Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, June 18. The Bottom Line segment of today’s podcast starts at (3:47) for listeners who want to skip ahead.
Stock markets in the US are closed tomorrow so there will not be a briefing. The Daily Contrarian will return Thursday, June 20.
State of Play
Investors suddenly turned bullish again halfway through yesterday’s trading session. The Nasdaq and S&P 500 closed at fresh record highs once again as a result. As we look at our board of indicators at 0635, all is pretty quiet ahead of the retail sales print at 0830:
Stock index futures are unchanged, with no major US index moving more than 0.2% from the break-even point;
Commodities are dropping again, with copper down another 1%. Perhaps an indication not all investors are buying the bullish narrative again? WTI crude oil is holding steady at $79.50/barrel;
Bond yields are continuing to move a bit higher. The 2-year is up 2 basis points to 4.78% whilst the 10-year is up 2bps to 4.30% (yields move inversely to prices);
Cryptos aren’t doing anything. Bitcoin is unchanged at $65,500.
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