Wednesday, March 03, 2021

Thursday Watch

Night Trading 
  • Asian equity indices are -.5% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 59.5 unch.
  • China Sovereign CDS 31.75 +.75 basis point.
  • Bloomberg Emerging Markets Currency Index 61.45 -.06%.
  • Bloomberg Global Risk-On/Risk Off Index 2,515.0 -32.0 points.
  • Volatility Index(VIX) futures 27.75 -.54%.
  • FTSE 100 futures -.41%.
  • S&P 500 futures -.29%.
  • NASDAQ 100 futures -.47%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BJ)/.67
  • (CCL)/-1.71
  • (CIEN)/.45
  • (JW/A)/.56
  • (KR)/.68
  • (MIK)/1.46
  • (FIZZ)/.38
  • (WB)/.71
After the Close:
  • (AVGO)/6.56
  • (COO)/2.79
  • (COST)/2.31
  • (GPS)/.18
  • (PLYA)/-.47
  • (NX)/.06
  • (WORK)/-.03
  • (SWBI)/.81
Economic Releases
 7:30 am EST
  • Challenger Job Cuts YoY for Feb.
8:30 am EST
  • Initial Jobless Claims for last week are estimated to rise to 755K versus 730K the prior week.
  • Continuing Claims are estimated to fall to 4300K versus 4419K the prior week.
10:00 am EST
  • Factory Orders for Jan. is estimated to rise +2.1% versus a +1.1% gain in Dec.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell speaking, Eurozone Retail Sales report and the weekly EIA natural gas inventory report could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly mixed. The Portfolio is 50% net long heading into the day.

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