Monday, April 27, 2020

Tuesday Watch

Evening Headlines
Bloomberg:               
  • Asia Stocks to Follow U.S. Higher; Oil Below $13. Asian stocks looked set for modest gains after U.S. stocks climbed to a six-week high amid moves toward re-opening a number of major economies. Crude oil prices held most of their sharp losses from Monday. Futures pointed higher in Japan, Australia and Hong Kong after the S&P 500 Index closed at its highest since March 10. S&P 500 futures dipped at the open. West Texas oil futures in New York held below $13 a barrel amid a glut of crude and selling by the biggest oil exchange-traded-fund. U.S. and European yields rose, while the dollar sank on Monday. S&P 500 futures fell 0.2% as of 7:01 a.m. in Tokyo. The S&P 500 advanced 1.4% at the close of trade in New York. Nikkei 225 futures rose 0.5%. Australia’s S&P/ASX 200 Index contracts ticked up 0.1%. Hong Kong’s Hang Seng Index futures earlier climbed 0.5%.  
Zero Hedge:
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 123.75 -2.75 basis points.
  • China Sovereign CDS 48.75 -2.5 basis points.
  • Bloomberg Emerging Markets Currency Index 57.74 -.03%.
  • FTSE 100 futures +.47%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures -.02%.
Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:
  • (MMM)/2.01
  • (AB)/.59
  • (BP)/.04
  • (CRI)/.15
  • (CAT)/1.67
  • (GLW)/.19
  • (CMI)/2.18
  • (DHI)/1.10
  • (FLR)/.25
  • (HOG)/.55
  • (MLM)/.54
  • (MRK)/1.34
  • (NVS)/1.38
  • (NUE)/.95
  • (OMC)/1.15
  • (PEP)/1.03
  • (PFE)/.71
  • (PII)/.50
  • (ROK)/1.80
  • (SIRI)/.05
  • (LUV)/-.27
  • (TROW)/1.82
  • (UPS)/1.24
  • (ZBRA)/2.64
After the Close:
  • (AMD)/.18
  • (AKAM)/1.16
  • (GOOG)/10.75
  • (BXP)/1.78
  • (BYD)/.07
  • (CHRW)/.69
  • (CERN)/.70
  • (COHR)/.53
  • (F)/-.06
  • (IRBT)/-.42
  • (JNPR)/.25
  • (KBR)/.37
  • (LSCC)/.14
  • (MXIM)/.56
  • (MDLZ)/.66
  • (SBUX)/.32
  • (WERN)/.35
  • (YUMC)/-.19
Economic Releases
8:30 am EST
  • Advance Goods Trade Balance for March is estimated at -$55.0B versus -$59.9B in Feb.
  • Wholesale Inventories for March is estimated to fall -.4% versus a -.7% decline in Feb.
  • Retail Inventories MoM for March is estimated to rise +.5% versus a -.3% decline in Feb.
9:00 am EST
  • The S&P CoreLogic CS 20-City MoM for Feb. is estimated to rise +.3% versus a +.3% gain in Jan.
10:00 am EST
  • The Conference Board Consumer Confidence Index for April is estimated to fall to 87.9 versus 120.0 in March. 
  • The Richmond Fed Manufacturing Index for April is estimated to fall to -42 versus 2 in March.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Australia CPI report and the weekly US retail sales reports could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by financial 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.

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