Tuesday, August 16, 2022

Wednesday Watch

Evening Headlines

Bloomberg:                       
Wall Street Journal:    
Fox News:
Zero Hedge:
Newsmax:  
TheGatewayPundit.com: 
The Epoch Times:
OpenVAERS:
SKirsch.com:
Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 130.75 -6.0 basis points. 
  • China Sovereign CDS 71.5 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 49.42 -.04%.  
  • Bloomberg Global Risk-On/Risk Off Index 3,842.0 +50.0 points.
  • Volatility Index(VIX) futures 23.45 +.05%
  • Euro Stoxx 50 futures +.32%.
  • S&P 500 futures +.01%.
  • NASDAQ 100 futures -.02%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ADI)/2.43
  • (DNUT)/.10
  • (LOW)/4.59
  • (PFGC)/1.04
  • (TGT)/.72
  • (PLCE)/.77
  • (TJX)/.67
After the Close:
  • (BBWI)/.41
  • (CSCO)/.82
  • (SNPS)/1.99
Economic Releases
8:30 am EST:
  • Retail Sales Advance MoM for July is estimated to rise +.1% versus a +1.0% gain in June.
  • Retail Sales Ex Autos MoM for July is estimated to fall -.1% versus a +1.0% gain in June.
  • Retail Sales Ex Autos and Gas for July is estimated to rise +.4% versus a +.7% gain in June.  
10:00 am EST
  • Business Inventories for June is estimated to rise +1.4% versus a +1.4% gain in May.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -258,830 barrels versus a +5,457,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,180,330 barrels versus a -4,978,000 barrel decline the prior week. Distillate inventories are estimated to rise by +910,500 barrels versus a +2,166,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.38% versus a +3.3% gain prior.
2:00 pm EST
  • FOMC Meeting Minutes for July 27. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bowman speaking, UK CPI report, Eurozone GDP report, 20Y T-Bond auction and the weekly MBA Mortgage Applications report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity 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 50% net long heading into the day.

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