Thursday Watch

Night Trading 

• Asian equity indices are -2.0% to -1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 220.25 -5.5 basis points. 

• China Sovereign CDS 115.25 -3.75 basis points.
  

• Bloomberg Emerging Markets Currency Index 46.5 -.02%.  
• Bloomberg Global Risk-On/Risk Off Index 46.8 -.14%. 
• Bloomberg US Financial Conditions Index -1.02 +2.0 basis points.
  
• Volatility Index(VIX) futures 26.7 -.18%.
• Euro Stoxx 50 futures -1.16%.

• S&P 500 futures -.20%.

• NASDAQ 100 futures -.15%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (APD)/2.76
• (ABC)/2.58
• (APTV)/1.00
• (AAWW)/4.26
• (GOLD)/.12
• (CARS)/.49
• (CI)/5.71
• (COP)/3.44
• (CMI)/4.83
• (DDOG)/.16
• (EXC)/.70
• (FSS)/.53
• (H)/.25
• (ICE)/1.27
• (IRM)/.76
• (ITT)/1.17
• (JCI)/.98
• (K)/.98
• (MAR)/1.68
• (MRNA)/3.11
• (MUR)/1.61
• (PZZA)/.61
• (PH)/4.17
• (BTU)/1.80
• (PTON)/-.67
• (PENN)/.49
• (PWR)/1.77
• (REGN)/9.62
• (RCL)/.17
• (SHAK)/-.06
• (W)/-2.17
• (ZTS)/1.24

After the Close:

• (AES)/.53
• (MDRX)/.19
• (AMGN)/4.45
• (AVB)/2.53
• (SQ)/.23
• (CVNA)/-1.93
• (NET)/.00
• (CGNX)/.14
• (COIN)/-1.47
• (ED)/1.46
• (DASH)/-.07
• (DBX)/.38
• (LOCO)/.12
• (EOG)/3.77
• (EXPE)/4.13
• (ILMN)/.30
• (LYV)/1.05
• (MTZ)/1.28
• (MELI)/2.49
• (MCHP)/1.44
• (MNST)/.61
• (PYPL)/.96
• (RMAX)/.60
• (SWKS)/2.90
• (SBUX)/.72
• (TRUP)/-.07
• (TWLO)/-.35
• (OLED)/1.00
• (YELP)/.58
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for Oct.

8:30 am EST

• The Trade Balance for Sept. is estimated at -$72.2B versus -$67.4B in Aug.
• 3Q Non-Farm Productivity is estimated to rise +.5% versus a -4.1% decline in 2Q.
• 3Q Unit Labor Costs is estimated to rise +4.0% versus a +10.2% gain in 2Q.
• Initial Jobless Claims for last week is estimated to rise to 220K versus 217K the prior week.
• Continuing Claims is estimated to rise to 1450K versus 1438K prior.
  

10:00 am EST:

• Factory Orders for Sept. is estimated to rise +.3% versus unch. in Aug.
• Factory Orders Ex Transports for Sept. is estimated unch. versus a +.2% gain in Aug.
• ISM Services Index for Oct. is estimated to fall to 55.2 versus 56.7 in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The BofE rate decision, Eurozone Retail Sales report, weekly EIA natural gas inventory report, (TWLO) investor day, (ANET) analyst day and the (SLB) investor 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 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 Market Neutral heading into the day.