Wednesday, December 01, 2021

Thursday Watch

Evening Headlines

Wall Street Journal:
Fox News:
Zero Hedge:
  • Moderna exec says company could have Omicron booster ready in March.Moderna President Stephen Hoge said he believes booster shots carrying genes specifically targeting mutations in the newly-discovered Omicron variant would be the quickest way to address any anticipated reductions in vaccine efficacy it may cause. The company is also working on a multi-valent vaccine that would include up to four different coronavirus variants including Omicron. That could take several more months, he said.
Night Trading 
  • Asian equity indices are -.75% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 95.25 unch. 
  • China Sovereign CDS 55.25 unch.
  • Bloomberg Emerging Markets Currency Index 53.62 -.34%. 
  • Bloomberg Global Risk-On/Risk Off Index 1,753.0 +19.0 points.
  • Volatility Index(VIX) futures 27.0 -3.6%.
  • Euro Stoxx 50 futures -1.81%.
  • S&P 500 futures +.30%
  • NASDAQ 100 futures +.33%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (CCL)/-1.44
  • (CLDR)/.11
  • (DG)/2.02
  • (KR)/.67
  • (SIG)/.72
  • (TD)/1.95
After the Close:
  • (COO)/3.38
  • (DOCU)/.46
  • (MRVL)/.38
  • (OLLI)/.47
  • (ULTA)/2.47
  • (ZUMZ)/1.09
Economic Releases 
7:30 am EST
  • Challenger Job Cuts YoY for Nov.
8:30 am EST
  • Initial Jobless Claims for last week are estimated to rise to 240K versus 199K the prior week.
  • Continuing Claims are estimated to fall to 2002K versus 2049K prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Quarles speaking, Australia Trade Balance report, weekly Langer Consumer Comfort Index, Goldman Sachs Automotive Conference, weekly weekly EIA natural gas inventory report and the (NVS) capital markets day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

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