Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets in the day ahead. Today is Thursday, Nov. 16. The Bottom Line segment of today’s podcast starts at (3:54) for listeners who want to skip ahead.
State of Play
Stocks gained yesterday but closed off of the highs, this after encouraging data from producer prices helped momentum early in the day. After the close, disappointing earnings from Cisco (CSCO 0.00%↑), Palo Alto Networks (PANW 0.00%↑), and Burberry weighed on sentiment. As of 0615 all is pretty quiet:
Stock index futures are unchanged with no major index moving more than 0.2% from the break-even point;
Commodities aren’t doing anything either. Copper is up 0.4%. WTI crude oil is unchanged at $76.60/barrel;
Cryptos have resumed their rally, with Bitcoin up 4% to trade around $37,400;
Bonds are seeing a few bids after selling off yesterday. The 2-year yield is down 3 basis points to 4.89% whilst the 10-year yield is down 4bps to 4.50% (yields move inversely to prices).
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