Thursday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 72.5 +1.25 basis points. 

• China Sovereign CDS 46.5 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 67.22 +.01%.

• FTSE 100 futures -.28%.

• S&P 500 futures -.46%.

• NASDAQ 100 futures -.52%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• (ACN)/1.57
• (MOV)/.55

After the Close:

• (OXM)/1.05
• (PRGS)/.47
• (RH)/2.86

Economic Releases
8:30 am EST

• 4Q GDP is estimated to rise +2.3% versus a prior estimate of a +2.6% gain.
• 4Q Personal Consumption is estimated to rise +2.6% versus a prior estimate of a +2.8% gain.
• 4Q Core PCE is estimated to rise +1.7% versus a +1.7% gain in 3Q.
• Initial Jobless Claims for last week are estimated to fall to 220K versus 221K prior.
• Continuing Claims are estimated to rise to 1778K versus 1750K the prior week.
  

10:00 am EST

• Pending Home Sales MoM for Feb. is estimated to fall -.5% versus a +4.6% gain in Jan.

11:00 am EST

• The Kansas City Fed Manf. Activity Index for March is estimated at 0.0 versus 1.0 in February.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bowman speaking, China Trade Talks, Japan Industrial Production report, Eurozone Industrial Production report, Eurozone CPI report, weekly Bloomberg Consumer Comfort Index, $32B 7Y T-Note auction, EIA natural gas inventory report, Evercore ISI Retail Summit, (FL) investor meeting, (MOS) Analyst Day, (ADSK) Investor Day and the Sidoti Investor Conference could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down 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 50% net long heading into the day.