Tesla Delivery Relief, Concern For Payrolls

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, July 2.

Hot off the press: Read this month’s update on the Contrarian Portfolio here.

State of Play

Tesla (TSLA 0.00%↑) just reported second quarter deliveries. These fell short of estimates but apparently not enough to scare investors as the stock is moving higher in the pre-market. As we eye or board of indicators for signs of direction at 0915 ET:

• Stock index futures aren’t doing anything. No major US index is moving more than 0.2% from the break-even point;

• Commodities are moving higher. WTI crude oil is up 1.2% to trade around $66/barrel. Copper +2%. Gold is unchanged. Silver +1%;

• Cryptos also up a bit. Bitcoin +1% to $107,500;

• Bonds are selling off a bit. The 10-year yield is up 3 basis points to 4.29% (yields move inversely to prices).