Monday, May 31, 2021

Tuesday Watch

Today's Headlines
Bloomberg:                
Wall Street Journal:
Fox News:
CNBC:  
Zero Hedge: 
MarketWatch.com:
NewsMax:   
TheGatewayPundit.com:
Night Trading
  • Asian indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 86.0 +.25 basis point.
  • China Sovereign CDS 37.0 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 61.50 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 3,467.0 -22.0 points.
  • Volatility Index(VIX) futures 20.9 +.24%. 
  • Euro Stoxx 50 futures -.23%.
  • S&P 500 futures -.04%.
  • NASDAQ 100 futures -.03%

Earnings of Note
Company/Estimate

Before the Open:
  • (MIK)/.32
After the Close:
  • (AMBA)/.17
  • (HPE)/.42
  • (ZM)/.98
Economic Releases
10:00 am EST
  • Construction Spending MoM for April is estimated to rise +.5% versus a +.2% gain in March.
  • ISM Manufacturing for May is estimated to rise to 60.9 versus 60.7 in April. 
  • ISM Prices Paid for May is estimated to fall to 89.3 versus 89.6 in April.
10:30 am EST
  • Dallas Fed Manufacturing Activity for May is estimated to fall to 36.5 versus 37.3 in April.
Upcoming Splits
  • (NEOG) 2-for-1
Other Potential Market Movers
  • The China Manufacturing PMI report, Eurozone PMI report, RBA minutes, Deutsche Bank Financial Services Conference, Jefferies Healthcare Conference, William Blair Growth Stock Conference, Cowen Tech/Media/Telecom Conference and the KeyBanc Industrials/Basic Materials Conference could also impact trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and healthcare 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 week.

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