Wednesday Watch

Night Trading 

• Asian equity indices are -2.0% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.5 +3.5 basis points. 

• Asia Pacific Sovereign CDS Index 12.5 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 70.68 +.01%.

• FTSE 100 futures -.16%.

• S&P 500 futures -.17%.

• NASDAQ 100 futures -.30%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• (ADI)/1.37

• (CHS)/.26

• (DKS)/.44

• (DSW)/.37

• (KORS)/.60

• (SHLD)/-1.51

After the Close:

• (GES)/-.23

• (PVH)/2.25

Economic Releases
8:15 am EST

• The ADP Employment Change for May is estimated to fall to 190K versus 204K in April.

8:30 am EST

• Preliminary Wholesale Inventories for April are estimated to rise +.5% versus a +.3% gain in March. 

• The Advance Goods Trade Deficit for April is estimated at -$71.0B versus -$68.3B in March.

• Retail Inventories MoM for April.

2:00 pm EST

• U.S. Federal Reserve Beige Book Report.

Upcoming Splits

• None of note

Other Potential Market Movers

• The EU/US meetings on steel/aluminum tariffs, Euurozone Industrial Confidence report, weekly MBA Mortgage Applications report, weekly US retail sales reports, Citi Regional Tech Conference, Stifel Dental/Vet Conference, Bernstein Decisions Conference, RBC Consumer/Retail Conference, (CA) analyst meeting, Cowen Tech/Media/Telecom Conference and the (TRMB) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the day.