Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, May 28.
State of Play
Stocks rallied yesterday, ending a four-day losing streak on the ‘tariffs off’ move from the weekend. As we eye or board of indicators for signs of direction at 0645 ET, things are quiet:
Stock index futures are unchanged, with no major US index moving at all from the break-even point;
Commodities are moving a bit higher. WTI crude oil is up 1% to trade around $61.50/barrel. Copper is unchanged. Gold and silver are up just a bit, less than 0.5% in both instances;
Cryptos are down a bit, with Bitcoin off 1% to trade around $108,500;
Bonds are also seeing a little bit of selling. The 10-year yield is up 4 basis points to 4.47% (yields move inversely to prices).
Today’s Known Events
Earnings from Nvidia (NVDA 0.00%↑) are the main event of the day, but those don’t happen until after the close at 1600.
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