Friday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 112.25 +1.0 basis point. 

• China Sovereign CDS  71.0 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 52.21 +.01%.  
• Bloomberg Global Risk-On/Risk Off Index 4,555.0 -115.0 points.
• Volatility Index(VIX) futures 27.0 -.3%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.29%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for May is estimated to fall to 320K versus 428K in April.
• The Unemployment Rate for May is estimated to fall to 3.5% versus 3.6% in April.
• Average Hourly Earnings MoM for May is estimated to rise +.4% versus a +.3% gain in April. 
  

10:00 am EST

• The ISM Services Index for May is estimated to fall to 56.5 versus 57.1 in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Brainard speaking, Eurozone Services PMI report, (CI) investor day, (R) investor day and the ASCO annual meeting 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 commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.