Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, Nov. 26. The Bottom Line segment of today’s podcast starts at (5:44) for listeners who want to skip ahead.
State of Play
Stocks advanced yesterday, led by small caps again. Then came news of President-elect Trump’s ‘Day One’ tariffs on Mexico, Canada, and China, that appear to have upended the good cheer a bit. As we eye our board of indicators for signs of direction at 0640, things are quiet for the most part:
Stock index futures are mostly unchanged. Only the Russell 2000, which tracks small small caps, is moving at all from the break-even point and that is lower by 0.5%;
Cryptos are dropping pretty precipitously. Bitcoin is down almost 7% overnight to drop below $92,000. Maybe Bitcoin100k isn’t going to happen after all? (One can hope);
Commodities are moving a bit higher with WTI crude oil up 1% to trade around $69.50/barrel. Copper is unchanged;
Bonds are unchanged. The 2-year yields 4.26% whilst the 10-year yields 4.29%.
(‘Trump Tariffs’ by author via Grok AI)
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