Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, Jan. 4, 2024. The Bottom Line segment of today’s podcast starts at (3:18) for listeners who want to skip ahead.
State of Play
Stocks dropped again yesterday, as the Nasdaq gave up another 1%. The damage was worse for small caps as the Russell 2000 declined by almost 3%. As we look at our board of indicators at 0635, things are pretty quiet:
Stock index futures are pointing to modest gains, led by small caps. The Russell is up 0.4% with S&P 500 and Nasdaq up 0.2%;
Bonds continue to decline, with the 10-year yield is up 5 basis points to 3.96% whilst the 2-year yield is up 3bps to 4.35% (yields move inversely to prices);
Commodities are mixed. WTI crude oil is up 1% to trade around $73.50/barrel. Copper is down 0.4%;
Cryptos continue to give back gains, with Bitcoin down 4% to trade around 43,000.
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