Tuesday, August 23, 2022

Wednesday Watch

Night Trading 

  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 143.75 -2.75 basis points. 
  • China Sovereign CDS 74.0 -5.0 basis points.
  • Bloomberg Emerging Markets Currency Index 48.70 -.11%.  
  • Bloomberg Global Risk-On/Risk Off Index 42.17 +.60%. 
  • Bloomberg US Financial Conditions Index -.41 -1.0 basis point
  • Volatility Index(VIX) futures 25.4 +.28%
  • Euro Stoxx 50 futures -.05%.
  • S&P 500 futures -.06%.
  • NASDAQ 100 futures -.03%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (EAT)/1.17
  • (DY)/.98
  • (WOOF)/.22
After the Close:
  • (ADSK)/1.57
  • (BOX)/.28
  • (GES)/.41
  • (NTAP)/1.10
  • (NVDA)/.50
  • (CRM)/1.03
  • (SNOW)/-.01
  • (SPLK)/-.35
  • (VSCO)/.95
  • (WSM)/3.49
Economic Releases
8:30 am EST
  • Durable Goods Orders for July is estimated to rise +.8% versus a +2.0% gain in June.
  • Durables Ex Transports for July is estimated to rise +.2% versus a +.4% gain in June.
  • Cap Goods Orders Non-Defense Ex-Air for July is estimated to rise +.3% versus a +.7% gain in June.
10:00 am EST
  • Pending Home Sales MoM for July is estimated to fall -2.8% versus a -8.6% decline in June.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,188,600 barrels versus a -7,056,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,416,400 barrels versus a -4,642,000 barrel decline the prior week. Distillate inventories are estimated to rise by +747,400 barrels versus a 766,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.15% versus a -.8% decline prior.
Upcoming Splits
  • (TSLA) 3-for-1
  • (NDAQ) 3-for-1
Other Potential Market Movers
  • The 5Y T-Note auction, Japan Foreign Investment report, weekly MBA Mortgage Applications report and the (RAD) shareholder webcast 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 commodity and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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