Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 83.75 +.5 basis point.

• China Sovereign CDS 36.75 +.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 61.04 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 3,191.0 -11.0 points.
• Volatility Index(VIX) futures 20.10 +2.43%.
• FTSE 100 futures -.49%.

• S&P 500 futures -.39%.

• NASDAQ 100 futures -.61%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CMC)/.83
• (JBL)/1.04
• (KR)/.99
  

After the Close:

• (ADBE)/2.82
• (SWBI)/1.08
  

Economic Releases

8:30 am EST

• The Philly Fed Business Outlook Index for June is estimated to fall to 30.5 versus 31.5 in May.
• Initial Jobless Claims for last week are estimated to fall to 360K versus 376K the prior week. 
• Continuing Claims are estimated to fall to 3425K versus 3499K prior.
  

10:00 am EST

• The Leading Index for May is estimated to rise +1.3% versus a +1.6% gain in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Treasury Secretary Yellen's testimony to House, Eurozone CPI report, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report, Goldman Digital Economy Conference and the RBC Capital Tech/Fintech Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by technology and commodity shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.