Wednesday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 76.0 +1.5 basis points.

• China Sovereign CDS 54.5 +2.0 basis points.

• Bloomberg Emerging Markets Currency Index 65.59 -.03%.

• S&P 500 futures -.29%.

• NASDAQ 100 futures -.49%.

Morning Preview Links 

Earnings of Note 
Company/Estimate

Before the Open:

• (ANF)/-.43

• (BMO)/2.33

• (GOOS)/.05

• (DKS)/.59 

After the Close:

• (GES)/-.26

• (KEYS)/.99

• (PANW)/1.25

• (PVH)/2.45

• (SMTC)/.33

• (VRNT)/.62

Economic Releases
10:00 am EST

• The Richmond Fed Manufacturing Index for May is estimated to rise to 7.0 versus 3.0 in April.
  

Upcoming Splits

• (FFIN) 2-for-1

Other Potential Market Movers

• The French GDP report, $32B 7Y T-Note auction, weekly MBA Mortgage Applications report, US weekly retail sales reports, Raymond James Defense/Govt Services Conference, Cowen Tech/Media/Telecom Conference and the (PBI) investor day  could also impact trading today.

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