Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, Aug. 24.
State of Play
Nvidia (NVDA 0.00%↑) blew away earnings estimates after yesterday’s close, making anybody who doubted the bullish nature of the event look like an idiot. As of 0635 that is what is driving markets:
Stock index futures are somewhat mixed. Tech is continuing its rally, with the Nasdaq (QQQ 0.00%↑) up 1.2%. S&P 500 (SPY 0.00%↑) futures are up 0.6%. But small caps are unchanged with the Russell 2000 (IWM 0.00%↑) down 0.1%;
Cryptos are rallying along with tech, with Bitcoin up 2% to trade around $26,500;
Commodities aren’t doing much, with copper down 0.8% and WTI crude oil unchanged at $79/barrel;
Bonds are unchanged. The 2-year yields 4.98%. The 10-year 4.21%.
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