Monday, April 13, 2020

Tuesday Watch

Evening Headlines
Bloomberg:             
  • Stocks Trade Mixed Ahead of Earnings Season. Global stocks traded mixed Tuesday ahead of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the world economy. Stocks saw modest gains in Japan and South Korea. Australian shares reversed early losses after reopening from a holiday. U.S. futures fluctuated after the S&P 500 Index retreated overnight. Treasury yields edged lower and the dollar was little changed. The yen advanced with the Australian dollar. S&P 500 futures fell 0.1% as of 9:52 a.m. in Tokyo. The S&P 500 declined 1% Monday. Japan’s Topix Index rose 0.4%. Korea’s Kospi Index rose 1%. Australia’s S&P/ASX 200 rose 0.7%.    
Wall Street Journal:
CNBC.com:
Zero Hedge:
Night Trading 
  • Asian equity indices are +.75% to +1.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 118.75 -15.75 basis points.
  • China Sovereign CDS 40.25 unch.
  • Bloomberg Emerging Markets Currency Index 59.02 +.08%.
  • Euro Stoxx 50 futures +.60%.
  • S&P 500 futures +.35%.
  • NASDAQ 100 futures +.5%.
Morning Preview Links

Earnings of Note 
Company/Estimate
Before the Open:
  • (CONN)/.35
  • (FAST)/.34
  • (INFY)/10.04
  • (JNJ)/1.96
  • (JPM)/1.88
  • (WFC)/.41
After the Close:
  • (JBHT)/1.01
  • (UAL)/-2.68
Economic Releases
8:30 am EST
  • The Import Price Index MoM for March is estimated to fall -3.2% versus a -.5% decline in Feb.
  • The Export Price Index MoM for March is estimated to fall -1.9% versus a -1.1% decline in Feb.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Evans speaking, weekly US retail sales reports, Needham Virtual Healthcare Conference and the (MRNA) vaccine 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 consumer staple shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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