Thursday Watch

Night Trading 

• Asian equity indices are -1.75% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 56.5 +3.0 basis points.

• China Sovereign CDS 41.25 +.75 basis point.

• Bloomberg Emerging Markets Currency Index  63.89 +.03%.
• FTSE 100 futures -1.72%.

• S&P 500 futures -.80%.

• NASDAQ 100 futures -.73%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• (PLAN)/-.10
• (BUD)/.81
• (BBY)/2.67
• (CHS)/-.06
• (CROX)/.08
• (DISCA)/.92
• (FSS)/.42
• (FLIR)/.62
• (FRO)/.68
• (JCP)/-.08
• (KDP)/.35
• (NVCR)/.00
• (PDCO)/.37
• (PWR)/.83
• (SAGE)/-3.63
• (SAFM)-1.06
• (TD)/1.69

After the Close:

• (AMC)/.14
• (ADSK)/.90
• (BIDU)/25.85
• (BYND)/.00
• (DELL)/2.00
• (EIX)/.97
• (EOG)/1.19
• (MTZ)/1.26
• (MNST)/.47
• (MYL)/1.28
• (OXY)/-.14
• (TTD)/1.16
• (TDW)/-.27
• (VMW)/2.14
• (WDAY)/.40

Economic Releases 

8:30 am EST

• 4Q GDP is estimated to rise +2.1% versus a prior estimate of a +2.1% gain.
• 4Q Personal Consumption is estimated to rise +1.7% versus a prior estimate of a +1.% gain. 
• 4Q GDP Price Index is estimated to rise +1.4% versus a prior estimate of a +1.4% gain.
• Core PCE QoQ is estimated to rise +1.3% versus a prior estimate of a +1.3% gain.
• Durable Goods Orders for Jan. is estimated to fall -1.5% versus a +2.4% gain in Dec.
• Durables Ex Transports for Jan. is estimated to rise +.2% versus a -.1% decline in Dec.
• Cap Goods Orders Non-Defense Ex-Air for Jan. is estimated to rise +.1% versus a -.8% decline in Dec.
• Initial Jobless Claims for last week are estimated to rise to 212K versus 210K the prior week.
• Continuing Claims are estimated to fall to 1722K versus 1726K prior.
  

10:00 am EST

• Pending Home Sales MoM for Jan. is estimated to rise +3.0% versus a -4.9% decline in Dec.
  

11:00 am EST

• The Kansas City Fed Manufacturing Activity Index for Feb. is estimated at -1 versus -1 in Jan.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Japan jobless rate, Eurozone Consumer Confidence report, weekly MBA Mortgage Applications report, $32B 7Y T-Note auction, weekly Bloomberg Consumer Comfort Index and the (CR) investor day could also impact trading today.

Market Hours

Normal:

• 9:30 am - 4:00 pm EST
  

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