Friday Watch

Night Trading 

• Asian equity indices are -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 87.75 +1.75 basis points.

• China Sovereign CDS 37.5 +.5 basis point
  

• Bloomberg Emerging Markets Currency Index 61.31 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 3,381.0 -81.0 points.
• Volatility Index(VIX) futures 21.45 +.30%.
• FTSE 100 futures -.27%.

• S&P 500 futures -.06%.

• NASDAQ 100 futures -.16%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for May is estimated to rise to 674K versus 266K in April.
• The Unemployment Rate for May is estimated to fall to 5.9% versus 6.1% in April.
• Average Hourly Earnings MoM for May is estimated to rise +.2% versus a +.7% gain in April.
  

10:00 am EST:

• Factory Orders for April is estimated to fall -.3% versus a +1.1% gain in March.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell speaking, Eurozone retail sales report and the ASCO annual meeting 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 100% net long heading into the day.