Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 109.75 +1.0 basis point. 

• China Sovereign CDS  70.5 +3.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 52.25 -.02%.  
• Bloomberg Global Risk-On/Risk Off Index 3,994.0 - points.
• Volatility Index(VIX) futures 28.2 +.%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.44%.

• NASDAQ 100 futures +.38%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CONN)/.17
• (DCI)/.72
• (WB)/.46
  

After the Close:

• (AI)/-.29
• (CHWY)/-.13
• (GME)/-1.22
• (HPE)/.45
• (MDB)/-.10
• (NTAP)/1.28
• (PVH)/1.60
• (SMTC)/.76
  

Economic Releases

10:00 am EST

• Construction Spending MoM for April is estimated to rise +.5% versus a +.1% gain in March.
• ISM Manufacturing for May is estimated to fall to 54.5 versus 55.4 in April.
• ISM Prices Paid for May is estimated to fall to 80.5 versus 84.6 in April.
• JOLTS Job Openings for April is estimated to fall to 11300K versus 11549K in March.
  

2:00 pm EST

• US Fed Beige Book release.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Bullard speaking, Fed's Williams speaking, Eurozone PMI report, weekly MBA Mortgage Applications report, weekly US retail sales reports, Cowen Tech/Media/Telecom Conference, Wells Fargo Energy Conference, Loop Capital Investor Conference,  RBC Consumer/Retail Conference, (LEVI) investor day and the (PCAR) analyst day 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 industrial and financial 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.