Tuesday Watch

Evening Headlines

Bloomberg:            

• U.S. Raises U.K. Travel Alert as Covid Mars ‘Freedom Day’.  
• U.S. Warns on U.K., Indonesia Travel as Cases Rise: Virus Update.  
• Vale Output Disappoints in Fresh Blow to Tight Iron Market.
  
• Stocks Extend Drop on Virus; Treasuries Trim Gains: Markets Wrap.
• Oil Leads Market Plunge as Virus Rattles Faith in Recovery.
• NYC Won’t Re-Up Mask Mandate Indoors Despite Delta Variant Spike.
  
• Black Reveals Intimate Details in Denial of Sexual Assault.
• ‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks.
• Biden’s Antitrust Initiative Threatens a Big Railroad Takeover.  
• Schumer Tees Up Uncertain Wednesday Vote on Infrastructure.
• Meme Stocks Mired in Longest Losing Run Since Frenzy Began.

Wall Street Journal:

• The Flimsy Evidence Behind the CDC’s Push to Vaccinate Children 
• Virus Worries Ripple Through Markets.
• Vaccine Mandate by Indiana University Upheld in First Test.
• We’ll Always Have Covid. 
• The Hedgehogs of Critical Race Theory.
• Third Covid Wave Upends Fragile South Africa, a Warning for Developing World.

Fox News: 

• WH drops COVID test bombshell days after Harris met with infected Democrats.
• Ben & Jerry’s on thin ice after latest political stunt.
  

CNBC.com:

• Dow tumbles 700 points for its worst drop since October as investors fear a Covid resurgence.
• These stocks are already in a bear market amid Monday’s market sell-off.
• U.S. government tells individuals to avoid travel to the UK as Covid cases rise.
• GM confirms third electric pickup truck ahead of Hummer production.
• Fintech keeps minting billionaires as Robinhood co-founders prepare for massive IPO.
• Apple iPhones can be hacked with spyware even if you don’t click on a link, Amnesty International says. 
  

MarketWatch.com:      

• As delta variant spreads, younger Americans say fear of side effects is keeping them from getting vaccinated.
  
• Bitcoin heads toward lowest level in 2021 as crypto’s slide continues with stock-market rout.
  
• IBM stock gains after earnings show second consecutive quarter of sales growth.

Zero Hedge:

• Scramble Into Treasurys Could Spark Month-End Reverse Repo Chaos.
• Victor Davis Hanson: The American Descent Into Madness.
• Critical Race Enthusiasts Should Learn The Lesson Of "Defund The Police". 
• White House Transfers Its First Gitmo Detainee To Morocco In Effort To Shut Down Facility.
• JPM's Kolanovic: Stop Freaking Out About The Delta Case Spike.
• Watch Live: Epoch Times Panel Discusses Defending The Constitution - Why It Matters More Now Than Ever.
• The Shadow State: Embracing Corporations As Surrogates For Government Action.
• Tokyo Olympics Biggest Sponsor Toyota Bails At 11th Hour; Pulls Ads, Will Not Attend Opening Ceremony.
• State Of Emergency At Lake Powell: Fears Of Hydroelectric And Water Shutoffs Mount.
• "Fear" Nears 2020 Highs As Stocks, Bond Yields, & Crude Crash.

Newsmax:

• Democrat Introduces Legislation Limiting Speakership Role to Current House Members.
  

TheGatewayPundit.com:

• China Joe Says He Won’t Sanction China For Its Recent Widespread Hack of Microsoft Exchange Server (VIDEO).
• Hundreds of Illegal Aliens Try to Force Their Way Through Del Rio Border Gate – Large Majority Let In Are Single, Military-Aged Males (VIDEO).
• JUST IN: 60% of People Being Admitted to Hospital with Covid-19 in England Have Been Fully Vaccinated (VIDEO) *Updated*.
• ‘Proof of a Negative Covid Test Will No Longer Be Enough’ – UK PM Boris Johnson Says Proof of Full Vaccination will be Required to Enter Nightclubs (VIDEO).

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Confirmed Global Covid-19 Cases(7-day rolling average graphs by country). New Covid Hospital Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph)
• NYTimes.com:  Trends and Clusters.
  
• Brown School of Public Health:  Covid Severity by State/County(map).
• CovidActNow:  Covid Severity by Metro Area.
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. 
• Carnegie Mellon: Covid Symptom Searches on Google.
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.5 +1.0 basis point.

• China Sovereign CDS 38.5 +1.0 basis point.
  

• Bloomberg Emerging Markets Currency Index 59.65 unch.
• Bloomberg Global Risk-On/Risk Off Index 2,369.0 +18.0 points.
• Volatility Index(VIX) futures 22.60 -4.5%.
• FTSE 100 futures +.66%.

• S&P 500 futures +.41%.

• NASDAQ 100 futures +.46%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ALLY)/1.50
• (BMI)/.46
• (CIT)/.99
• (HAL)/.23
• (HCA)/3.16
• (KEY)/.54
• (MAN)/1.41
• (PM)/1.55
• (TRV)/2.38
  

After the Close:

• (AIR)/.44
• (CNI)/1.48
• (CMG)/6.48
• (IBKR)/1.06
• (ISRG)/3.06
• (NFLX)/3.15
• (UAL)/-3.98
  

Economic Releases

8:30 am EST

• Housing Starts for June is estimated to rise to 1590K versus 1572K in May.
• Building Permits for June are estimated to rise to 1696K versus 1681K in May.
  

Upcoming Splits

• (NVDA) 4-for-1
  

Other Potential Market Movers

• The GFK Consumer Confidence report and the US weekly retail sales reports 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 commodity and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.