Wednesday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 58.0 -.25 basis point.

• China Sovereign CDS 40.0 +.25 basis point.

• Bloomberg Emerging Markets Currency Index  67.33 -.01%.

• S&P 500 futures +.18%.

• NASDAQ 100 futures +.37%.

Morning Preview Links 

Earnings of Note 

Company/Estimate

Before the Open:

• (AMT)/1.74

• (APTV)/1.14

• (ADP)/1.13

• (BLMN)/.35

• (BG)/.33

• (CME)/1.76

• (FCAU)/.60

• (GE)/.12

• (HES)/-.12

• (HUM)/5.27

• (JCI)/.62

• (TAP)/1.65

• (SMG)/2.74

• (SPG)/2.99

• (SSYS)/.15

After the Close:

• (AMED)/.99

• (APA)/.14

• (AVB)/2.31

• (CF)/.82

• (CAKE)/.81

• (CRUS)/.15

• (CTSH)/.92

• (ESV)/-1.28

• (ETH)/.48

• (HCP)/.43

• (H)/.46

• (KTOS)/.06

• (LRCX)/3.43

• (MCK)/3.01

• (MET)/1.34

• (OI)/.76

• (PPC)/.60

• (PRU)/3.22

• (QCOM)/.77

• (SKYW)/1.59

• (TDOC)/-.41

• (TWLO)/.02

• (WDC)/.19

• (WMB)/.23

Economic Releases

8:15 am EST

• The ADP Employment Change for July is estimated to rise to 150K versus 102K in June.

8:30 am EST

• The 2Q Employment Cost Index is estimated to rise +.7% versus a +.7% gain in 1Q.

9:45 am EST

• The MNI Chicago PMI report for July is estimated to rise to 51.0 versus 49.7 in June.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,739,250 barrels versus a -10,835,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,481,270 barrels versus a -226,000 barrel decline the prior week. Distillate inventories are estimated to rise by +769,520 barrels versus a +613,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.74% versus a -1.3% decline prior.
  

2:00 pm EST

• The FOMC is expected to lower the benchmark Fed Funds rate -.25 basis points to 2.0-2.25%.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's press conference, China Manufacturing PMI report, Eurozone CPI/GDP reports, weekly MBA Mortgage Applications report, Democratic Presidential Debate and the (MYL) investor day could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and consumer 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.