Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 134.0 -4.75 basis points. 

• China Sovereign CDS 68.75 -1.75 basis points.
  

• Bloomberg Emerging Markets Currency Index 48.5 -.06%.  
• Bloomberg Global Risk-On/Risk Off Index 42.9 +1.3%. 
• Bloomberg US Financial Conditions Index -.36 +5.0 basis points
  
• Volatility Index(VIX) futures 26.2 +.6%
• Euro Stoxx 50 futures +.26%.

• S&P 500 futures -.04%.

• NASDAQ 100 futures +.01%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (FCEL)/-.06
• (LOVE)/.47

After the Close:

• (AOUT)/.08
• (DOCU)/.42
• (FIZZ)/.55
• (RH)/6.61
• (SWBI)/.21
• (ZS)/.21
• (ZMZ)/.47
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 235K versus 232K the prior week.
• Continuing Claims are estimated at 1438K versus 1438K prior.
  

3:00 pm EST

• Consumer Credit for July is estimated to fall to $32.0B versus $40.154B in June.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell speaking, ECB rate decision, German Trade Data report, weekly retail sales reports, BofA Gaming/Lodging Conference, (MRNA) R&D Day, (POWI) analyst day and the (DHI) investor day 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 industrial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.