Wednesday Watch

Night Trading 

• Asian equity indices are -.5%  to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.0 +.25 basis point.

• China Sovereign CDS 44.25 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 61.33 -.03%.
• FTSE 100 futures -.27%.

• S&P 500 futures +.05%.

• NASDAQ 100 futures +.09%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (AAN)/.82
• (ADP)/.96
• (BA)/-2.63
• (BSX)/-.02
• (BCO)/-.12
• (BG)/1.31
• (CME)/1.64
• (DISH)/.57
• (ETN)/.53
• (FSS)/.31
• (FDP)/.63
• (GD)/2.17
• (GE)/-.09
• (GM)/-1.76
• (HES)/-1.12
• (LHX)/2.58
• (NSC)/1.36
• (OC)/.28
• (R)/-1.31
• (SMG)/3.43
• (SHOP)/.01
• (SPOT)/-.36 
• (TROW)/2.03
• (UTHR)/3.28
• (WING)/.29

After the Close:

• (AEM)/.17
• (NLY)/.22
• (APA)/-1.01
• (ADM)/.51
• (AVB)/2.27
• (CERN)/.61
• (CAKE)/-1.10
• (CGNX)/.11
• (CTSH)/.69
• (CCI)/1.43
• (KLIC)/.15
• (LRCX)/3.91
• (ORLY)/4.10
• (PYPL)/.88
• (PPC)/.12
• (QCOM)/.71
• (RJF)/.97
• (NOW)/1.02
• (SFM)/.38
• (RGR)/1.23
• (TDOC)/-.22
• (URI)/1.93
• (WERN)/.40
• (YUMC)/.23

Economic Releases

8:30 am EST

• Advance Goods Trade Balance for June is estimated at -$75.4B versus -$74.3B in May.
• Wholesale Inventories MoM for June is estimated to fall -.5% versus a -1.2% decline in May. 
• Retail Inventories MoM for June is estimated to fall -2.7% versus a -6.1% decline in May.
  

10:00 am EST

• Pending Home Sales MoM for June is estimated to rise +15.0% versus a +44.3% gain in May.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -171,270 barrels versus a +4,892,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,195,640 barrels versus a -1,802,000 barrel decline the prior week. Distillate inventories are estimated to rise by +533,820 barrels versus a +1,074,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.37% versus a -.2% decline prior.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds Rate at .00%-.25%.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The FOMC press conference, House Hearing on Internet Platforms, UK Housing Data report and the weekly MBA Mortgage Applications report 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 mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.