Tuesday, May 31, 2022

Wednesday Watch

Night Trading 

  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 109.75 +1.0 basis point. 
  • China Sovereign CDS  70.5 +3.0 basis points.
  • Bloomberg Emerging Markets Currency Index 52.25 -.02%.  
  • Bloomberg Global Risk-On/Risk Off Index 3,994.0 - points.
  • Volatility Index(VIX) futures 28.2 +.%.
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures +.44%.
  • NASDAQ 100 futures +.38%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (CONN)/.17
  • (DCI)/.72
  • (WB)/.46
After the Close:
  • (AI)/-.29
  • (CHWY)/-.13
  • (GME)/-1.22
  • (HPE)/.45
  • (MDB)/-.10
  • (NTAP)/1.28
  • (PVH)/1.60
  • (SMTC)/.76
Economic Releases
10:00 am EST
  • Construction Spending MoM for April is estimated to rise +.5% versus a +.1% gain in March.
  • ISM Manufacturing for May is estimated to fall to 54.5 versus 55.4 in April.
  • ISM Prices Paid for May is estimated to fall to 80.5 versus 84.6 in April.
  • JOLTS Job Openings for April is estimated to fall to 11300K versus 11549K in March.
2:00 pm EST
  • US Fed Beige Book release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bullard speaking, Fed's Williams speaking, Eurozone PMI report, weekly MBA Mortgage Applications report, weekly US retail sales reports, Cowen Tech/Media/Telecom Conference, Wells Fargo Energy Conference, Loop Capital Investor Conference,  RBC Consumer/Retail Conference, (LEVI) investor day and the (PCAR) analyst day 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 industrial and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

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