Wednesday, March 29, 2017

Thursday Watch

Evening Headlines
  • Seattle Sues Trump Administration Over Sanctuary Cities Order. The city of Seattle sued the Trump administration over the president’s executive order that calls for cutting federal funding for so-called sanctuary cities and other jurisdictions that protect undocumented immigrants. Seattle’s mayor contends Trump’s threat to withhold funding for local governments that don’t cooperate with his immigration crackdown is unconstitutional in a complaint filed Wednesday.
Wall Street Journal:
Night Trading 
  • Asian equity indices are unch. to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 94.5 -.75 basis point. 
  • Asia Pacific Sovereign CDS Index 21.25 unch.
  • Bloomberg Emerging Markets Currency Index 72.26 -.07%. 
  • S&P 500 futures +.14%. 
  • NASDAQ 100 futures +.17%.
Morning Preview Links

Earnings of Note

  • (LNN)/.37
  • (PRGO)/1.78
  • (TITN)/-.21
Economic Releases
8:30 am EST 
  • 4Q GDP is estimated to rise +2.0% versus a prior estimate of a +1.9% gain.
  • 4Q Personal Consumption is estimated to rise +3.0% versus a prior estimate of a +3.0% gain.
  • 4Q GDP Price Index is estimated to rise +2.0% versus a prior estimate of a +2.0% gain.
  • 4Q Core PCE is estimated to rise +1.2% versus a prior estimate of a +1.2% gain.  
  • Initial Jobless Claims are estimated to fall to 247K versus 261K the prior week.
  • Continuing Claims are estimated to rise to 2031K versus 1990K prior. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Williams speaking, Fed's Kaplan speaking, Eurozone Industrial Production report, Japan CPI report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (MTH) analyst day and the (VFC) investor day could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, weighed down by consumer and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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