Thursday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 76.75 +1.25 basis points. 

• Asia Pacific Sovereign CDS Index 12.5 unch.

• Bloomberg Emerging Markets Currency Index 71.21 -.02%.

• FTSE 100 futures +.37%.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AEO)/.22

• (BURL)/1.09

• (CIEN)/.30

• (DG)/1.39

• (DLTR)/1.23

• (DCI)/.52

• (PERY)/.69

• (SHLD)/-1.51

• (TECD)/1.47

After the Close:

• (COST)/1.68

• (GME)/1.37

• (LULU)/.46

• (ULTA)/2.48

• (VMW)/1.15

• (WDAY)/.26

Economic Releases
7:30 am EST

• Challenger Job Cuts YoY for May. 

8:30 am EST

• Personal Income for April is estimated to rise +.3% versus a +.3% gain in March.

• Personal Spending for April is estimated to rise +.4% versus a +.4% gain in March. 

• The PCE Core MoM for April is estimated to rise +.1% versus a +.2% gain in March.

• Initial Jobless Claims for last week are estimated to fall to 228K versus 234K the prior week.

• Continuing Claims are estimated to fall to 1733K versus 1741K the prior week.

9:45 am EST

• Chicago Purchasing Manager for May is estimated to rise to 58.3 versus 57.6 in April.

10:00 am EST

• Pending Home Sales MoM for April is estimated to rise +.4% versus a +.4% gain in March.
  

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -137,200 barrels versus a +5,778,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -870,800 barrels versus a +1,883,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,192,300 barrels versus a -951,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.74% versus a +.7% gain prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The China PMI report, Eurozone CPI report, weekly Bloomberg Consumer Comfort Index, RBC Auto Tech: Connected/Autonomous/Shared/Electric Conference, Keefe Bruyette Woods Mortgage Finance/Asset Mgmt Conference, Ladenburg Thalmann Tech Forum and the (UNP) investor day 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 modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.