Monday, July 29, 2019

Tuesday Watch

Evening Headlines
  • Asia Stocks Look Mixed; Dollar Pushes Higher. Asian stocks looked set to trade mixed after U.S. equities edged lower with technology giants weighing on benchmarks. The dollar climbed to the highest in almost two months. Futures pointed to modest gains in Japan and Australia, with stocks in Sydney within a whisker of a record high. Hong Kong contracts were flat amid escalating protests in the city, with China warning that unrest had gone “far beyond” peaceful protest. On Wall Street, the S&P 500 Index fell for the second time in three sessions after reaching a record Friday as Amazon Inc., Facebook Inc., Alphabet Inc. and Netflix Inc. all slid. Treasuries were little changed. Nikkei 225 futures rose 0.2% in Singapore. Australia’s S&P/ASX 200 Index contracts gained 0.5%. Hong Kong’s Hang Seng Index futures were little changed.  
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 58.25 +.75 basis point.
  • China Sovereign CDS 39.75 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index  67.30 unch.
  • S&P 500 futures +.13%.
  • NASDAQ 100 futures +.18%.
Morning Preview Links 

Earnings of Note 
Before the Open:
  • (AGCO)/1.59
  • (MO)/1.10
  • (COP)/1.04
  • (GLW)/.45
  • (CMI)/4.44
  • (DHI)/1.05
  • (ETN)/1.51
  • (LLY)/1.45
  • (FDP)/.66
  • (GRUB)/.30
  • (HCA)/2.47
  • (IR)/2.06
  • (LGND)/.55
  • (MLM)/3.12
  • (MA)/1.83
  • (MRK)/1.16
  • (PG)/1.05
  • (RL)/1.66
  • (R)/1.40
  • (SNE)/89.80
  • (UAA)/-.05
After the Close:
  • (AMD)/.08
  • (AAPL)/2.10
  • (BYD)/.47
  • (CHRW)/1.22
  • (COHR)/1.34
  • (EA)/.01
  • (GILD)/1.71
  • (MXIM)/.57
  • (MSTR)/.21
  • (MDLZ)/.57
  • (TRUP)/.01
  • (YUMC)/.38
  • (ZEN)/.05
Economic Releases
8:30 am EST
  • Personal Income for June is estimated to rise +.4% versus a +.5% gain in May.
  • Personal Spending for June is estimated to rise +.3% versus a +.4% gain in May.
  • The PCE Core MoM for June is estimated to rise +.2% versus a +.2% gain in May.
9:00 am EST
  • The S&P CoreLogic CS 20-City MoM for May is estimated to rise +.2% versus unch. in April.
10:00 am EST
  • Pending Home Sales MoM for June is estimated to rise +.5% versus a +1.1% gain in May.
  • Conference Board Consumer Confidence for July is estimated to rise to 125.0 versus 121.5 in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German CPI report, Eurozone Consumer Confidence report, weekly US retail sales reports, Democratic Presidential Debate and the Keefe Bruyette Woods Community Bank Conference could also impact trading today.
BOTTOM LINE: Asian indices are modestly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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