Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Wednesday, Feb. 7, 2024. The Bottom Line segment of today’s podcast starts at (3:57) for listeners who want to skip ahead.
State of Play
Stocks eked out gains yesterday after a slow start on the back of earnings. After the close, Ford Motor Co (F 0.00%↑) and Chipotle (CMG 0.00%↑) earnings crushed estimates while the news was less good for Snap (SNAP 0.00%↑), whose earnings disappointed leaving the stock down some 30%. As we look at our board of indicators at 0630, all is pretty quiet:
Stock index futures are unchanged with the exception of small caps. The Russell 2000 is down 0.5%;
Commodities aren’t doing much. WTI crude oil is up 0.5% to trade close to $74/barrel whilst copper is down 0.4%;
Bonds are unchanged. The 2-year yields 4.42%. The 10-year yield is 4.12%.
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