Tuesday, April 19, 2022

Wednesday Watch

Night Trading 

  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 113.0 +3.75 basis points. 
  • China Sovereign CDS  71.0+2.75 basis points.
  • Bloomberg Emerging Markets Currency Index 53.28 -.04%. 
  • Bloomberg Global Risk-On/Risk Off Index 4,888.0 +61.0 points.
  • Volatility Index(VIX) futures 23.9 +1.3%.
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures -.45%.
  • NASDAQ 100 futures -1.05%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ABT)/1.46
  • (ANTM)/7.83
  • (ASML)/1.68
  • (BKR)/.20
  • (CMA)/1.37
  • (HTLD)/.19
  • (MTB)/2.34
  • (PG)/1.30
  • (NDAQ)/1.94
After the Close:
  • (AA)/2.88
  • (CVNA)-1.58
  • (CCI)/1.89
  • (CSX)/.37
  • (KALU)/.58
  • (KMI)/.27
  • (KNX)/1.26
  • (LRCX)/7.52
  • (LSTR)/3.13
  • (LVS)/-.23
  • (RHI)/1.46
  • (SLG)/1.64
  • (STLD)/5.70
  • (THC)/1.06
  • (TSLA)/2.27
  • (UAL)/-4.22
  • (VMI)/2.44
Economic Releases
10:00 am EST
  • Existing Home Sales for March is estimated to fall to 5.78M versus 6.02M in Feb.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +3,139,670 barrels versus a +9,382,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -773,220 barrels versus a -3,648,000 barrel decline the prior week. Distillate inventories are estimated to fall by -470,110 barrels versus a -2,902,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.49% versus a -2.5% decline prior.
2:00 pm EST
  • US Fed Beige Book release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bostic speaking, Fed's Evans speaking, Fed's Daly speaking, Eurozone Industrial Production report, 20Y T-Bond auction, weekly MBA Mortgage Applications report and the (LULU) analyst 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 commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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