Good morning contrarians!
Stock futures are higher again this morning. Small caps are leading the way, with the Russell 2000 up 0.8%. Dow Industrials are up 0.4% with the S&P 500 and Nasdaq about 0.3% higher. Bonds are selling off, which is exactly what you would expect to see as sentiment moves (back) to risk on. The 10-year yield is up to around 1.55%. Cryptos are continuing to charge higher on expectations the SEC could approve an ETF for Bitcoin approved as early as Monday. Those numbers as of 0640.
This a day after the S&P posted its best day since March as earnings beat estimates: Eight members of the S&P 500 posted results yesterday and each beat estimates. It’s worth pointing out that most of these were banks, which almost always beat estimates. Still, what they said about the health of U.S. consumers was telling and resulted in investors plowing money back into risk assets.
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