Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Thursday, June 13. The Bottom Line segment of today’s podcast starts at (3:38) for listeners who want to skip ahead. Be sure to check out the new ‘One Year Ago Today’ segment at the bottom of this page.
State of Play
Stocks advanced yesterday after a softer-than-anticipated CPI reading, though the good cheer was tempered somewhat by Jay Powell and the Fed. After the close Broadcom (AVGO 0.00%↑) earnings impressed. As we look at our board of indicators at 0640 all is pretty quiet outside of a few individual names:
Stock index futures are mixed, with the Nasdaq continuing its advance, up 0.6%. Tesla (TSLA 0.00%↑) and Nvidia (NVDA 0.00%↑) are the big movers there, both up multiple percent. On the other side, small caps are dropping, with the Russell 2000 down 0.6%. The S&P 500 is caught in the middle, unchanged;
Commodities are dropping a bit. WTI crude oil is down 0.8% to trade below $78/barrel. Copper is down 0.6%;
Bonds aren’t doing anything are rallying yesterday. The 2-year yields 4.76% whilst the 10-year yields 4.31%.
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