TODAY’S S&P 500 SET-UP – June 3, 2013
As we look at today's setup for the S&P 500, the range is 29 points or 0.41% downside to 1624 and 1.37% upside to 1653.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.88 from 1.84
- VIX closed at 16.3 1 day percent change of 12.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:20am: Fed’s Williams speaks in Stockholm
- 8:58am: Markit US PMI final, May, est 52.0
- 10am: Construction spen M/m, April, est. 1% (prior -1.7%)
- 10am: Annual benchmark revisions of construction spend data
- 10am: ISM Manufacturing, May, est. 50.5 (prior 50.7)
- 10am: ISM Prices Paid, May, est. 49.5 (prior 50.0)
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills and $30b 13D cash management bills
- U.S. Rates Weekly Agenda
GOVERNMENT:
- Natl conf. on mental health held at White House
- House, Senate in session
- UN Human Rights Council in Geneva releases findings on whether Syria used chemicals weapons
- Bradley Manning trial hearing at Fort Meade for releasing “Afghan War Diary,” “The Iraq War Logs,” and “Collateral Murder Video”
- 3pm: House Appropriations panel hears from Acting IRS Commissioner Danny Werfel, inspector general J. Russell George on targeting groups seeking tax-exempt status
- Washington Week Ahead
WHAT TO WATCH
- BofA $8.5b mortgage deal before judge after 2-yr wait
- Apple to fight U.S. e-books pricing claims in antitrust trial
- Apple said to secure Warner Bros music-streaming rights: WSJ
- Microsoft said to cut Windows for tablet prices amid slump
- IATA lifts airline profit forecast 20% on record seat occupancy
- SAC insiders said to see most client cash gone by start of 2014
- Manufacturing in U.S. probably made little progress in May
- Yellen urges higher bank capital rather than size limits
- U.S. light-vehicle sales in May may have risen to 1.43m
- Chinese manufacturing indexes showed small business struggling
- Nexteer said to plan kicking off $400m IPO this wk
- Welsh Carson said close to selling Triple Point for $800m
- McGraw Hill offers $335m to boost stake in India’s Crisil
- Rio said to favor diamond IPO after failing to find buyer
- NYSE shareholders scheduled to vote on ICE deal
- Euro-Area manufacturing activity shrinks less than est.
- Draghi sees signs of stabilization in “challenging” economy
- Infosys jumps in Mumbai; co-founder Murthy returns as Chairman
- Global interbank lending fell to record low in 2012: BIS
- “Fast” sequel tops wknd movies again, besting Smith duo
- 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. Jobs Data, ECB, Obama-Xi, NBA Finals: Wk Ahead June 3-8
EARNINGS:
- Cracker Barrel (CBRL US) 7am, $0.94
- Verint Systems (VRNT US) 4:05pm, $0.53
- SAIC (SAI US) 4:05pm, $0.25
- ABM Industries (ABM US) 5pm, $0.33
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Futures Extend Earlier Gain to Exceed $101 a Barrel
- Hedge Funds Boost Gold Bull Bets Most in Two Months: Commodities
- Abu Dhabi, Dubai Merge Aluminum Smelter Companies
- Freeport Mine in Indonesia Shut as Probe May Take Three Months
- Gold Advances in London as Weaker Dollar Spurs Investor Demand
- Oil Traders Cut Bullish Bets Most in Six Weeks: Energy Markets
- Wheat Advances to Three-Week High as Rains May Damage U.S. Crop
- Coffee Resumes Decline on Ample Global Supplies; Cocoa Advances
- Reliance Sees Payoff in U.S. Gas as India Output Slumps: Energy
- India to Review Gold Import Policy After Slump Spurs Buying
- China Food-Safety at Heart of Shuanghui-Smithfield Bid, Wan Says
- China Rebar Gains First Day in Six as Manufacturing Gauge Rises
- Iron Ore Heading Into Period of Oversupply, UBS Says in Report
- Copper Gains as Chinese Manufacturing Gauge Unexpectedly Rises
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team