Tuesday, May 04, 2021

Wednesday Watch

Evening Headlines
Bloomberg:                   
Wall Street Journal:
Fox News:
CNBC.com:
MarketWatch.com:     
Zero Hedge:
Newsmax:
TheGatewayPundit.com:
The Epoch Times: 
Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 79.5 +.75 basis point.
  • China Sovereign CDS 37.75 +1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 60.65 +.03%.
  • Bloomberg Global Risk-On/Risk Off Index 3,084.0 +2.0 points.
  • Volatility Index(VIX) futures 22.3 +.3%.
  • FTSE 100 futures +.73%.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.08%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ABC)/2.46
  • (AAWW)/1.72
  • (GOLD)/.31
  • (BWA)/.92
  • (CCL)/-1.50
  • (CERN)/.74
  • (FDP)/.36
  • (GM)/.97
  • (HTLD)/.26
  • (HLT)/.12
  • (JLL)/.66
  • (LL)/.24
  • (ODP)/.72
  • (SMG)/5.47
  • (TT)/.61
  • (TUP)/.54
  • (UTHR)/3.47
After the Close:
  • (ADT)/.14
  • (ALB)/.79
  • (ALL)/3.79
  • (BKNG)/-6.07
  • (CF)/.56
  • (ETSY)/.93
  • (FOXA)/.54
  • (JEF)/.95
  • (KLIC)/.91
  • (MRO)/-.01
  • (MELI)/.08
  • (MET)/1.44
  • (PYPL)/1.01
  • (RDFN)/-.34
  • (RCII)/1.11
  • (RGLD)/.82
  • (RGR)/1.44
  • (TWLO)/-.10
  • (UBER)/-.37
Economic Releases
8:15 am EST
  • The ADP Employment Change for April is estimated to rise to 860K versus 517K in March.
10:00 am EST
  • ISM Services Index for April is estimated to rise to 64.1 versus 63.7 in March.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,644,000 barrels versus a +90,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -450,700 barrels versus a +92,000 barrel gain the prior week. Distillate inventories are estimated to fall by -169,200 barrels versus a -3,342,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.47% versus a +.4% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Euro Services PMI report, weekly MBA Mortgage Applications report, Wells Fargo Industrials Conference and the (COST) April sales results 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 technology and consumer 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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