Wednesday Watch

Evening Headlines

Bloomberg:       

• UN Chief’s Dire Warning; EU Migrant Worries: Afghanistan Update.
• Afghan Pullout May Prove Bigger Problem for Europe Than U.S.  
• The Up and Down History of Afghan Women’s Rights.  
• Worst-Hit Virus Markets in Asia Surge Back on Re-Opening Trades.
  
• Xi Tests ‘Common Prosperity’ Policies in Alibaba’s Home Province.
  
• Asia Stocks Set to Dip on Recovery, Stimulus Risks: Markets Wrap.
  
• OPEC+ Meets With No Sign of Deviating From Planned Output Hikes.
• ‘Forever Changed’: CEOs Are Dooming Business Travel — Maybe for Good.  
• Zoom-Call Gaffes Led to Someone Getting Axed, 1 in 4 Bosses Say.
• Wall Street Traders Driving S&P 500 Records Loaded Up on Hedges.
• Doge NFT Rides Into Fractional Ownership With $DOG Tokens.

Wall Street Journal:  

• No, Trump Didn’t Force Biden’s Withdrawal.
• Taliban Cheer U.S. Exit, Vow to Enforce Islamic Rule.
• Ida Leaves Residents Without Power Amid Punishing Heat.
• Storm Could Cause Over $15 Billion in Insured Losses.
• A Dishonest Afghanistan Accounting.
• China’s Videogame Limits Signal Move to Regulate Private Lives, Shape Next Generation.

Fox News:

• Biden had chance to speak to nation in pain on the world stage but slammed for doing opposite.
• War vet says Biden doesn't deserve to be president and doesn't stop there.
• House Republicans call for Afghanistan accountability and demand Biden resign.
  

CNBC.com: 

• Stocks making the biggest moves after hours: CrowdStrike, Ambarella, PVH and more.
• These charts show which states will get the most money from Biden’s infrastructure bill.
• Two more factors have popped up that add to the Fed’s inflation worries.
• Restaurant owners say hiring is increasingly challenging and delta could spoil recovery. 
  

MarketWatch.com:            

• Social Security to become unable to pay full benefits sooner than previously estimated.
  
• Opinion: Forget short-term market fads and just buy these 5 rocketing tech stocks.
  
• 30 stocks that shined in the pandemic are still poised for huge growth through 2024.
  
• Ambarella says sales could hit highest total in five years, stock jumps.

Zero Hedge:

• 24 Students, 3-Year-Old California Boy Among Americans Stranded In Afghanistan.
• Two Senior FDA Officials Stepping Down Over Reported Disagreements With White House Over Booster Shots.
• California Port Pileup Shatters Record And Imports Still Haven’t Peaked.
• New Orleans Mayor Orders Citywide Curfew To Prevent Mass Looting.
• 90 Retired Generals Pen Scathing Letter Calling For Austin And Milley To Resign Immediately.
• Did A Fake Banksy NFT Just Sell For $336,000?
• Americans Face A Nightmare Scenario: Record High Home Prices, Record High Rents... And OER Is About To Explode.
• Wells Tumbles On Report Troubled Bank Faces New Regulatory Sanctions.
• CDC Director To Restart Gun Research Amid Spate Of Mass Shootings.
• Pentagon Spox Issues Carefully Worded Statement On Stranded Service Dogs.
• Stocks End Seven Straight Months Of Gains With A Whimper.

Newsmax:  

• Fallen Marine's Mom Hits Instagram for Deleting Her Account.
• Dad of Marine Killed in Kabul: Biden Bristled When Told to 'Learn' Victims' Stories.
• Biden Faces Congressional Probes Over Evacuation Debacle.
  

TheGatewayPundit.com:

• Biden Calls His Disastrous Withdrawal from Afghanistan that Resulted in 13 Dead US Service Members and Stranded Americans an “Extraordinary Success” (VIDEO).
• Sacramento High School Teacher CAUGHT on UNDERCOVER VIDEO Bragging About Indoctrinating Students to Become ANTIFA “Revolutionaries;” Views American Children as “Martyrs for a Cause” – (Video).
• Democrats Block Legislation to Rescue Americans Stranded in Afghanistan.
• Lt. Col. Stuart Scheller Submits Resignation Letter Following Disastrous Afghanistan Exit – Blames “Lack of Trust and Confidence” in Leadership.
• EXCLUSIVE: Obama/Biden Reinstituting Program of Bringing Non-Vetted Illegals Into the US and Using ‘Non-Profits’ to Move Them Around the US.
• Joe Biden Leaves Interpreter Stranded in Afghanistan who Saved His Life in 2008 Snowstorm.
• 780 Generals, Admirals, Ambassadors and Senior National Security Directors Supported Biden Before the 2020 Election – Here is a Short List of These Dummies Who Couldn’t Have Been More Wrong. 
• Pelosi Blocks Names of 13 US Service Members From Being Read on House Floor.

The Epoch Times:

• NY Times Pulled Ad Calling CCP to Account for Pandemic.
• Chinese Acquisition of Semiconductor Firm Poses Security Risks, US Treasury Warns.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 65.75 -1.75 basis points.

• China Sovereign CDS 32.75 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 60.46 unch.
• Bloomberg Global Risk-On/Risk Off Index 2,961.0 +29.0 points.
• Volatility Index(VIX) futures 20.9 -.13%.
• FTSE 100 futures +.27%.

• S&P 500 futures+.18%

• NASDAQ 100 futures +.11%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BF/B)/.40
• (CPB)/.47
• (DY)/.75
• (VRA)/.33
  

After the Close:

• (AI)/-.28
• (CHPT)/-.12
• (CHWY)/-.01
• (FIVE)/1.12
• (OKTA)/-.33
• (SWBI)/1.26
  

Economic Releases

8:15 am EST

• The ADP Employment Change for Aug. is estimated to rise to 638K versus 330K.
  

10:00 am EST

• Construction Spending MoM for July is estimated to rise +.2% versus a +.1% gain in June.
• ISM Manufacturing for Aug. is estimated to fall to 58.5 versus 59.5 in July.
• ISM Prices Paid for Aug. is estimated to fall to 84.0 versus 85.7 in July.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,926,890 barrels versus a -2,980,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,368,880 barrels versus a -2,241,000 barrel decline the prior week. Distillate inventories are estimated to fall by -809,380 barrels versus a +645,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.35% versus a +.2% gain prior.

Afternoon:

• Wards Total Vehicle Sales for Aug. is estimated to fall to 14.5M versus 14.75M in July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report, German retail sales report, weekly MBA Mortgage Applications report, (ADSK) investor day and the (COST) August sales results 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 technology and industrial 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.