Thursday Watch

Night Trading 

• Asian equity indices are -.5%  to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.25 -1.0 basis point.

• China Sovereign CDS 42.75 unch.

• Bloomberg Emerging Markets Currency Index 61.42 unch.
• FTSE 100 futures +.05%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures +.24%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (APD)/1.98
• (ALK)/-3.88
• (AB)/.61
• (ADS)/1.20
• (AAL)/-7.75
• (T)/.80
• (AN)/.27
• (BX)/.44
• (CTAS)/1.22
• (CTXS)/1.23
• (DHR)/1.09
• (DOW)/-.25
• (FITB)/.21
• (FCX)/-.02
• (HSY)/1.13
• (KMB)/1.77
• (NUE)/.14
• (PTEN)/-.58
• (POOL)/3.15
• (PHM)/.86
• (DGX)/1.25
• (RS)/.40
• (RCL)/-4.55
• (LUV)/-2.74
• (STM)/.04
• (TSCO)/2.61
• (TRV)/-.20
• (TWTR)/-.01
• (UNP)/1.56

After the Close:

• (OZK)/.38
• (BJRI)/-1.98
• (SAM)/2.42
• (ETFC)/.76 
• (EW)/.19
• (FE)/.54
• (IEX)/1.00
• (INTC)/1.11
• (LYV)/-2.10
• (LOGM)/1.23
• (MANH)/.34
• (MAT)/-.34
• (RHI)/.37
• (SGMS)/-1.89
• (SWKS)/1.14
• (AUY)/.03

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated at 1300K versus 1300K the prior week.
• Continuing Claims are estimated to fall to 17100K versus 17338K prior.
  

10:00 am EST

• The Leading Index for June is estimated to rise +2.1% versus a +2.8% gain in May.

11:00 am EST

• The Kansas City Fed Manufacturing Activity Index for July is estimated to rise to 5 versus 1 in June. 
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Germany Consumer Confidence report, Bloomberg Economic Expectations Index for July, weekly EIA natural gas inventory report and the weekly Bloomberg Consumer Comfort Index 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 industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.