Monday, May 24, 2021

Tuesday Watch

Evening Headlines
Bloomberg:               
Wall Street Journal:
Fox News:
CNBC.com:
MarketWatch.com:        
Zero Hedge:
Newsmax: 
TheGatewayPundit.com:
The Epoch Times: 
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 87.25 -2.0 basis points.
  • China Sovereign CDS 38.5 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 61.32 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 3,271.0 +2.0 points.
  • Volatility Index(VIX) futures 20.9 +.69%.
  • FTSE 100 futures -.11%.
  • S&P 500 futures +.05%.
  • NASDAQ 100 futures -.01%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (AZO)/18.38
  • (CBRL)/.32
  • (DY)/.23
  • (VSAT)/.27
After the Close:
  • (A)/.82
  • (INTU)/6.82
  • (JWN)/-.61
  • (RRGB)/-1.16
  • (TOL)/.81
  • (URBN)/.06
  • (ZS)/.07
Economic Releases
9:00 am EST
  • The FHFA House Price Index MoM for March is estimated to rise +1.2% versus a +.9% gain in February.
  • The S&P CoreLogic CS 20-City MoM for March is estimated to rise +1.3% versus a +1.17% gain in February.
10:00 am EST
  • New Home Sales for April is estimated to fall to 950K versus 1021K in March.
  • Conference Board Consumer Confidence for May is estimated to fall to 119.0 versus a reading of 121.7 in April.
  • The Richmond Fed Manufacturing Index for May is estimated to rise to 19.0 versus 17.0 in April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Quarles testimony to Senate, US weekly retail sales reports, Wolfe Research Transport/Industrials Conference and the UBS Energy Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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