TODAY’S S&P 500 SET-UP – May 30, 2013
As we look at today's setup for the S&P 500, the range is 33 points or 0.45% downside to 1641 and 1.56% upside to 1674.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.82
- VIX closed at 14.83 1 day percent change of 2.42%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: GDP Q/q, 1Q revision, est. 2.5% (prior 2.5%)
- 8:30am: Pers. Consumption, 1Q rev., est. 3.3% (prior 3.2%)
- 8:30am: GDP Price Index revision, 1Q, est. 1.2% (prior 1.2%)
- 8:30am: Core PCE Q/q revision, 1Q, est. 1.2% (prior 1.2%)
- 8:30am: Init. Jobless Claims, May 25, est. 340k (prior 340k)
- 8:30am: Cont. Claims, May 18, est. 2.970m (prior 2.912m)
- 9:45am: Bloomberg Consumer Comfort, May 26 (prior -29.4)
- 10am: Pending Home Sales M/m, April, est. 1.5% (prior 1.5%)
- 10am: Pending Home Sales Y/y, April, est. 12.8% (prior 5.8%)
- 10:30am: DOE Energy Inventories
- 10am: Freddie Mac mortgage 30-yr
- 10:30am: EIA Natural gas storage
- 11am: DOE Energy Inventories
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 1pm: U.S. to sell $29b 7Y notes
GOVERNMENT:
- House, Senate not in session
- 8:30am: U.S. Chamber of Commerce holds panel discussion on “Big Data”
- 11am: FERC Commissioner Philip Moeller, Duke Energy CEO Jim Rogers, participate in U.S. Energy Assn annual mtg and public policy forum
- 11am: Treasury Sec. Jack Lew, HHS Sec. Kathleen Sebelius, Acting Labor Sec. Seth Harris, CMS Administrator Marilyn Tavenner release annual reports from Social Security, Medicare trust funds
- 1:30pm: House Transportation and Infrastructure Cmte hold field hearing on freight transportation challenges in southern Calif., implications for nation
WHAT TO WATCH
- Buffett’s MidAmerican Energy to buy NV Energy for ~$5.6b
- Alcoa’s credit rating cut to junk as aluminum price drops
- Dish boosts Clearwire bid to $4.40/shr, topping Sprint offer
- GE Capital CEO Neal may step down, WSJ reports
- Fiat said to ready $10b in financing to buy Chrysler
- Costco 3Q profit beats est.
- NYT said to consider BuzzFeed-style sponsored stories
- Smithfield sale likely to pass U.S. security review, lawyers say
- PetroChina said to sell stakes for cash to spend abroad
- Hulu’s intl chief quits ahead of potential sale of site
- KKR said to hire Ex-CIA Chief Petraeus to lead institute at firm
- Google’s Motorola plans to sell made-in-Texas Moto X by Oct.
- Takeda sues to block generic Dexilant sales by Impax, Sandoz
- Euro-area eco. confidence increased in May
- Japanese stocks enter correction, extending last wk’s plunge
EARNINGS:
- Big Lots (BIG) 6am, $0.61
- Joy Global (JOY) 6am, $1.56 - Preview
- Royal Bank of Canada (RY CN) 6am, C$1.32 - Preview
- Sanderson Farms (SAFM) 6:30am, $0.71
- Express (EXPR) 7am, $0.36
- Ship Finance International (SFL) 8:24am, $0.29
- Golar LNG (GLNG) Bef-mkt, $0.34
- Golar LNG Partners (GMLP) Bef-mkt, $0.48
- Esterline Technologies (ESL) 4pm, $1.25
- Lions Gate Entertainment (LGF) 4pm, $0.44
- Guess? (GES) 4:03pm, $0.08
- Palo Alto Networks (PANW) 4:03pm, $0.05
- Splunk (SPLK) 4:05pm, $(0.06)
- Pall (PLL) 5pm, $0.73
- Copart (CPRT) 5:17pm, $0.49
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Wheat Drops as Japan Suspends U.S. Imports on Modified Crops
- Copper Users Squeezed as Glut Clogs Warehouse Lines: Commodities
- Gold Rises for Second Day on Gain in SPDR Assets as Dollar Falls
- Copper Advances as Weakening Dollar Stokes Demand From Investors
- WTI Trades Near Four-Week Low as Supplies Gain Before OPEC Meets
- Monsanto Modified Wheat Not Approved by USDA Found in Field
- Robusta Coffee at 5-Month Low on Vietnam Prices; Sugar Advances
- Iron Ore Seen at $100 by Morgan Stanley Offers Chance to Buy
- Coal Ban to Spur China Gains as Indonesia Hurts: Energy Markets
- Rebar Tumbles to Eight-Month Low on Chinese Overcapacity Concern
- Cocoa Set for 2-Month Low on Support Breach: Technical Analysis
- EU Energy Spend May Fall Short Without Carbon Fix, IHS Says
- Maersk’s 8.4 Billion Bananas Key for Profitable Ships: Freight
- Japan Halts Some U.S. Wheat Imports on Gene-Altered Crops
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team