Good morning contrarians! It is Tuesday, April 4.
State of Play
We just had Jamie Dimon, CEO of JPMorgan Chase (JPM 0.00%↑) throw some cold water on markets stating that the banking crisis “is not yet over.” Link to the full letter here. Still, as of 0635 it looks like some risk-on is developing:
Stock futures are pointing to gains led by small caps. The Russell 2000 is up 0.8%. Nasdaq +0.5%, S&P 500 + 0.3%;
Commodities are continuing to rally after that OPEC announcement. WTI crude oil is up 1% to trade north of $81/barrel. Copper is up <1%. Gold and silver are unchanged. Gold is trading right around $2,000/troy ounce;
Bonds are unchanged right now. The 2-year yield is sitting on 4% whilst the 10-year is up 2 basis points to 3.45%.
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