Tuesday, March 03, 2020

Wednesday Watch

Night Trading 
  • Asian equity indices are -1.0% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 68.75 +3.5 basis points.
  • China Sovereign CDS 48.5 +4.75 basis points.
  • Bloomberg Emerging Markets Currency Index  64.08 +.08%.
  • FTSE 100 futures -.35%.
  • S&P 500 futures +.60%.
  • NASDAQ 100 futures +.75%.

Earnings of Note 
Company/Estimate
Before the Open:
  • (ANF)/1.23
  • (BF/B)/.50
  • (CPB)/.66
  • (DLTR)/1.75
  • (JW/A)/.54
  • (NAV)/-.24
  • (PLCE)/1.57 
After the Close:
  • (AEO)/.36
  • (MRVL)/.16
  • (SPLK)/.97
  • (ZM)/.07
Economic Releases 
8:15 am EST
  • The ADP Employment Change for Feb. is estimated to fall to 170K versus 291K in Jan.
10:00 am EST
  • The ISM Non-Manufacturing Index for Feb. is estimated to fall to 54.9 versus 55.5 in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,865,830 barrels versus a +452,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,079,180 barrels versus a -2,691,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,887,730 barrels versus a -2,115,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.37% versus a -1.5% decline prior.
2:00 pm EST
  • US Fed Beige Book report.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Services PMI report, weekly MBA Mortgage Applications report, UBS Consumer/Retail Conference, Morgan Stanley Energy/Power Conference, (JCOM) analyst day, (ZEN) investor day and the (GE) investor call 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 mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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