Tuesday Watch

Evening Headlines

Bloomberg:       

• Hong Kong Bracing for Worst Wave of Virus and It’s Not Ready.  

• EU Edges Toward Massive Stimulus Package With New Proposal.

• Asian Stocks Track U.S. Higher; Dollar Declines: Markets Wrap.    

• Europe Compromise, U.S. Divide, Mnuchin-Pelosi Stimulus: Eco Day.

• Oil Erodes Gains as Virus Concerns Keep Bulls in Check.  

• U.S. Cases Rise 1.3%; Florida to Speed Up Testing: Virus Update.

• Double-Shot Covid Vaccine Tests Raise New Pandemic Challenge.

• Jeff Bezos Adds Record $13 Billion to His Fortune in One Day.

• Nasdaq Momentum Is Hottest in 20 Years With Amazon Leading Surge.  

• Wall Street Firms Consider Moving Jobs from NYC, Study Says.  

• Man Found Dead May Be Linked to Shooting at Federal Judge’s House.  

• Manhattan’s Retail Pain Worsens With Fifth Avenue Rent Slide.

• Wall Street Is Throwing Billions at Once-Shunned Gold Miners.

Wall Street Journal:

• Jack Ma’s Ant Group Plans Massive IPO, Bypassing the West.

• The Mess in Portland.

• China May Retaliate Against Nokia, Ericsson If EU Countries Ban Huawei.

• Republicans Put Down Marker on Next Coronavirus-Aid Bill.

Fox News:

• Anti-cop 'mob' swarms 'Back the Blue' event.

CNBC.com:

• Big Tech stocks add $291 billion in market value in one day.

• Khan Academy founder explains how to keep kids learning when schools are closed.

• ‘U.S. is pressing the accelerator to trash’ relations, China says.

MarketWatch.com:    

• Here’s how a Biden presidency could hurt financial stocks.

Zero Hedge:

• The Real Unemployment Rate Is 21%... And Heading Higher.

• St. Louis Couple Charged With Felony After Using Firearms To Ward Off Trespassing Protesters.

• Suspect Who Killed Son Of Epstein-Linked Judge Identified.

• Universities Nationwide Promote Mental Health App To Treat "Anxiety Over Racism".

• As America's Economic Suffering Grows, The Calls For More Socialism Grow Louder.

• IBM Revenues Tumble Most In 5 Years But Beat Of Sharply Lower Expectations Sends Stock Surging.

• Silver Soars As Turbocharged-Tech Sends "Greed' To Record High.

Business Insider:

• 'Everybody's a genius in a bull market': Mark Cuban says behavior around the stock market's current rally is eerily similar to the 1999 dot-com bubble.

• Spiking COVID cases raise risk of a W-shaped economic cycle with a 2nd downturn, IHS Markit says.

The Epoch Times:

• Republicans Urge President to Sanction China-Linked Hackers.

• International Calls Mount to End Religious Persecution in China.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are +.5%  to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 77.25 -1.5 basis points.

• China Sovereign CDS 43.0 -1.25 basis points.

• Bloomberg Emerging Markets Currency Index 60.83 +.07%.

• FTSE 100 futures +.25%.

• S&P 500 futures +.14%.

• NASDAQ 100 futures +.42%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (CIT)/-.66

• (KO)/.41

• (CMA)/.22

• (LMT)/5.70

• (NVS)/1.31

• (PCAR)/.32

• (PM)/1.10

• (SBNY)/2.26

After the Close:

• (CNI)/1.26

• (COF)/-1.04

• (CSL)/1.14

• IBKR)/.31

• (ISRG)/.52

• (IRBT)/.29

• (SNAP)/-.10

• (SUM)/.25

• (AMTD)/.854

• (TER)/1.03

• (TXN)/.92

• (UAL)/-9.25

• (USNA)/1.19

Economic Releases

8:30 am EST

• The Chicago Fed National Activity Index for June is estimated to rise to 4.0 versus a reading of 2.61 in May.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Canada Housing Data report and weekly US retail sales reports could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by consumer and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.