Thursday Watch

Night Trading 

• Asian equity indices are -1.0% to -.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 83.5 -.75 basis point. 
• Asia Pacific Sovereign CDS Index 13.0 +1.25 basis points
• Bloomberg Emerging Markets Currency Index 65.11 +.03%.
• FTSE 100 futures -.01%.
• S&P 500 futures -.12%.
• NASDAQ 100 futures -.13%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• (BKS)/-.10
• (DCI)/.58
• (GIII)/.03
• (JW/A)/.50
• (LE)/-.04
• (NAV)/.91

After the Close:

• (AVGO)/4.82
• (FNSR)/.12
• (FIVE)/.38
• (GME)/.07
• (KFY)/.71
• (MRVL)/.35
• (PANW)/1.17
• (OKTA)/-.19
• (NX)/.32
• (ZUMZ)/.14

Economic Releases 
7:30 am EST

• Challenger Jobs Report YoY for August.

8:15 am EST

• The ADP Employment Change for August is estimated to fall to 200K versus 219K in July.

8:30 am EST

• Initial Jobless Claims for last week are estimated at 213K versus 213K the prior week.
• Continuing Claims are estimated to rise to 1720K versus 1708K prior.

10:00 am EST

• The ISM Non-Manufacturing Index for August is estimated to rise to 56.8 versus 55.7 in July. 
• Factory Orders for July are estimated to fall -.6% versus a +.7% gain in June.

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,382,000 barrels versus a -2,566,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,372,420 barrels versus a -1,554,000 barrel decline the prior week. Distillate inventories are estimated to rise by +117,5000 barrels versus a -837,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.34% versus a -1.8% decline prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Williams speaking, German Factory Orders Conference, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, Morgan Stanley Industrials Conference, Goldman Fintech Conference, Wells Fargo Healthcare Conference, BofA Merrill Media/Communications/Entertainment Conference and the (NTGR) analyst day could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.