Good morning contrarians! Stock futures are moving higher as bonds sell off ahead of the Fed’s preferred inflation reading, out at 0830.

So it’s hard to see how this reading, the PCE Deflator, will make much of an impact however. It’s dated information and the market has moved on. Of course, the events that seemed so transformative just one week ago have now themselves kind of faded. Indeed we are officially back in bull market territory for tech stocks, this after one year and about three weeks of a bear market:

More on the state of play here: