Thursday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 142.75 +1.25 basis points. 
• Asia Pacific Sovereign CDS Index 53.0 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 70.56 +.04%. 
• S&P 500 futures -.18%. 
• NASDAQ 100 futures -.21%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (AMWD)/.87
• (CIEN)/.27
• (DCI)/.39
• (HOV)/.03
• (JOY)/-.01
• (AVGO)/2.38
• (COO)/1.92 
• (ZUMZ)/-.11

Economic Releases 
7:30 am EST

• Challenger Job Cuts YoY for May. 

8:15 am EST

• The ADP Employment Change for May is estimated to rise to 173K versus 156K in April. 

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 270K versus 268K the prior week.
• Continuing Claims are estimated to fall to 2150K versus 2163K prior. 

9:45 am EST

• The ISM New York for May.
  

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,657,100 barrels versus a -4,226,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -498,800 barrels versus a +2,043,000 barrel gain prior. Distillate supplies are estimated to fall by -964,100 barrels versus a -1,284,000 barrel decline prior. Finally, Refinery Utilization is estimated to rise +.7% versus a -.8% decline prior.
  

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Powell speaking, Fed's Dudley speaking, Fed's Kaplan speaking, OPEC meeting, ECB rate decision, ECB press conference, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (AZPN) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.