Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 86.5 -.75 basis point.

• China Sovereign CDS 38.0 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 61.25 +.04%.
• Bloomberg Global Risk-On/Risk Off Index 3,256.0 +2.0 points.
• Volatility Index(VIX) futures 20.5 -1.2%.
• FTSE 100 futures unch..

• S&P 500 futures +.30%.

• NASDAQ 100 futures +.41%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANF)/-.54
• (DKS)/.99

After the Close:

• (UHAL)/5.07
• (AEO)/.23
• (ELF)/.09
• (NVDA)/3.22
• (OKTA)/-.21
• (SNOW)/-.16
• (WSM)/1.72
• (WDAY)/.73
  

Economic Releases

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -750,830 barrels versus a +1,320,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,360,640 barrels versus a -1,963,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,035,820 barrels versus a -2,324,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.12% versus a +.2% gain prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Quarles speaking, Japan Foreign Investment report, House Hearing with major banks, weekly MBA Mortgage Applications report, $61B 5Y T-Note auction, TD Telecom/Media Conference, (SU) virtual investor day, (DCO) investor day, Oppenheimer MedTech/Tools/Diagnostics Summit and the (DPZ) virtual investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.