Good morning contrarians! Stock futures are down a bit as of 0630. Major indexes in the U.S. are off about 0.4% to 0.5%. There’s been little movement in Europe and Asia today.
Commodities are rallying, with WTI crude oil up 4% to trade around $107/barrel. Industrial metals tied to Russia and Ukraine (palladium, zinc, aluminium) are up multiple percent again.
Bonds are selling off a bit, with the 2-year yield up 3 basis points to 1.98% whilst the 10-year is up 4bps to 2.18%. Cryptos are flat, with bitcoin down 1% to trade around $41,300.
It’s a relatively quiet week. Speech by Powell at noon today. Nike (
$NKE) earnings after the close. That’s it for today so if there ever was a time for investors to turn their attention back to Ukraine, this would be it.