Friday Watch

Night Trading 

• Asian equity indices are unch. to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 141.75 -1.0 basis point. 
• Asia Pacific Sovereign CDS Index 52.75 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 70.59 +.01%. 
• S&P 500 futures -.04%. 
• NASDAQ 100 futures -.10%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• None of note

Economic Releases 
8:30 am EST

• The Trade Deficit for April is estimated to widen to -$41.0B versus -$40.4B in March.
• The Change in Non-Farm Payrolls for May is estimated at 160K versus 160K in April. 
• The Unemployment Rate for May is estimated to fall to 4.9% versus 5.0% in April.
• Average Hourly Earnings MoM for May are estimated to rise +.2% versus a +.3% gain in April.

9:45 am EST

• The Final Markit US Services PMI for May is estimated to rise to 51.4 versus a prior estimate of 51.2.
  

10:00 am EST

• The ISM Non-Manufacturing Composite for May is estimated to fall to 55.3 versus 55.7 in April.
• Factory Orders for April are estimated to rise +1.9% versus a +1.1% gain in March.
  

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Evans speaking, Fed's Brainard speaking, Eurozone Services PMI, 2016 ASCO and the (RGLD) investor day 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 mixed and to strengthen into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.