Good morning contrarians! Stock futures are up a bit after another day of gains which saw tech stocks continue their rebound. The Nasdaq was up 1.3% yesterday to lead major indexes in the U.S.

As of 0630, small caps are leading things with the Russell 2000 up 0.7%. Dow Industrials, S&P 500, and Nasdaq are up about 0.3%. European indexes are seeing strong gains with the CAC in Paris up 2%.

Bonds are continuing to sell off, with the yield on the 2-year up 4 basis points to 2.43%. The 10-year yield is up 3bps to 2.51%.

The bounce in small caps and continued selling in bonds tells us today could be another day of risk-on. This would be the fourth straight day of gains for the S&P.

You may be hearing about yield curve inversion. The 5-year yield rose past the 30-year yesterday, the first time this has happened since 2006. But a lot of that is just media angling for attention as the 2-year/10-year spread remains the more important metric. That spread is narrowing but is not yet inverted.

JOLTS and consumer confidence at 1000. Case/Shiller home prices at 0900. $MKC reports before the open at 0930. $LULU, $CHWY, $MU, and $RH after the close at 1600.

Don’t forget about Russia-Ukraine too. Meetings between the two sides start today in Turkey, but it’s been awhile since the conflict moved markets.