Wednesday, June 23, 2021

Thursday Watch

Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 84.5 unch.
  • China Sovereign CDS 36.0 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 60.71 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 3,348.0 -10.0 points.
  • Volatility Index(VIX) futures 18.32 -.66%.
  • FTSE 100 futures -.01%.
  • S&P 500 futures +.18%.
  • NASDAQ 100 futures +.21%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ACN)/2.24
  • (DRI)/1.79
  • (FIZZ)/.41
  • (RAD)/.22
  • (WOR)/1.75
After the Close:
  • (BB)/-.05
  • (FDX)/5.00
  • (NKE)/.51
  • (PRGS)/.73
  • (SNX)/1.93
Economic Releases
8:30 am EST
  • The Advance Goods Trade Balance for May is estimated at -$87.5B versus -$85.2B in April.
  • Retail Inventories MoM for May is estimated to fall -.5% versus a -1.6% decline in April.
  • Wholesale Inventories MoM for May is estimated to rise +.8% versus a +.8% gain in April.
  • Durable Goods Orders for May is estimated to rise +2.8% versus a -1.3% decline in April.
  • Durables Ex Transports for May is estimated to rise +.7% versus a +1.0% gain in April.
  • Cap Goods Orders Non-Defense Ex-Air for May is estimated to rise +.6% versus a +2.2% gain in April.
  • Initial Jobless Claims for last week are estimated to fall to 380K versus 412K the prior week.
  • Continuing Claims is estimated to fall to 3460K versus 3518K prior.
11:00 am EST
  • The Kansas City Fed Manufacturing Index for June is estimated to fall to 24.0 versus 26.0 in May.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Williams speaking, Fed stress test results, Eurozone GDP report, BofE rate decision, weekly Langer Consumer Comfort Index, (PKI) analyst day, (MSFT) Windows Event, (HIBB) investor day and the (UNFI) investor day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are slightly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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