Good morning contrarians! Stock futures are up a bit after renewed selling yesterday. Tech stocks once again saw the worst of it with the Nasdaq giving up 2%+ whilst the S&P 500 was down about 1%.
As of 0635 this morning, tech is now looking to lead a rebound, with the Nasdaq up 0.5%. Other U.S. indexes are up a little less. Among individual stocks, HP (HPQ) is rallying 15% on news that Warren Buffett (note correct spelling) took a stake in the company. Shell (SHEL) is dropping after saying it will take a $5 billion accounting hit from its decision to exit Russian operations.
Bonds are seeing some bids as well, with the yield on the 2-year down about 7 basis points to trade around 2.44%. The 10-year yield is off about 3bps to 2.58%. So further away from an inverted yield curve.
Today we have initial jobless claims at 0830, consumer credit at 1500, and Fed speakers sprinkled throughout the day. Also a couple of earnings:
$CAG,
$STZ,
$LW,
$WDFC