Tuesday Watch

Evening Headlines

Bloomberg:                  

• Biden Team Weighs Digital Trade Deal to Counter China in Asia.
• Haiti Police Arrest Man They Say Hired Assassins to Kill Moise.  
• Biden Team Weighs Digital Trade Deal to Counter China in Asia.
• Asia Stocks Edge Higher With Earnings Season Eyed: Markets Wrap.  
• Oil Edges Higher as Investors Assess Uncertain Demand Outlook.
• Global Stumble, New Zealand Rate-Hike Door, BOJ Green: Eco Day.
• Warning on J&J; Australia-Singapore Travel Bubble: Virus Update.
  
• Lumber Wipes Out 2021 Gain With Demand Ebbing After Record Boom.
• By One Measure, Bitcoin Is One Of This Year’s Worst-Performing Asset Classes.

Wall Street Journal:

• TikTok’s Chinese Owner Put IPO on Hold After Warning.
• Governments World-Wide Gorge on Record Debt, Testing New Limits.
• A PTA Purge of Asians.
• An Uprising of Despair in Cuba.
• Haiti on Brink of Anarchy Amid Hunger, Gangs and Power Vacuum.
• Cuba Cracks Down on Protests in the Midst of Worst Economic Crisis in Decades.
• Inflation Threat May Be Boosted by Reversal of Long-Term Forces.
• Wave of Bullish Oil Bets Drives Big Price Moves.

Fox News:

• Biden flips 'defund the police' script on Democrats as crime reaches fever pitch.
• ESPN host won't let woke left mob take him down for ‘speak English’ comments.
  

CNBC.com:

• Inflation expectations surge, hitting new high for New York Fed survey.
• Most fully vaccinated people who get Covid delta infections are asymptomatic, WHO says.
• Cryptocurrency trading volume plunges as interest wanes following bitcoin price drop.
• Cramer’s lightning round: Cybersecurity plays.
• Biden hosts police chiefs as Democrats try to contain political fallout from violent crime spike.
• Homebuyers are finally catching a break as new listings rise and mortgage rates drop.
• Disney raises price of ESPN+ by a dollar, keeps bundle with Hulu and Disney+ unchanged.
• GM ‘looks much more appealing than Ford’ here, trader says of 2021 underdog.

MarketWatch.com:     

• 20 stocks that could rise as much as 39% as this key metric keeps improving.
• Elon Musk: ‘I rather hate’ being CEO of Tesla.
• Why the Fed’s balance sheet is expected to top $9 trillion after it starts reducing its monthly asset purchases.
• The chip crunch marches on, but one sector could be in store for relief.

Zero Hedge:

• Mainstream Media Is Wrong: Vaccine Hesitancy Is Not Highest Among Republican Men And Trump Isn't To Blame.
• WHO Is Working On "Digital Wallet" To Store Vaccination Certification: Official.
• Australia's COVID Outbreak Worsens Despite Economy-Crippling Lockdowns.
• DOJ Retracts Claim It Seized "Fully Constructed" Lego Set From Accused Capitol Rioter.
• Top US General In Afghanistan Steps Down In "Symbolic End" To America's Longest War.
• The Illusion Of Action: Cuomo's New Gun Manufacturer Liability Law Is A Colossal Misfire.
• "I'm Not Seeing This As Transitory": Paint Supplier PPG Raises Prices For Second Time This Year Due To "Obvious" Inflation.
• The Fourth Branch Of Government Just Exposed Itself.
• FDA To Add Warning Over Rare Neurological Side Effects Linked To J&J Jabs.
• An Inside Look At Lockdown Orders From 2020.
• Big-Tech Bid, Bitcoin Bust As Bonds & The Buck Go Nowhere.

Newsmax:

• Miami Mayor Suarez: Cuba Protests Could Affect Hemisphere.
  

TheGatewayPundit.com:

• “Extraordinary Courage” – Kamala Harris Applauds Texas Democrats For Fleeing State to Paralyze Chamber, Stop GOP From Passing Voting Laws (VIDEO).
• Biden Regime to Monitor Private Communications, Calls on SMS Carriers to “Dispel Misinformation About Vaccines That is Sent Over Social Media and Text Messages”.
• BREAKING: President Trump Releases Letter from US Attorney Who Claimed AG Barr Told Him Not to Investigate the 2020 Election Results in Pennsylvania.
• Cuban Authorities Cut Off Internet Sites and Social Media Following Mass Protests — Like Tech Giants do to Trump and Conservatives here in US.

The Epoch Times:   

• US Should Not Allow ‘Predatory’ Chinese Firms Like Didi to Take Advantage of American Investors: Sen. Rubio.

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 +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 88.0 -1.25 basis points.

• China Sovereign CDS 37.75 -.5 basis point.
  

• Bloomberg Emerging Markets Currency Index 60.04 +.05%.
• Bloomberg Global Risk-On/Risk Off Index 3,161.0 -9.0 points.
• Volatility Index(VIX) futures 19.6 -1.2%.
• FTSE 100 futures -.01%.

• S&P 500 futures -.01%.

• NASDAQ 100 futures +.07%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANGO)/.00
• (CAG)/.52
• (FAST)/.41
• (GS)/9.84
• (JPM)/3.12
• (PEP)/1.53
  

After the Close:

• None of note
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for June is estimated to fall to 99.5 versus 99.6 in May.
  

8:30 am EST

• The CPI MoM for June is estimated to rise +.5% versus a +.6% gain in May.
• The CPI Ex Food and Energy MoM for June is estimated to rise +.4% versus a +.7% gain in May.
• Real Average Weekly Earnings YoY for June.
  

2:00 pm EST

• The Monthly Budget Statement for June is estimated at -$192.0B versus -$864.1B in May.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan Industrial Production report, weekly US retail sales reports, $24B 30Y T-Bond auction, William Blair Biotech Conference and the Ladenburg Thalmann Healthcare 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 financial 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.