Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 120.5 -2.5 basis points. 

• China Sovereign CDS  75.25 -3.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 52.9 -.07%. 
• Bloomberg Global Risk-On/Risk Off Index 4,449.0 -5.0 points.
• Volatility Index(VIX) futures 27.2 +.8%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.17%.

• NASDAQ 100 futures -.15%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ADT)/.11
• (APD)/2.37
• (BUD)/.62
• (APTV)/.61
• (MT)/3.06
• (AAWW)/2.57
• (BDX)/2.95
• (BERY)/1.79
• (CCJ)/-.01
• (CAH)/1.52
• (CTXS)/1.17
• (COP)/3.22
• (DDOG)/.11
• (D)/1.17
• (DKNG)/-1.20
• (HBI)/.28
• (ICE)/1.42
• (K)/.93
• (PZZA)/.94
• (PH)/4.65
• (PENN)/.45
• (PWR)/1.25
• (RCL)/-4.48
• (SHOP)/.67
• (SWI)/.22
• (TRMB)/.67
• (VSTO)/1.80
• (W)/-1.53
• (ZTS)/1.22
  

After the Close:

• (Y)/15.90
• (MDRX)/.19
• (BILL)/-.16
• (SQ)/.20
• (NET)/.00
• (CGNX)/.39
• (ED)/1.48
• (DASH)/-.04
• (EOG)/3.69
• (ILMN)/.89
• (PODD)/.24
• (LYV)/-.77
• (MTZ)/-.11
• (MCK)/6.04
• (MELI)/1.41
• (MNST)/.61
• (NWSA)/.15
• (SHAK)/-.23
• (OLED)/1.02
• (YELP)/.34
• (ZG)/.27
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for April.
  

8:30 am EST

• Non-Farm Productivity for 1Q is estimated to fall -5.3% versus a +6.6% gain in 4Q.
• Unit Labor Costs for 1Q is estimated to rise +10.0% versus a +.9% gain in 1Q.
• Initial Jobless Claims for last week are estimated at 180K versus 180K the prior week.
• Continuing Claims are estimated to fall to 1400K versus 1408K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Bank of England rate decision, German Factory Orders and the weekly EIA natural gas inventory report 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 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 75% net long heading into the day.