TODAY’S S&P 500 SET-UP – May 21, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 1.16% downside to 1647 and 0.70% upside to 1678.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.72 from 1.73
- VIX closed at 13.02 1 day percent change of 4.58%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
- 11:30am: U.S. to sell 4W bills
- 11:30am: Fed’s Bullard speaks in Frankfurt
- 1pm: Fed’s Dudley speaks in New York
- 4:30pm: API energy inventories
GOVERNMENT:
- Apple CEO Cook appears before House Permanent Subcmte on Investigations to talk about offshore profit shifting, tax code alongside Apple CFO Peter Oppenheimer and Tax Operations Head Phillip Bullock; Cook said he’d present tax code simplification ideas at hearing, 9:30am
- IRS Acting Commissioner Steven Miller, Treasury’s IG for tax administration, J. Russell George, Former IRS Commissioner Doug Shulman testify before Senate Finance, 10am
- CME Chairman Terrence Duffy, ICE CEO Jeffrey Sprecher testify before House Agriculture Cmte on future of the CFTC, 10am
- Financial Industry Regulatory Authority annual conf., 9:30am
- Congressional Progressive Caucus holds discussion on wages in federal contracts, 3pm
- Treasury Sec. Jack Lew speaks to Senate Banking Cmte on Financial Stability Oversight Council’s annual report. 10am
- House Financial Svcs panel hearing, “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule,” 10am
- SEC Commissioner Daniel Gallagher speaks at meeting of Women in Housing Finance, 12pm
- House Financial Svcs panel holds hearing on Dodd-Frank’s conflict minerals provision, 2pm
- BSA releases study on piracy’s economic impact on govts
- NIST Director Patrick Gallagher, others testify before House Energy and Commerce Cmte on cyber threats and security, 10am
WHAT TO WATCH
- JPM shareholders vote whether to split chairman, CEO roles
- Apple CEO Cook, other execs testify today in D.C. on taxes
- Sprint to give Dish nonpublic data as Softbank grants waiver
- Clearwire holder vote on Sprint may be postponed: NY Post
- Dish chairman Ergen said to bid $2b for LightSquared assets
- Death toll from Oklahoma tornadoes rises to 91
- Ex-McKinsey exec. Gupta to appeal insider trading conviction
- Boeing open to increasing production rate for 787, CEO says
- Microsoft to unveil new Xbox at event in Redmond, Wash.
- IRS tax-exempt scrutiny to be subject of Senate cmte hearing
- IRS ex-official Shulman withdraws CBOE board candidacy
- Carnival says lower prices forced earnings forecast cut
- Yahoo to expand in NYC with new Times Square office
- NetJets CEO says U.S. leading demand for private flights
- Grifols to buy 35% of Aradigm after latter’s capital increase
EARNINGS: (all times ET, times are approximate)
- Home Depot (HD) 6am, $0.76 - Preview
- AutoZone (AZO) 7am, $7.21
- Medtronic (MDT) 7:15am, $1.03 - Preview
- Dick’s Sporting Goods (DKS) 7:30am, $0.48
- Best Buy (BBY) 7:31am, $0.24
- Tidewater (TDW) 7:51am, $0.61
- Saks (SKS) 8am, $0.18
- TJX (TJX) 8:32am, $0.62
- Intuit (INTU) 4pm, $2.93
- Analog Devices (ADI) 4pm, $0.52
- NetApp (NTAP) 4:01pm, $0.68
- Compuware (CPWR) 4:05pm, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Declines in London as U.S. Stimulus Outlook Curbs Demand
- Platinum Buying Quickens as Gold Allure Diminishes: Commodities
- WTI Crude Trades Near Seven-Week High as Stockpiles Seen Falling
- Copper Swings Between Gains and Drops Amid Concern About Supply
- Corn Declines for Second Day as U.S. Farmers Accelerate Planting
- Palm Oil Seen Dropping by Mistry as Output, Stockpiles Climb
- Freeport Mine Death Toll Rises to 21 as Indonesia Reviews Mines
- Hunan Rice Sales Plunge as China Probes Cadmium Contamination
- Crude Supplies Decline a Second Week in Survey: Energy Markets
- Brazil Coffee Growers Seek Price Review From ICE Futures U.S.
- Adaro Chief Says Coal at $100 a Ton New Normal: Southeast Asia
- ThyssenKrupp Woes Tarnish 99-Year-Old Steel Baron Beitz’s Legacy
- Gold-Silver Price Suggests Stocks to Snap Gain: Chart of the Day
- Cocoa Gains in London as Pound Nears Six-Week Low; Sugar Falls
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
