Thursday, March 04, 2021

Friday Watch

Night Trading 
  • Asian equity indices are -1.5% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 61.25 +1.75 basis points.
  • China Sovereign CDS 32.75 +1.0 basis point.
  • Bloomberg Emerging Markets Currency Index 61.09 -.12%.
  • Bloomberg Global Risk-On/Risk Off Index 2,290.0 -49.0 points.
  • Volatility Index(VIX) futures 29.15 +.74%.
  • FTSE 100 futures -1.10%.
  • S&P 500 futures -.58%.
  • NASDAQ 100 futures -.74%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BIG)/2.50
  • (GSX)/-2.49
  • (HIBB)/1.37
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Change in Non-Farm Payrolls for Feb. is estimated at 198K versus 49K in Jan. 
  • The Unemployment Rate for Feb. is estimated at 6.3% versus 6.3% in Jan.
  • Average Hourly Earnings MoM for Feb. is estimated to rise +.2% versus a +.2% gain in Jan.
  • The Trade Balance for Jan. is estimated at -$67.5B versus -$66.6B in Dec.
10:00 am EST
  • Consumer Credit for Jan. is estimated at $12.0B versus $9.734B in Dec.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German Factory Orders report, Bloomberg US Economic Survey for March and the (VG) investor day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are lower, weighed down by technology and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.