Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, May 14. The Bottom Line segment of today’s podcast starts at (4:19) for listeners who want to skip ahead.
State of Play
Meme stocks are back! GameStop (GME 0.00%↑) went nuts yesterday, gaining 74% on the day after a tweet by Roaring Kitty, his first in nearly three years. This was quickly followed by a similar rally from AMC (AMC 0.00%↑). Home Depot (HD 0.00%↑) just reported mixed results but importantly reaffirmed their outlook for the year. As we look at our board of indicators at 0630, all is pretty quiet ahead of producer prices:
Stock index futures are flat as a board with no major US index moving more than 0.1% from the break-even point;
Commodities are moving higher. Copper is up 1.6%. WTI crude oil is unchanged this morning, trading around $79/barrel;
Cryptos are down a bit, which is a little weird given the meme stock rally. Bitcoin is down 2% to trade around $61,600;
Bonds are unchanged. The 2-year yields 4.84% whilst the 10-year yields 4.45%.
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