Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Wednesday, June 28.
State of Play
Yesterday saw a nice rally on Wall Street, led by tech. The Nasdaq (QQQ 0.00%↑) gained 1.7% on the day, reversing losses from Monday and last week. As of 0620 this morning all is pretty quiet:
Stock index futures are flat with the exception of the Nasdaq, which is down 0.4%;
Commodities aren’t doing much. WTI crude oil is up <1% to trade around $68/barrel and copper is down <1%;
Bonds are unchanged. The 2-year yields 4.75%. The 10-year 3.75%.
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