Tuesday, September 03, 2019

Wednesday Watch

Evening Headlines
  • Asia Stocks to Dip Amid Trade Woes, Weak Data. Asian stocks were set for a cautious start Wednesday after declines in U.S. equities and Treasury yields following a weak American manufacturing report and amid an impasse in the trade war. Futures pointed lower in Japan and Australia, while Hong Kong contracts were flat. Technology shares underperformed after Huawei Technologies accused the U.S. government of harassing workers and attacking its internal network. The 10-year Treasury yield slid and the dollar dropped. Futures on the S&P 500 Index were flat. The underlying gauge sank 0.7% on Tuesday. Futures on Japan’s Nikkei 225 fell 0.3%. Hang Seng futures earlier closed flat. Futures on Australia’s S&P/ASX 200 Index dipped 0.6%.  
Night Trading 
  • Asian equity indices are -.5% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.25 -.25 basis point.
  • China Sovereign CDS 46.0 unch.
  • Bloomberg Emerging Markets Currency Index  64.897 +.04%.
  • FTSE 100 futures n/a.
  • S&P 500 futures unch.
  • NASDAQ 100 futures +.08%.
Morning Preview Links 

Earnings of Note 

Before the Open:
  • (AEO)/.32
  • (MIK)/.14
  • (NAV)/1.22
  • (VRA)/.27
After the Close:
  • (HOME)/.15
  • (AVAV)/N/A
  • (CPRT)/.57
  • (PANW)/1.42
  • (PVTL)/-.03
  • (VRNT)/.80
Economic Releases
8:30 am EST
  • The Trade Deficit for July is estimated at -$53.4B versus -$55.2B in June.
2:00 pm EST
  • US Fed Beige Book.
  • Wards Total Vehicle Sales for August is estimated to fall to 16.8M versus 16.82M in July.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bowman speaking, Eurozone PMI report, China Services PMI report, weekly US retail sales reports, weekly MBA Mortgage Applications report, Wells Fargo Healthcare Conference, DA Davidson Tech Conference, Cowen Transport Conference, Keefe/Bruyette/Woods Insurance Conference, Citi Tech Conference, Robert Baird Healthcare Conference,  Citi Biotech Conference, Goldman Retailing Conference, could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer 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.


AL said...


Are you long ILMN?

Thanks, AL

JC said...

Thank you for your hard work. Haven't commented in a while but check into your page every day.

Gary said...

Good to hear from you guys. No I am not currently long ILMN. I still like it intermediate-term(until the next recession starts to hit), once the back up in rates subsides. Thanks JC. Have a great weekend...thanks for reading!