Friday Watch

Evening Headlines

Bloomberg:              

• China’s Dovish Switch Ignites Fears Over Global Recovery Trade.  
• China's Didi Crackdown Is All About Controlling Big Data.  
• Aging China Relies on ‘Young Old’ to Take Care of Oldest Seniors.
• Stocks Extend Drop on Growth Risk, Bonds Pare Gain: Markets Wrap.  
• Oil Extends Gain as Slump in Stockpiles Shows Robust U.S. Demand.
• De-Trumping Economic Order, Policy Rethink, India Redux: Eco Day.
• Five Things You Need to Know to Start Your Day.  
• Very Few Kids Need to Shield From Covid, Large U.K. Study Finds.
• Melvin Can’t Shake Reddit Attack With 46% Loss in First Half.  
• U.S. Hotels Finally Surpass Pre-Covid Levels as Travel Surges.

Wall Street Journal:

• Biden Defends Afghan Pullout, Sets Exit for Interpreters.
• Donald J. Trump: Why I’m Suing Big Tech.
• The Culture War Is a Leftist Offensive.
• Biden’s Monkeywrencher.
• ‘Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off.
• Biden to Target Railroads, Ocean Shipping in Executive Order.
• Covid-19 Death Risk Is Extremely Low in Children, Studies Find.

Fox News:

• EXCLUSIVE: Liberal senator should brace for big hits during MLB events.
• Geraldo: Look back at 'foolish' media moments as Avenatti cries his way to jail.

CNBC.com:

• Online thrift store Poshmark CEO sees fashion shift as consumers ‘purge’ closets.
• Americans will need masks indoors as U.S. heads for ‘dangerous fall’ with surge in delta Covid cases.
• Pfizer says it is developing a Covid booster shot to target the highly transmissible delta variant.
• Levi earnings crush estimates, retailer raises 2021 forecast, citing strong denim sales.
• As bitcoin breaks down, two traders share key levels to watch.

 MarketWatch.com:      

• This key Tesla rival has a $36 billion plan to win the electric-vehicle race. Here’s what you need to know.  
• Why aren’t more Americans working? Do they plan to get a job soon?

Zero Hedge:

• Inflation Bombshell: A Market-Based PCE House Rent Measure May Be Coming.
• Fauci Defends Vaccines As Research Shows Antibodies Don't Protect Against Delta.
• Biden Health Secretary: "Absolutely The Government's Business" To Know Who Gets Vaccinated.
• Pfizer To Seek Authorization For "Booster" Dose To Protect Against Delta Variant.
• Ford Secures Chips To Finish "Thousands" Of Incomplete F-150.
• Progressives Demand Biden Leave China Alone Over Muslim Detention Camps, Hong Kong... To Avoid Climate Collapse.
• "This Is About Misuse Of Government Power": Judge Quickly Denies CDC's Appeal To Keep COVID-19 Cruise Restrictions.
• Consumer Credit Soars Most On Record As Credit Card Borrowings Explode.
• Retail, Quants, CTAs, Dealers: Who Bought And Who Sold Today.Bonds Bid, 
• Bonds Bid, Breakevens Breakdown, As Dollar, Crypto, & Stocks Skid.

TheGatewayPundit.com:

• Speaker Pelosi’s Husband Made Millions in Transactions Related to Recent House Bills – Democrats Claim She Had No Involvement – Move Along.
• Former Dem Rep Accidentally Tells the Truth: Election Integrity “Could Really Cost Democrats Seats” (VIDEO).
• Now We Know Why Wisconsin’s Speaker Vos Does Not Want the 2020 Election Forensically Audited.

The Epoch Times: 

• Xi Jinping Vows to Shape Mankind’s Common Future.

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 -1.25% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 88.25 +1.5 basis points.

• China Sovereign CDS 38.5 +1.0 basis point.
  

• Bloomberg Emerging Markets Currency Index 59.77 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2,771.0 -119.0 points.
• Volatility Index(VIX) futures 21.1 +.6%.
• FTSE 100 futures -.09%.

• S&P 500 futures -.24%.

• NASDAQ 100 futures -.28%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AZZ)/.62
• (GBX)/.13
  

After the Close:

• None of note
  

Economic Releases

10:00 am EST

• Wholesale Trade Sales MoM for May.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK GDP report and the Bloomberg July US Economic Survey could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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