Good morning contrarians! Stock futures are down a bit as cryptos continue their quiet descent…

Initial jobless claims at 0830. $JD just beat on top- and bottom line estimates. $BBW and $BJ up next. $GPS and $DOCU after the close.

On the topic of cryptos, Michael Barr, the Fed Vice Chair for Supervision, is due to speak on cryptocurrencies at 1000. The question isn’t whether he will say anything that is a net negative for cryptos, but whether it will matter at all for the price of cryptos, which have showed themselves to be quite resilient to bad news. Far more resilient than many had predicted. (Remember that when you hate on cryptos and crypto bros. Which doesn’t mean they aren’t hateful AF, but their beloved asset class has held up okay since the FTX saga)

More in today’s briefing/podcast available to premium subscribers: