Tuesday Watch

Night Trading 

• Asian equity indices are -1.0.% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 66.0 +1.5 basis points.

• China Sovereign CDS 44.5 +3.5 basis points.

• Bloomberg Emerging Markets Currency Index 67.36 .

• S&P 500 futures -.28%.

• NASDAQ 100 futures -.49%.

Morning Preview Links 

Earnings of Note 

Company/Estimate

Before the Open:

• (ATU)/.40

• (BB)/.00

• (GIS)/.76

• (INFO)/.65

• (PAYX)/.64

• (SCHN)/.61

After the Close:

• (FUL)/.89

• (MLHR)/.78

• (KBH)/.38

• (FIZZ)/.62

• (WOR)/.77

Economic Releases

9:00 am EST

• The FHFA House Price Index MoM for April is estimated to rise +.2% versus a +.1% gain in March.

10:00 am EST

• The Richmond Fed Manufacturing Index for June is estimated to fall to 2.0 versus a reading of 5.0 in May. 

• New Home Sales for May is estimated to rise to 684K versus 673K in April.

• The Conference Board Consumer Confidence Index for June is estimated to fall to 131.0 versus 134.1 in May.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The weekly US retail sales reports, Japan Trade Data report, $41B 5Y T-Note auction and the Democrat Presidential Debate could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.