Market Reaction to US Bombing Iran: Blah

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, June 23.

State of Play

The Middle East tinderbox took another turn over the weekend, with the US striking nuclear sites in Iran. As we eye or board of indicators for signs of direction at 0900 ET that does not seem to be a concern. Like, not at all:

• Oil prices are now flat. So are gold and silver. That tells you all you need to know about how this Iran stuff is being viewed by the market;

• Stock index futures are unchanged. Only the Russell 2000 which tracks small caps is moving at all from the break-even point and that is down 0.4%;

• Cryptos are down a bit but off of the lows seen yesterday. Bitcoin is down 1.5% to trade around $101,000;

• Bonds aren’t doing anything. The 10-year yields 4.35%.

Cover art by author via Grok AI