Monday, August 22, 2022

Tuesday Watch

Evening Headlines

Bloomberg:        
Wall Street Journal:  
Fox News:
Zero Hedge:
Newsmax:   
SKirsch.com:
Night Trading 
  • Asian equity indices are -1.0% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 146.0 +9.5 basis points. 
  • China Sovereign CDS 79.0 +5.5 basis points.
  • Bloomberg Emerging Markets Currency Index 48.61 -.02%.  
  • Bloomberg Global Risk-On/Risk Off Index 41.68 -.07%. 
  • Bloomberg US Financial Conditions Index -.28 -4.0 basis points
  • Volatility Index(VIX) futures 25.5 -1.24%
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures +.26%.
  • NASDAQ 100 futures +.33%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (DKS)3.56
  • (SJM)/1.27
  • (JD)/2.76
  • (M)/.88
  • (MDT)/1.12
After the Close:
  • (AAP)/3.75
  • (INTU)/.98
  • (LZB)/.67
  • (JWN)/.80
  • (TOL)/2.29
  • (URBN)/.70
Economic Releases
9:45 am EST
  • S&P Global US Manufacturing PMI for Aug. is estimated to fall to 51.8 versus 52.2 in July.
  • S&P Global US Services PMI for Aug. is estimated to rise to 49.8 versus 47.3 in July.
10:00 am EST
  • The Richmond Fed Manufacturing Index for Aug. is estimated to fall to -4.0 versus 0.0 in July.
  • New Home Sales for July is estimated to fall to 575K versus 590K in June.
Upcoming Splits
  • (TSLA) 3-for-1
  • (NDAQ) 3-for-1
Other Potential Market Movers
  • The Eurozone PMI report, US weekly retail sales reports, 2Y T-Note auction and the Raymond James Industrials Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are lower, weighed down by consumer and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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