Monday, March 23, 2020

Tuesday Watch

Evening Headlines
Bloomberg:      
Wall Street Journal:
CNBC.com:
Night Trading 
  • Asian equity indices are +2.0% to +3.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 213.0 +15.5 basis points.
  • China Sovereign CDS 71.75 +1.75 basis points.
  • Bloomberg Emerging Markets Currency Index  57.67 +.18%.
  • Euro Stoxx 50 futures +2.54%.
  • S&P 500 futures +1.4%.
  • NASDAQ 100 futures +1.27%.
Morning Preview Links

Earnings of Note 
Company/Estimate
Before the Open:
  • (CCL)/.31
  • (FLR)/.22 
After the Close:
  • (AIR)/.64
  • (HOME)/.37
  • (NKE)/.56
  • (SCS)/.32
Economic Releases 
9:45 am EST
  • Preliminary Markit US Manufacturing PMI for March is estimated to fall to 43.5 versus 50.7 in Feb.
  • Preliminary US Services PMI for March is estimated to fall to 42.0 versus 49.4 in Feb.
10:00 am EST
  • Richmond Fed Manufacturing Index for March is estimated to fall to -15 versus -2 in Feb.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, weekly US retail sales reports, Georgia Democratic Primary, Barclays Leisure/Transport Conference, (ADS) conference call, (NVDA) investor call, (COTT) investor day and the (SQ) investor day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are higher, boosted by technology and healthcare shares in the region. I expect US stocks to open higher and to weaken into the afternoon, finishing mixed. The Portfolio is 25% net long heading into the day.

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