Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 141.0 -1.0 basis point. 
• Asia Pacific Sovereign CDS Index 53.0 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 70.98 -.01%. 
• S&P 500 futures -.02%. 
• NASDAQ 100 futures unch.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BIG)/.70
• (JASO)/.31
• (JKS)/1.07

Economic Releases 
8:30 am EST

• 1Q GDP is estimated to rise +.9% versus a prior estimate of a +.5% gain.
• 1Q Personal Consumption is estimated to rise +2.1% versus a prior estimate of a +1.9% gain.
• 1Q GDP Price Index is estimated to rise +.7% versus a prior estimate of a +.7% gain.
• 1Q Core PCE QoQ is estimated to rise +2.1% versus a prior estimate of a +2.1% gain. 

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for May is estimated to fall to 95.4 versus a prior estimate of 95.8. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Yellen speaking could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.