Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Monday, June 2, 2025.
Read this month’s portfolio update letter.
State of Play
Welcome to a new month of trading. Things are off to a bit of an auspicious start amid reports of deteriorating trade talks between the US and China. As we eye or board of indicators for signs of direction at 0700, this is mostly seen in commodity prices:
Commodities are rallying. WTI crude oil is up 3.7% to trade around $63/barrel. Copper is up almost 5%. Gold and silver are up 1.8% each;
Stock index futures are down a bit. The Nasdaq is leading the drop, down 0.7%. S&P 500 futures are down 0.6%;
Cryptos aren’t moving. Bitcoin is unchanged at $104,400;
Bonds are also quiet. The 10-year yields 4.43%.
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