Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 112.0 -1.25 basis points.
• Asia Pacific Sovereign CDS Index 32.25 unch.
• Bloomberg Emerging Markets Currency Index 71.14 -.03%. 
• S&P 500 futures -.19%. 
• NASDAQ 100 futures -.16%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AN)/.95
• (CLX)/1.22
• (HSY)/1.08
• (HMC)/60.41
• (LYB)/2.20
• (PSX)/.46
• (TUES)/.38
• (WY)/.16 

Economic Releases
8:30 am EST

• The Change in Non-Farm Payrolls for January is estimated to rise to 175K versus 156K in December.
• The Unemployment Rate for January is estimated at 4.7% versus 4.7% in December.
• Average Hourly Earnings MoM for January is estimated to rise +.3% versus +.4% gain in December. 
  

10:00 am EST

• The ISM Non-Manufacturing Composite for January is estimated to fall to 57.0 versus 57.2 in December.
• Factory Orders for December are estimated to rise +.7% versus a -2.4% decline in November. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Evans speaking, Eurozone Services PMI report and President Trump's meeting with business execs(BX)/(JPM)/(DIS)/(IBM) could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by commodity and financial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.