Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, Dec. 7. The Bottom Line segment of today’s podcast starts at (3:46) for listeners who want to skip ahead.
State of Play
Stocks treaded water again yesterday after ADP payrolls came in below expectations. After the close some bad earnings reports from Chewy (CHWY) and GameStop (GME) weighed on sentiment. As we look at our board of indicators at 0625 there is nothing to suggest clear direction:
Stock index futures aren’t doing much. Small caps are lower, with the Russell 2000 down 0.3%. The Nasdaq is up 0.2% with S&P 500 unchanged;
Commodities are showing some signs of life, with WTI crude oil up 1% to trade around $70/barrel and copper up <1%;
Bonds are unchanged at the short end of the curve, with the 2-year flat at 4.61%. The 10-year is up 3 basis points to 4.25% (yields move inversely to prices);
Cryptos appear to be pausing for breath again, with Bitcoin down 1% to trade around $43,300.
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