Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, July 3. The Bottom Line segment of today’s podcast starts at (3:08) for listeners who want to skip ahead.
State of Play
Stocks finished higher yesterday after Fed Chair Jerome Powell provided some unexpectedly dovish comments. As we look at our board of indicators at 0630 things are a bit all over the place ahead of a holiday-shortened session (early close today):
The major move is in cryptos and that is negative. Bitcoin is down 4% to trade around $60,000. BTC hasn’t been below $60k since late February;
Stock index futures aren’t doing anything with no major US index moving more than 0.2% from the break-even point. Major moves from Tesla (TSLA 0.00%↑), up almost 4% in the pre-market, and Paramount Global (PARA 0.00%↑), the latter on news of a revised buyout;
Commodities are showing some signs of life with copper up 1.4% and silver up 2.5%. WTI crude oil is unchanged at $82.70/barrel;
Bonds are unchanged. The 2-year yields 4.76% whilst the 10-year yields 4.43%.
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