TODAY’S S&P 500 SET-UP – May 28, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 0.46% downside to 1642 and 1.36% upside to 1672.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.79 from 1.76
- VIX closed at 13.99 1 day percent change of -0.57%
MACRO DATA POINTS (Bloomberg Estimates):
- 9am: S&P/CS Comp-20 City Home Price Index M/m, March, est 1%
- 9am: S&P/Case-Shiller Index, March (prior 146.57)
- 9am: S&P/Case-Shiller U.S. HPI Y/y, 1Q (prior 7.33%)
- 9am: S&P/Case-Shiller U.S. HPI, 1Q (prior 135.22)
- 10am: Richmond Fed Manuf Index, May, est -5 (prior -6)
- 10am: Consumer Confidence, May, est. 70.5 (prior 68.1)
- 10:30am: Dallas Fed Manuf Act., May, est -10 (prior -15.6)
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- 1pm: U.S. to sell $35b 2Y notes
- 8pm: Bank of Japan’s Kuroda speaks at BOJ conference
- U.S. Rates Weekly Agenda
GOVERNMENT:
- 10am: House Transportation and Infrastructure panel holds field hearing on oversight of high-speed rail in Calif.
WHAT TO WATCH
- Valeant to Buy Warburg Pincus’s Bausch & Lomb
- KKR, Silver Lake challenge Yahoo for Hulu as bidding escalates
- Yahoo’s Hulu bid said to be $600m-$800m: AllThingsD
- AstraZeneca to buy Omthera Pharma for up to $443m
- Apple’s iPhone distribution still examined by EU regulator
- Freeport mine suspension may be lifted after safety review
- Morgan Stanley said to move Asia hedge-fund event to U.S.
- Jet to buy more Boeing planes as AirAsia enters India market
- Siga may rise on chance to reargue damages in PharmAthene suit
- Chevron lends Venezuelan oil venture $2b for output boost
- Chevron plans to sell more gas from A$52b Gorgon project
- Clarion said to buy NYC tower in midtown south for $225m
- Li says China targets 7% annual growth this decade
- Oil-price manipulation may affect millions, EU official says
- “Fast & Furious 6” is top U.S./Canada film w/ $98.5m
- Bank of Israel lowers rate a second time this month
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- U.S. consumer spending probably little changed: Eco Preview
- BOJ Speakers, Merkel, French Open: Week Ahead May 27-June 1
EARNINGS:
- Canadian Solar (CSIQ) 6am, ($0.78)
- Tiffany (TIF) 7am, $0.53
- Bank of Nova Scotia (BNS CN) 7:30am, C$1.26 - Preview
- United Natural Foods (UNFI) 4pm, $0.64
- EnerSys (ENS) 4:01pm, $0.80
- Guidewire Software (GWRE) 4:01pm, $0.02
- Wet Seal (WTSL) 4:05pm, $0.01
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Premiums Tumble From India to Hong Kong as Demand Wanes
- Refined Sugar Sours as Premium Shrinks Amid Glut: Commodities
- Corn Climbs to Three-Week High as Wet Weather May Slow Planting
- Brent Crude Rises to One-Week High; WTI Halts Four-Day Decline
- Gold Drops With Silver as Dollar Strengthens Before U.S. Data
- Money Managers Boost Bets on Higher Cocoa Prices on NYSE Liffe
- Aluminum Inventories Seen by IAI at 1.22 Million Tons in April
- Gold Futures May Drop to Lowest Since 2010: Technical Analysis
- SHFE Plans to Expand Warehouse Network in Competition With LME
- Rebar in Shanghai Climbs 0.2%, Reversing Earlier Decline
- Australia May Get 10% of New LNG Contracts, Wood Mackenzie Says
- Jet Fuel Sinks in Europe as Slowdown Hits Travel: Energy Markets
- LPG Tanker Rates Rising Near Record in U.S. Shale Surge: Freight
- Copper Swings Between Gains and Declines on China Growth Concern
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
