Tuesday Watch

Evening Headlines

Bloomberg:                        

• Top India Stock Fund Warns of ‘Correction’ as Virus Runs Amok.
• Colonial Pipeline Reopens Section of Pipeline on ‘Limited’ Basis.  
• Asia Stocks Track U.S. Slide on Inflation Angst: Markets Wrap.
• Bali Closer to Vaccine Goal; New Malaysia Curbs: Virus Update.
• Gas Stations Running Dry as Hacked Pipeline Tries to Restart.
• CEO of Hacked Pipeline Company Warns States of Fuel Shortages.  
• Cathie Wood’s Ark ETF Sees 91% of Holdings Tumble in Tech Rout.
• Apple Faces U.K. Class Action for Overcharging 20 Million Users.  
• NBC Is Dropping Golden Globes After Criticism Over Diversity.  
• An Acid Squeeze Is the Latest Obstacle Facing Giant Copper Mines.
• Bitcoin ETF Approval Odds Grow Longer After Gensler Critique.  
• Rout Lands on Nasdaq Where Shorts Are Massing, Bulls Getting Out.

Wall Street Journal:

• Israel Strikes Hamas Targets After Rockets Fired at Jerusalem.
• Robert Mueller’s Revenge.
• States Urge Facebook to Abandon Plan for Children’s Instagram.
• The Fed Is Playing With Fire.
• California Governor Proposes Tripling Spending on Stimulus Checks.
• Kids’ Weight Gain in the Pandemic Is Alarming Doctors.

Fox News:

• MacCallum spars with teachers union president over critical race theory.
• Microsoft co-founder wasn't 'choir boy,' liked 'naked parties' in early days.

CNBC.com:

• FDA permits use of the Pfizer-BioNTech Covid vaccine in kids ages 12 to 15.
• WHO classifies triple-mutant Covid variant from India as global health risk.
• Cloud stocks plunge to six-month low as investors hasten rotation out of recent top performers.
• Cathie Wood’s ARK Innovation ETF falls to new low for the year, off nearly 35% from recent high.

MarketWatch.com:        

• Roblox stock pares regular-session losses following first public earnings.

Zero Hedge:

• 71% Of Eligible Gen-Zers Don't Qualify For Military Due To Obesity, Criminal Records And Other Reasons.
• It's Official: McCarthy Sets Wednesday Vote For Liz Cheney Ouster.
• US Ship Fires 30 Warning Shots After 13 Iranian IRGC Boats Approach Fleet.
• Shocking Chart Shows Most Workers Now Make More On Unemployment Than From Their Jobs.
• Watch: Blaze Erupted On Temple Mount As Jerusalem Unrest Intensifies
• COVID-19 Rewired Our Brains.
• "Leadership Is Shifting": Goldman Says Business Sentiment, Job Growth And QE Have Peaked - What Happens Next.
• "This Must Stop!" One Father's Fight Against Pervasive Entrenchment Of Critical Race Theory In America's Schools.
• Amazon Bond Offering Upsized To $18.5BN, Its Largest Ever, Ahead Of Buyback Frenzy
• Crypto Markets Just Got Monkeyhammered.
• Tech Wrecks, Ether Erupts, Commodities Crumble As Dollar Gives Up 2021 Gains.

Newsmax:  

• Sen. Rick Scott: Biden's Agenda to Blame For Low Jobs Report.
• Mick Mulvaney: Biden's Spending, Tax Plans 'Very Dangerous'.
  

TheGatewayPundit.com:

• And There It Is… AG Bill Barr Threatened to Quit Over Trump’s Attempts to Fire Chris Wray.
• “This is a Private Sector Decision” – WH Officials Say They Have Not Offered Advice to Colonial Pipeline on Whether to Pay Ransom to Hackers (VIDEO).
• Joe Biden Claims Workers Aren’t Being Paid to Stay Home, Gets Confused, Then Says the Exact Opposite (VIDEO).
• NEW: Man Who Shot Three Random People in Times Square in Broad Daylight Identified as Farrakhan Muhammad.

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 -1.25% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 79.0 unch.

• China Sovereign CDS 36.0 unch..

• Bloomberg Emerging Markets Currency Index 61.53 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 3,046.0 -22.0 points.
• Volatility Index(VIX) futures 21.35 +.01%.
• FTSE 100 futures -.89%.

• S&P 500 futures -.14%.

• NASDAQ 100 futures -.28%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (HBI)/.26
• (IGT)/-.01
• (PRGO)/.57
• (TDG)/2.54
  

After the Close:

• (BGS)/.57
• (COHR)/1.14
• (EA)/1.05
• (LMND)/-1.25
• (QS)/-.06
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for April is estimated to rise to 101.0 versus 98.2 in March.
  

10:00 am EST

• JOLTS Job Openings for March is estimated to rise to 7500K versus 7367K in Feb.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Brainard speaking, German ZEW Index, weekly US retail sales report, 3Y T-Note auction, BofA Healthcare Conference, Citi Energy/Utilities Conference, Goldman Industrials/Materials Conference, (LSCC) investor day and the (HBI) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by consumer and technology 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.