Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, March 4.
Be sure to read this month’s Contrarian Portfolio update letter.
State of Play
Stocks got beaten up yesterday, with tech seeing worst of the selling. Even cryptos reversed course in the afternoon. Tariffs are apparently the culprit. So much for this latest bounce having any staying power!
As we eye our board of indicators for signs of direction at 0650, it looks like the risk off is due to continue, with the fear most palpable in crypto land:
Bitcoin is down 9%, to trade around $84,000;
Stock index futures are effectively unchanged, with no major US index moving from their break-even point;
Commodities are moving lower. Copper is down 1.2%, the same as WTI crude oil which now trades around $67.50/barrel;
Bonds are unchanged after a big rally yesterday. The 10-year yields 4.17%. It was up near 4.30% yesterday morning.
Today’s Known Events
The focus turns back to earnings today:
Target (TGT 0.00%↑) just beat estimates but in its outlook cautioned on margin pressures due to tariffs and consumer uncertainty. The stock is still up a bit in the pre-market, by about 2.5% at the time of this writing;
Best Buy (BBY 0.00%↑), another retailer, is due to report intermittently;
After the close we’ll hear from Crowdstrike (CRWD 0.00%↑), Nordstrom (JWN 0.00%↑) and Box (BOX 0.00%↑).
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