Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Friday, May 30. The last trading day in May.
State of Play
Stocks closed a bit higher yesterday, shrugging off higher-than-anticipated initial jobless claims and pending home sales that came in well below forecasts. There was also a meeting between President Trump and Fed Chair Jerome Powell where the former apparently badgered the latter for rate cuts. As we eye or board of indicators for signs of direction at 0650 ET, things are quiet as we await the PCE Deflator at 0830.
Cryptos are the only thing really moving and that is lower. Bitcoin is down 3% to trade around $105,700;
Stock index futures are flat with no major US index moving more than 0.2% from the break-even point;
Commodities aren’t doing much either. WTI crude oil is up 0.8% to trade around $61.50/barrel. Copper is unchanged. Gold and silver are down a bit, less than 1% each;
Bonds aren’t moving at all. The 10-year yields 4.43%.
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