Wednesday, November 04, 2020

Thursday Watch

Evening Headlines
Bloomberg:          
Wall Street Journal: 
Fox News:
CNBC.com:
MarketWatch.com:         
Zero Hedge:
9News:
Night Trading 
  • Asian equity indices are +.5% to +1.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 65.5 -1.25 basis points.
  • China Sovereign CDS 36.75 -1.0 basis point.
  • Bloomberg Emerging Markets Currency Index 59.19 unch.
  • Bloomberg Global Risk-On/Risk Off Index 222.0 +57.0 points.
  • Volatility Index(VIX) futures 29.2 +.09%
  • FTSE 100 futures -.1%.
  • S&P 500 futures +.2%.
  • NASDAQ 100 futures +.59%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BABA)/13.78
  • (ABC)/1.87
  • (AZN)/.99
  • (AAWW)/2.46
  • (GOLD)/.32
  • (BDX)/2.54
  • (BMY)/1.49
  • (CAH)/1.14
  • (CI)/4.23
  • (DISCA)/.68
  • (D)/.99
  • (DUK)/1.80
  • (GM)/1.43
  • (ODP)/1.09
  • (PZZA)/.35
  • (REGN)/6.99
  • (RGEN)/.28
  • (SRCL)/.57
  • (VMC)/1.61
  • (WWW)/.28
  • (YETI)/.37
  • (ZTS)/.91
After the Close:
  • (AIG)/.55
  • (BGS)/.57
  • (BKNG)/14.25
  • (CZR)/-2.03
  • (ED)/1.51
  • (DLPH)/.10
  • (DBX)/.19
  • (EA)/.04
  • (EOG)/.18
  • (EVBG)/-.11
  • (IAC)/-.33
  • (MCHP)/1.43
  • (MNST)/.62
  • (NWSA)/-.02
  • (PTON)/.12
  • (RMAX)/.60
  • (RDFN)/.06
  • (SQ)/.16
  • (STMP)/1.46
  • (TTWO)/1.52
  • (UBER)/-.49
  • (WYNN)/-3.89
  • (XPO)/.40
  • (YELP)/.03
  • (ZG)/.11
Economic Releases
7:30 am EST
  • Challenger Job Cuts report.
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 735K versus 751K the prior week.
  • Continuing Claims are estimated to fall to 7200K versus 7756K prior.
  • Preliminary 3Q Non-Farm Productivity is estimated to rise +5.6% versus a +10.1% gain in 2Q.
  • Preliminary 3Q Unit Labor Costs is estimated to fall -11.0% versus a +9.0% gain in 2Q.
2:00 pm EST
  • The FOMC is expected to leave the benchmark Fed Funds rate is estimated at .25%.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The US election outcome uncertainty, Fed Press Conference, German Factory Orders report, BoE Inflation report, BoE rate decision, weekly MBA Mortgage Applications report and the Bloomberg weekly Consumer Comfort Index could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are higher, boosted by technology and healthcare shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

 

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