Thursday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 90.75 unch. 
• Asia Pacific Sovereign CDS Index 19.75 +.5 basis point.
• Bloomberg Emerging Markets Currency Index 73.17 -.01%.
• S&P 500 futures +.07%.
• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (CIEN)/.37
• (DG)/1.00
• (MBLY)/.24
• (TECD)/1.33
• (ACGO)/3.50
• (COO)/2.25
• (LULU)/.28
• (RH)/.05
• (VMW)/.95
• (WDAY)/.16
• (ZUMZ)/-.21

Economic Releases 

7:30 am 

• Challenger Job Cuts YoY for May.

8:15 am EST

• The ADP Employment Change for May is estimated to rise to 180K versus 177K in April.
  

8:30 am EST

• Initial Jobless Claims are estimated to rise to 238K versus 234K the prior week.
• Continuing Claims are estimated to fall to 1920K versus 1923K prior.
  

10:00 am EST

• ISM Manufacturing for May is estimated to fall to 54.6 versus 54.8 in April.
• ISM Prices Paid for May is estimated to fall to 67.0 versus 68.5 in April. 
• Construction Spending MoM for April is estimated to rise +.5% versus a -.2% decline in March.
  

Afternoon:

• Wards Total Vehicle Sales for May are estimated to rise to 16.9M versus 16.81M in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell speaking, Eurozone Manufacturing PMI report, weekly Bloomberg Consumer Comfort Index, Keefe Bruyette Woods Asset Management Conference, (F) Sales Call, (SKX) annual meeting, (FEYE) annual meeting and the (BKE)/(CATO)/(FRED)/(LB) monthly results could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by technology 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 75% net long heading into the day.