TODAY’S S&P 500 SET-UP – May 24, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 1.00% downside to 1634 and 0.39% upside to 1657.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.76 from 1.79
- VIX closed at 14.07 1 day percent change of 1.81%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods Orders, April, est. 1.5%
- 8:30am: Durables Ex Trans, April, est. 0.5%
- 8:30am: Capital Goods Orders Nondef Ex Air, April, est. 0.5%
- 8:30am: Cap Goods Shipments Nondef Ex Air, April, est. -0.5%
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House meets in pro-forma session, Senate schedule TBA
- 8am: Natl Defense Industrial Assn, Air Force Assn, Reserve Officers Assn hold forum on nuclear, missile defense in China
- 11am: Sec. of the Air Force Michael Donley and Air Force Chief of Staff Gen. Mark A. Welsh III hold a a media briefing on “The State of the Air Force.”
WHAT TO WATCH
- Google said to face new antitrust probe on display-ad market
- Google said to consider buying Waze
- Google loses bid to block U.S. imports of Microsoft’s Xbox
- P&G former CEO Lafley to return, replace retiring McDonald
- Toshiba, KKR to bid for Panasonic health-care unit: Reuters
- China, U.S. reach agreement on audit records access: China News
- Obama nominates 2 U.S. Senate aides as next SEC commissioners
- 8.2 quake hits Sea of Okhotsk; Sakhalin 2 working as normal
- German IFO business confidence rises for first time in 3 months
- BOJ Speakers, BofA, Kerry, French Open: Wk Ahead May 25-June 1
- U.S. markets closed Monday for Memorial Day holiday
EARNINGS:
- Hibbett Sports (HIBB) 6:30am, $1.07
- Foot Locker (FL) 7am, $0.88
- Abercrombie & Fitch (ANF) 7am, $(0.05)
- National Bank of Canada (NA CN) 7:15am, C$1.98
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Heads for Biggest Weekly Decline in a Month on Supply
- Gold Traders Most Bullish in a Month After Bernanke: Commodities
- Soybeans Head for 4th Weekly Gain as China Demand Shrinks Stocks
- Oil-Fixing Probe in EU Has Platts Wary Trades May Go Under Radar
- Copper Swings Between Gains and Drops Amid Concern About Supply
- Gold Swings as Prices Head for Weekly Gain on Stimulus Outlook
- Cocoa Falls to One-Week Low on Ivory Coast Rains; Sugar Advances
- Goldman Says Iron Ore Downturn Signals China’s Buyer Power
- Yuan Gold Trade in Hong Kong Triples as Currency Gains Cut Risk
- Grain, Cereal Correlation to Oil May Signal Easing 2H Food Costs
- Earthquakes Raise Operational Risk for Costly LNG Terminals
- Kingsman Cuts 2013-14 Sugar Surplus by 12% on Brazil, Russia, EU
- Spring-Wheat Farmers Catching Up Curbs Premium: Chart of the Day
- Aluminum Fees in Japan Said to Stall Until Abenomics Spur Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
