Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 110.5 -.75 basis point. 

• China Sovereign CDS 58.5 -3.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 52.62 +.19%. 
• Bloomberg Global Risk-On/Risk Off Index 2,839.0 +9.0 points.
• Volatility Index(VIX) futures 29.5 +1.4%.
• Euro Stoxx 50 futures -.59%.

• S&P 500 futures -.26%.

• NASDAQ 100 futures -.38%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BBY)/2.71
• (BIG)/1.89
• (BJ)/.74
• (BF/B)/.48
• (BURL)/3.21
• (KR)/.74
• (TTC)/.63
• (TD)/2.02
  

After the Close:

• (AVAV)/.30
• (AVGO)/8.13
• (COO)/3.10
• (COST)/2.72
• (GPS)/-.14
• (MRVL)/.48
• (SWBI)/.83
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for Feb.
  

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 225K versus 232K the prior week.
• Continuing Claims are estimated to fall to 1420K versus 1476K prior.
  

10:00 am EST

• ISM Services Index for Feb. is estimated to rise to 61.1 versus 59.9 in Jan.
• Factory Orders for Jan. is estimated to rise +.7% versus a -.4% decline in Dec.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell testifying to Senate, Eurozone Services PMI report, weekly EIA natural gas inventory report, Susquehanna Tech Conference, Berenberg Industrial Tech Conference, (DKNG) investor day, (LOGI) investor day and the (HON) investor conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.