Monday, July 23, 2018

Tuesday Watch

Evening Headlines
Bloomberg:
  • Asia Stocks Set to Gain; U.S. Yields Eye 3% Again. Futures tipped Asian stocks to open higher, with strong Alphabet Inc. sales potentially boosting technology shares and rising yields boosting financials. Ten-year Treasuries slipped, pushing yields to the highest in more than a month. Equity index futures rose in Japan, Australia and Hong Kong. Even so, gains may be kept in check as U.S. futures opened lower in Asia. The S&P 500 Index started the week higher, with financials leading the gainers amid below-average trading volume. Amazon.com pulled consumer discretionary stocks lower after President Donald Trump renewed his public campaign against Jeff Bezos’s Washington Post. Alphabet shares were 3.7 percent higher in after-market trading. Futures on the Nikkei 225 Stock Average gained 0.2 percent in Singapore. Futures on Australia’s S&P/ASX 200 Index climbed 0.3 percent. Hong Kong’s Hang Seng Index futures rose 0.2 percent. S&P 500 Index futures were little changed as of 7:09 a.m. in Tokyo
Business Insider:
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 85.75 -.75 basis point. 
  • Asia Pacific Sovereign CDS Index 12.75 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 69.61 -.02%.
  • FTSE 100 futures +.22%
  • S&P 500 futures +.11%.
  • NASDAQ 100 futures +.05%.
Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:
  • (MMM)/2.60
  • (BIIB)/5.09
  • (LLY)/1.30
  • (HOG)/1.43
  • (JBLU)/.36
  • (KMB)/1.57
  • (LMT)/3.92
  • (PCAR)/1.43
  • (BTU)/1.07
  • (DGX)/1.76
  • (SHW)/5.64
  • (UTX)/1.86
  • (VZ)/1.15
  • (WAT)/1.92
After the Close:
  • (T)/.89
  • (CB)/2.62
  • (IEX)/1.31
  • (IRBT)/.21
  • (RHI)/.86
  • (SYK)/1.73
  • (TER)/.49
  • (TXN)/1.35
Economic Releases 
9:00 am EST
  • The FHFA House Price Index MoM for May is estimated to rise +.4% versus a +.1% gain in April.
9:45 am EST
  • Preliminary Markit US Manufacturing PMI for July is estimated to fall to 55.1 versus 55.4 in June.
  • Preliminary Markit US Services PMI for July is estimated to fall to 56.3 versus 56.5 in June.
10:00 am EST
  • The Richmond Fed Manufacturing Index for July is estimated to fall to 18.0 versus 20.0 in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Manufacturing PMI report, $35B 2Y T-Note auction and the weekly US retail sales reports could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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