Wednesday, May 12, 2021

Thursday Watch

Evening Headlines

Wall Street Journal:
Fox News:          
Zero Hedge:
Night Trading 
  • Asian equity indices are -1.5% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 84.0 +4.25 basis points.
  • China Sovereign CDS 39.0 +2.0 basis points.
  • Bloomberg Emerging Markets Currency Index 61.0 -.05%.
  • Bloomberg Global Risk-On/Risk Off Index 2,559.0 -29.0 points.
  • Volatility Index(VIX) futures 25.60 -3.15%.
  • FTSE 100 futures -.53%.
  • S&P 500 futures +.15%.
  • NASDAQ 100 futures +.20%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BABA)/13.28
  • (GOOS)/-.12
  • (PLCE)/-.21
  • (YETI)/.21
After the Close:
  • (ABNB)/-.95
  • (COHR)/1.14
  • (COIN)/NA
  • (DDS)/2.16
  • (DASH)/-.14
  • (DIS)/.27
Economic Releases
8:30 am EST
  • PPI Final Demand MoM for April is estimated to rise +.3% versus a +1.0% gain in March.
  • PPI Ex Food and Energy MoM for April is estimated to rise +.4% versus a +.7% gain in March.
  • Initial Jobless Claims for last week are estimated to fall to 490K versus 498K the prior week. 
  • Continuing Claims are estimated to fall to 3650K versus 3690K prior.
Upcoming Splits
  • (CP)/5-for-1
Other Potential Market Movers
  • The Fed's Waller speaking, Japan Money Supply Data, 30Y T-Note auction, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report and the Credit Suisse Renewables/Utilities Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are lower, weighed down by industrial 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.

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