TODAY’S S&P 500 SET-UP – June 5, 2013
As we look at today's setup for the S&P 500, the range is 21 points or 0.64% downside to 1630 and 0.64% upside to 1651.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.85
- VIX closed at 16.27 1 day percent change of -0.06%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 31 (prior -8.8%)
- 8:15am: ADP Employment Report, May, est. 165k (prior 119k)
- 8:30am: Nonfarm Productivity, 1Q final, est. 0.6% (prior 0.7%)
- 8:30am: Unit Labor Costs, 1Q final, est. 0.5% (prior 0.5%)
- 10am: Factory Orders, April, est. 1.5% (prior rev to -4.9%)
- 10am: ISM Non-Manuf Composite, May, est. 53.5 (prior 53.1)
- 10:30am: DoE Energy Inventories
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 2pm: Fed releases Beige Book
GOVERNMENT:
- House Armed Svcs Cmte may vote on plan to buy 4 additional Littoral Combat Ships in fiscal year starting Oct. 1
- 10am: SEC votes on proposal to require floating-share value for riskiest type of money-market mutual funds; rule would apply only to funds that buy corporate debt and cater to institutional clients
- 1pm: Senate Indian Affairs Cmte holds roundtable on energy development on American Indian lands
- 2pm: Bloomberg Government webinar on “The Outlook for Corporate Tax Reform,” w/ Bob Litan, dir. of research; Loren Duggan, dir. of legislative analysis; Patrick Driessen, taxation policy analyst
- Missouri Republican Jason Smith wins special U.S. House election, keeping district w/ same party
WHAT TO WATCH
- Samsung wins patent case against Apple at U.S. ITC
- Goldman said to pledge $500m to Alibaba as IPO looms
- Penn West Petroleum to cut jobs, div. as CEO steps down
- Fed’s Fisher urges QE reduction seeing end to 30-yr bond rally
- AIG casts doubt on completing ILFC sale to China investors
- SEC to vote on money-market mutual fund rules
- HSBC faces New York lawsuit over alleged foreclosure violations
- AB InBev judge refuses to block Modelo buyout in antitrust case
- CFO optimism in U.S. rises to Four-Yr High
- Apple was ready to “take or Leave” e-books, Penguin CEO says
- Abe pledges legislative campaign to loosen Japan business rules
- Australia’s economy expanded less than forecast in 1Q
- Sprint voters should abstain on SoftBank bid, Glass Lewis Says
- Euro-area 1Q GDP unrevised at down 0.2% in qtr
- U.K. May services growth rose to highest since March 2012
- Eurozone April retail sales down 0.5% M/m; est. down 0.2% M/m
EARNINGS:
- Jos A Bank Clothiers (JOSB) 6am, $0.34
- Cyberonics (CYBX) 7am, $0.43
- Brown-Forman (BF/B) 8am, $0.46
- Laurentian Bank of Canada (LB CN) 8:54am, C$1.24 - Preview
- Saputo (SAP CN) 12:38pm, $0.73
- Ascena Retail Group (ASNA) 4pm, $0.30
- VeriFone Systems (PAY) 4:01pm, $0.47
- Francesca’s Holdings (FRAN) 4:01pm, $0.26
- Greif (GEF) 4:07pm, $0.69
- AMERCO (UHAL) 4:16pm, $1.23
- Dominion Diamond (DDC CN) 5pm, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Taurus Shuts Gold Fund on Investor Redemptions After Price Slump
- Alcoa Junk Downgrade Is Rare Trauma for Dow Stocks: Commodities
- Copper Swings Between Advances and Declines Amid Supply Concern
- WTI Trades Near Four-Day High on Signs of Reduced U.S. Supply
- Counting on Gold to Navigate a Currency Crash? Don’t Delay
- Czarnikow Sees Sugar Surplus Falling 62% as Beet Output Declines
- Sugar Gains With Czarnikow Seeing Smaller Surplus; Cocoa Climbs
- U.K. Natural Gas Rises From 5-Month Low as Exports Boost Demand
- Port Hedland Ships Record Iron Ore as China Boosts Demand
- BP’s Oil Spill Deal Sours as Claims Add Billions to Cost: Energy
- Shanghai Gold Exchange Volume Falls 44% vs. April Peak: BI Chart
- Asia Naphtha Crack Narrows; BP Buys Fuel Cargoes: Oil Products
- Adnoc Narrows Murban Premium; Refinery Margins Climb: Asia Crude
- Commodities Daybook: Taurus Shuts Gold Fund on Redemptions
- LME to Start Clearing in 2014 After 25 Years With LCH.Clearnet
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
