Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Friday,. May 2, 2025. Jobs Day. Today’s Stocks On The Contrarian Radar©️ segment features PPC 0.00%↑ and starts at the bottom of this page.
Read this month’s Contrarian Portfolio update here!
State of Play
Stocks advanced yesterday led by tech. The Nasdaq recovered all its losses since ‘Liberation Day.’ The close brought disappointing earnings from Apple (AAPL 0.00%↑) and Amazon (AMZN 0.00%↑) but then overnight came news that China is open to trade talks with the US.
As we eye or board of indicators for signs of direction at 0540 ET there isn’t anything definitive to point to as we await non-farm payrolls:
Stock index futures are quiet, with only small caps moving from the break-even point. The Russell 2000 is up 0.8%;
Cryptos are rallying. Bitcoin is up 1% to trade around $96,700
Commodities are mixed. Copper is rising, up 1%, presumably on this China news. But then WTI crude oil is down 0.8% to drop below $59/barrel again. Gold and silver are rising again, gold up 1.5%;
Bonds are unchanged. The 10-year yields 4.20%.
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