Thursday, May 06, 2021

Thursday Watch

Night Trading 

  • Asian equity indices are -.5% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 79.75 +.25 basis point.
  • China Sovereign CDS 37.5 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 60.70 -.01%.
  • Bloomberg Global Risk-On/Risk Off Index 3,149.0 +17.0 points.
  • Volatility Index(VIX) futures 21.8 +.6%.
  • FTSE 100 futures +.08%.
  • S&P 500 futures -.08%.
  • NASDAQ 100 futures -.13%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (AES)/.35
  • (BUD)/.44
  • (APTV)/.83
  • (MT)/1.44
  • (BDX)/3.05
  • (CAH)/1.56
  • (FLIR)/.53
  • (HAIN)/.38
  • (ICPT)/-1.42
  • (K)/.96
  • (MGA)/1.60
  • (MRNA)/3.02
  • (NCLH)/-2.10
  • (PZZA)/.55
  • (PENN)/.25
  • (PWR)/.73
  • (REGN)/9.92
  • (TPR)/.29
  • (VIAC)/1.15
  • (W)/.21
  • (ZTS)/1.02
After the Close:
  • (AMC)/-1.32
  • (BYND)/-.21
  • (CVNA)/-.66
  • (CHUY)/.19
  • (CGNX)/.35
  • (ED)/1.40
  • (DDOG)/.03
  • (DBX)/.30
  • (LOCO)/.12
  • (EOG)/1.34
  • (EXPE)/-2.37
  • (IAC)/-.43
  • (MTZ)/.73
  • (MCK)/5.01
  • (MCHP)/1.74
  • (MNST)/.61
  • (NWSA)/.07
  • (PTON)/-.08
  • (POST)/.56
  • (QDEL)/5.18
  • (RMAX)/.46
  • (ROKU)/-.13
  • (SHAK)/-.09
  • (SFM)/.60
  • (SQ)/.16
  • (SYNA)/1.89
  • (OLED)/.80
  • (YELP)/.17
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for April.
8:30 am EST
  • 1Q Non-Farm Productivity is estimated to rise +4.3% versus a -4.2% decline in 4Q.
  • 1Q Unit Labor Costs is estimated to fall -1.0% versus a +6.0% gain in 4Q.
  • Initial Jobless Claims for last week are estimated to fall to 535K versus 553K the prior week. 
  • Continuing Claims are estimated to fall to 3620K versus 3660K prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Bank of England decision, China Trade Balance report, Langer Consumer Comfort and the (KMX) analyst day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and technology 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.

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