Good morning contrarians! It is Wednesday, April 26.
State of Play
Some positive earnings after yesterday’s close seem to have reversed sentiment after a rough day. Google/Alphabet (GOOG 0.00%↑) and Microsoft (MSFT 0.00%↑) beat expectations and surged in the after-market. Our AI host Connie has the sub-60 second wrap-up on yesterday’s market activity if you’re interested.
As of 0630, it looks like risk appetite is returning to certain parts of the market:
Stock futures are mixed, with tech moving decidedly higher. The Nasdaq is up 1.2%. It’s a different story for small-caps as the Russell 2000 is pointing to a loss of 0.2% at the open. The S&P 500 is caught in between, up 0.3%;
Commodities are mostly unchanged, with WTI crude oil trading around $77/barrel and copper flat. Natural gas is down 3.5% though;
Cryptos are rebounding, with Bitcoin up 5% to trade around $28,800;
Bonds appear to have caught their breath after yesterday’s rally. The 2-year is up 3 basis points to 3.93%. The 10-year is unchanged at 3.41%. The 2-year was up around 4.20% at the start of the week.
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