Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, Nov. 20. The Bottom Line segment of today’s podcast starts at (4:38), followed by Stocks on the Contrarian Radar©️ featuring TGT 0.00%↑ and BORR 0.00%↑ at (6:22) for listeners who want to skip ahead.
State of Play
Stocks advanced yesterday with tech the leader. As we eye our board of indicators for signs of direction at 0700, things are pretty quiet:
Stock index futures are flat with no major US index moving more than 0.2% from the break-even point;
Cryptos continue their ascent. Bitcoin is up another 2% to move north of $93,000 again;
Not much going on in commodities land. WTI crude oil is up 0.5% to trade around $69.50. Copper is up 0.3%. Silver is down 1%. Gold unchanged;
Bonds are selling off a tiny bit. The 2-year yield is up 3 basis points to 4.30% whilst the 10-year is up 5bps to 4.42% (yields move inversely to prices.
Today’s Known Events
More earnings!
Target (TGT 0.00%↑) just posted a major miss on analyst estimates and cut full-year guidance. The stock is down 16% (!) in the pre-market to drop to its lowest level of the year.
Nio (NIO 0.00%↑), the Chinese EV manufacturer earlier beat on top- and bottom-line estimates but investors still didn’t like what they see as the stock is dropping in the pre-market;
Two other retailers TJX Companies (TJX 0.00%↑) and Williams-Sonoma (WSM 0.00%↑) are also due to report before the open at 0930.
After the close comes the main event with Nvidia (NVDA 0.00%↑).
Snowflake (SNOW 0.00%↑), Palo Alto Networks (PANW 0.00%↑), and Jack in the Box (JACK 0.00%↑) also report after the close.
(NVDA earnings on Watch’ by author via Grok AI)
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