Chair Powell testifies to Congress tomorrow, CPI is Wednesday, producer prices on Thursday, and retail sales on Friday. Several earnings throughout.

Inflation returns to the menu this week, by author via OpenArt.ai