Wednesday, May 04, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are +.5% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 120.5 -2.5 basis points. 
  • China Sovereign CDS  75.25 -3.25 basis points.
  • Bloomberg Emerging Markets Currency Index 52.9 -.07%. 
  • Bloomberg Global Risk-On/Risk Off Index 4,449.0 -5.0 points.
  • Volatility Index(VIX) futures 27.2 +.8%.
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.15%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ADT)/.11
  • (APD)/2.37
  • (BUD)/.62
  • (APTV)/.61
  • (MT)/3.06
  • (AAWW)/2.57
  • (BDX)/2.95
  • (BERY)/1.79
  • (CCJ)/-.01
  • (CAH)/1.52
  • (CTXS)/1.17
  • (COP)/3.22
  • (DDOG)/.11
  • (D)/1.17
  • (DKNG)/-1.20
  • (HBI)/.28
  • (ICE)/1.42
  • (K)/.93
  • (PZZA)/.94
  • (PH)/4.65
  • (PENN)/.45
  • (PWR)/1.25
  • (RCL)/-4.48
  • (SHOP)/.67
  • (SWI)/.22
  • (TRMB)/.67
  • (VSTO)/1.80
  • (W)/-1.53
  • (ZTS)/1.22
After the Close:
  • (Y)/15.90
  • (MDRX)/.19
  • (BILL)/-.16
  • (SQ)/.20
  • (NET)/.00
  • (CGNX)/.39
  • (ED)/1.48
  • (DASH)/-.04
  • (EOG)/3.69
  • (ILMN)/.89
  • (PODD)/.24
  • (LYV)/-.77
  • (MTZ)/-.11
  • (MCK)/6.04
  • (MELI)/1.41
  • (MNST)/.61
  • (NWSA)/.15
  • (SHAK)/-.23
  • (OLED)/1.02
  • (YELP)/.34
  • (ZG)/.27
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for April.
8:30 am EST
  • Non-Farm Productivity for 1Q is estimated to fall -5.3% versus a +6.6% gain in 4Q.
  • Unit Labor Costs for 1Q is estimated to rise +10.0% versus a +.9% gain in 1Q.
  • Initial Jobless Claims for last week are estimated at 180K versus 180K the prior week.
  • Continuing Claims are estimated to fall to 1400K versus 1408K prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Bank of England rate decision, German Factory Orders and the weekly EIA natural gas inventory report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by financial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.

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