Wednesday, June 02, 2021

Thursday 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 +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 86.25 +.5 basis point.
  • China Sovereign CDS 37.0 unch.
  • Bloomberg Emerging Markets Currency Index 61.68 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 3,474.0 +14.0 points.
  • Volatility Index(VIX) futures 21.04 -.03%.
  • FTSE 100 futures +.34%.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.20%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (CIEN)/.48
  • CONN)/.31
  • (SJM)/1.66
  • (TTC)/1.22
After the Close:
  • (AVGO)/6.46
  • (CHPT)/-.12
  • (COO)/3.10
  • (CRWD)/.06
  • (DOCU)/.28
  • (FIVE)/.65
  • (LULU)/.91
  • (MDB)/-.36
  • (NX)/.30
  • (WORK)/-.01
  • (ZUMZ)/.01
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for May.
8:15 am EST:
  • The ADP Employment Change for May is estimated to fall to 650K versus 742K in April.
8:30 am EST:
  • Initial Jobless Claims for last week are estimated to fall to 388K versus 406K the prior week.
  • Continuing Claims are estimated to fall to 3615K versus 3642K prior.
10:00 am EST
  • ISM Services Index for May is estimated to rise to 63.0 versus 62.7 in April.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,409,000 barrels versus a -1,662,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,836,360 barrels versus a -1,745,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,054,820 barrels versus a -3,013,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.69% versus a +.7% gain prior.
Upcoming Splits
  • (NEOG) 2-for-1
Other Potential Market Movers
  • The Fed's Quarles speaking, China Services PMI report, weekly EIA natural gas inventory report, (F) May sales release, (COST) May sales results and the (GM) fireside chat with Credit Suisse could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by commodity 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 100% net long heading into the day.

No comments: