Thursday Watch

Night Trading 

• Asian equity indices are -.75% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 113.0 -.25 basis point.
• Asia Pacific Sovereign CDS Index 38.25 -3.75 basis points.
• Bloomberg Emerging Markets Currency Index 72.25 -.04%. 
• S&P 500 futures +.10%. 
• NASDAQ 100 futures +.09%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (CPB)/.50
• (CIEN)/.38
• (GCO)/.27
• (JOY)/.12
• (LE)/-.02
• (LULU)/.38
• (VRA)/.13
• (AMBA)/.38
• (AVGO)/2.76
• (COO)/2.29
• (SWHC)/.54
• (PAY)/.40  

Economic Releases  
7:30 am

• Challenger Job Cuts YoY for August. 

8:30 am EST

• Final 2Q Non-Farm Productivity is estimated to fall -.6% versus a -.5% decline in 1Q.
• Final 2Q Unit Labor Costs are estimated to rise +2.1% versus a +2.0% gain in 1Q.
• Initial Jobless Claims are estimated to rise to 265K versus 261K the prior week.
• Continuing Claims are estimated to fall to 2143K versus 2145K prior.   

9:45 am EST

• Final Markit US Manufacturing PMI for August is estimated at 52.1 versus a prior estimate of 52.1.

10:00 am EST

• Construction Spending MoM for July is estimated to rise +.5% versus a -.6% decline in June.
• ISM Manufacturing for August is estimated to fall to 52.0 versus 52.6 in July.
• ISM Prices Paid for August is estimated to fall to 54.8 versus 55.0 in July. 

Afternoon:

• Total Vehicle Sales for August are estimated to fall to 17.2M versus 17.77M in July.
  

Upcoming Splits 

• (CHD) 2-for-1

Other Potential Market Movers

• The Fed's Mester speaking, Eurozone PMI report, weekly EIA natural gas inventory report, (LB) August sales report and the (F) sales call could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology 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 50% net long heading into the day.