Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Wednesday, Aug. 23: Nvidia earnings day.
State of Play
A pretty quiet overnight session. Some bad economic news out of Europe, with Flash PMIs falling further into recession territory. That doesn’t seem to have affected much here in the US however. As of 0635 we are looking at cautious risk on:
Stock index futures are pointing to gains led by tech. The Nasdaq (QQQ 0.00%↑) is up 0.6% with S&P 500 (SPY 0.00%↑) up 0.5%;
Commodities are mixed. WTI crude oil is down 1% to trade around $78.50/barrel. Copper is up 0.5%;
Bonds are seeing a few bids. The yield on the 2-year is down 4 basis points to 5.00% whilst the 10-year is down 6bps to 4.27% (yields move inversely to prices).
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