Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 70.0 -2.0 basis points.

• China Sovereign CDS 42.75 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 60.92 +.01%.
• FTSE 100 futures +.02%.

• S&P 500 futures -.10%.

• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ABC)/1.58
• (BWA)/-.46
• (CVS)/1.91
• (DISCA)/.72
• (ENR)/.59
• (HMC)/-62.20
• (HUM)/6.05
• (MRNA)/-.36
• (ODP)/.08
• (BTU)/-1.28
• (REGN)/5.96
• (SSYS)/-.20
• (TEVA)/.53
• (W)/1.09
• (WEN)/.11
• (WWW)/-.12
  

After the Close:

• (DDD)/-.10
• (ADT)/.29
• (ALB)/.72
• (DOX)/1.05
• (UHAL)/1.78
• (CVNA)/-.79
• (CF)/.60
• (DLPH)/-.89
• (ETSY)/.48
• (FSLY)/-.01
• (HI)/.30
• (JACK)/1.03
• (MRO)/-.64
• (MET)/.91
• (PAAS)/.02
• (PTON)/.10
• (PSA)/2.53
• (RCII)/.60
• (RMD)/1.08
• (RGLD)/.52
• (SQ)/-.05
• (SPWR)/-.39
• (SYNA)/1.07
• (WDC)/1.22
  

Economic Releases

8:15 am EST

• The ADP Employment Change for July is estimated to fall to 1200K versus 2369K in June.

8:30 am EST

• The Trade Balance for June is estimated at -$50.2B in May versus -$54.6B in May.

10:00 am EST

• The ISM Services Index for July is estimated to fall to 55.0 versus 57.1 in June.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,309,300 barrels versus a -10,611,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -534,000 barrels versus a +654,000 barrel gain the prior week. Distillate supplies are estimated to rise by +464,900 barrels versus a +503,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.12% versus a +1.6% gain prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Services PMI report, weekly MBA Mortgage Applications report, Jefferies Industrials Conference, Barclays Building/Building Products Conference and the (COST) July Sales results could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by industrial and financial 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.