Thursday Watch

Evening Headlines

Bloomberg:                   

• Australia Housing Boom Builds as Prices Soar Most Since 1988.  
• Asia Stocks to Track U.S. Higher on Biden Plan: Markets Wrap.
• Five Things You Need to Know to Start Your Day.
• Biden’s Trillions, 60s-Era Global Growth, RBA Reprieve: Eco Day
• Biden Aims to End Corporate Tax Cuts Rewarding Investors.
• For Climate Progressives, Biden’s $2.25 Trillion Isn’t Enough.   
• Oil Sector Gets Surprise Boost in Biden Plan (It’s the Asphalt)
• Houston Hospital Is First Among Peers to Require Staff Vaccines.
• More-Contagious B.1.1.7 Covid Strain Hits 26% of U.S. New Cases.  
• SEC Opens Probe Into Archegos Trades That Triggered Rout.  
• Musk Doubles Hiring Goal to 10,000 at Tesla’s Austin Factory.  
• Yellen Signals Scrutinizing Hedge Funds a Renewed FSOC Focus.

Wall Street Journal:

• Shoppers Start to See Effect of Higher Commodity Costs.
• Family Offices Like Archegos Take Big Risks Like Hedge Funds.
• Here Come the Biden Taxes.
• Who’s Coming to Huawei’s Support? Its Biggest European Competitor.
• Cardboard Boxes Have Never Been in More Demand.
• Chinese Officials Celebrate Social-Media Attacks on H&M.
  

Fox News:   

• WATCH: Disturbing video shows smugglers dropping kids over fence at the border.
• Migrants stream through gaps in border wall following Biden's order to halt construction.
• 'Cartels have turned into travel agents' for migrants trying to enter US: GOP Rep. Tony Gonzales.
  

CNBC.com:

• Stocks making the biggest moves after the bell: QuantumScape, Micron, Guess.
• Microsoft wins Army contract for augmented reality headsets, worth up to $21.9 billion over 10 years.
• Biden unveils his $2 trillion infrastructure plan – here are the details. 
• Ford slashes vehicle production at six plants in North America due to chip shortage.

MarketWatch.com: 

• These infrastructure stocks could rise up to 41% in a year on Biden’s massive spending plan, analysts say.
• Cathie Wood’s Ark Innovation ‘ill-prepared to grapple with a major plot twist’ in stock market, warns Morningstar analyst.  
• These are the stocks for playing Biden’s infrastructure push, analysts say.  
• Biden infrastructure plan includes pitch for electric vehicle rebates — Tesla, GM, Nikola shares gain.

Zero Hedge:

• US Army Raises Europe Threat Level To 'Potential Imminent Crisis' On Ukraine-Russia Fears. 
• Record Leverage Means No Policy U-Turn For The PBOC.
• YouTube Unveils Hide Feature After Americans Mass-'Dislike' Biden Videos.
• If Archegos' Leverage Was "Insane" Then What About Citadel?
• Microsoft Wins $22 Billion Contract To Supply US Military With Augmented-Reality Headsets.
• Arizona Sheriff: Illegal Border Crossings May Be Underreported By 300%.
• ASU Dean Writes Book Alleging That Grading Students' Writing Is "White Supremacy".
• Democrats' "Terrorist Insurrection" Narrative Collapses As Most Capitol Rioters Likely Won't Face Jail Time.
• America's Cities Are Being Turned Into Crime-Ridden War-Zones; Murder Rates Are Way Up Again In 2021.
• Bitcoin & Black Gold Soared In Q1, Treasuries Suffer Biggest Loss In Over 40 Years.
• SEC Opens Probe Into Archegos Chaos, Deutsche Bank Confirms 'Quick Sale' To Avoid All Losses.
• Prepare For 3 Things: Big Government, Huge Boondoggles, Massive Taxes.
• "Largely As Expected": Goldman Recaps Biden's Infrastructure Plan.

Newsmax:

• Trump Slams Biden Plan: 'Largest Tax Hike in American History'.
• Reversing Trump, Pentagon to Release New Transgender Policy.
  

TheGatewayPundit.com:

• HUGE BREAKING NEWS: Arizona Senate Republicans Courageously Announce Team Who Will Perform Maricopa County Election Audit and It’s Good News for America!
• Rep. Matt Gaetz Discloses Documents that Confirm His Disclosure of an Extortion Scheme by Former DOJ Official.
• Only 4,300 Tune in to Watch Joe Biden Speak on His $2.25 Trillion Infrastructure Bill That Spends Only $157 Billion on Roads, Bridges, Airports.

The Epoch Times:

• China Locks Down Border City to Myanmar, after New COVID-19 Outbreak In Town.
• State Department Report Calls Out China’s ‘Crimes Against Humanity,’ Pandemic Repression.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 64.0 +.25 basis point.

• China Sovereign CDS 34.75 unch.

• Bloomberg Emerging Markets Currency Index 60.15 -.11%.
• Bloomberg Global Risk-On/Risk Off Index 2,887.0 -27.0 points.
• Volatility Index(VIX) futures 22.60 -.33%.
• FTSE 100 futures -.04%.

• S&P 500 futures +.07%.

• NASDAQ 100 futures +.22%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (KMX)/1.26

After the Close:

• None of note
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for March.
  

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 675K versus 684K the prior week.
• Continuing Claims are estimated to fall to 3750K versus 3870K prior.
  

10:00 am EST

• Construction Spending MoM for Feb. is estimated to fall -1.0% versus a +1.7% gain in Jan.
• ISM Manufacturing for March is estimated to rise to 61.5 versus 60.8 in Feb. 
• ISM Prices Paid for March is estimated to fall to 83.5 versus 86.0 in Feb.
  

Afternoon

• Wards Total Vehicle Sales for March is estimated to fall to 83.5 versus 86.0 in Feb.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Australia Retail Sales report, weekly EIA natural gas inventory report and the weekly Langer Consumer Comfort Index could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.