Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, May 29.
State of Play
Nvidia (NVDA 0.00%↑) earnings last night were well-received, as was news that President Trump’s tariffs were struck down by a federal court. That is helping risk sentiment as we eye or board of indicators for signs of direction at 0700 ET:
Stock index futures are pointing to gains, led by tech. The Nasdaq is up 1.7% with S&P 500 up 1.2%;
Bonds are selling off, but this may be due to risk on. The 10-year yield is up 6 basis points to 4.54% (yields move inversely to prices);
Commodities are up a bit. WTI crude oil is 0.6% higher to trade north of $62/barrel. Copper is up 0.7%. Gold and silver aren’t moving much;
Cryptos aren’t doing anything at all. Bitcoin is unchanged sitting on $108,500.
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