TODAY’S S&P 500 SET-UP – June 6, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 0.49% downside to 1601 and 0.94% upside to 1624.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.80 from 1.80
- VIX closed at 17.5 1 day percent change of 7.56%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: Challenger Job Cuts Y/y, May (prior -6%)
- 7:30am: RBC Consumer Outlook Index, June (prior 50.2)
- 7:45am: ECB seen holding benchmark interest rates at 0.50%
- 8am: Fed’s Plosser speaks on economy in Boston
- 8:30am: ECB’s Draghi hold news conference on rate decision
- 8:30am: Init Jobless Claims, June 1, est. 345k (prior 354k)
- 8:30am: Cont. Claims, May 25, est 2.974m (prior 2.986m)
- 9:45am: Bloomberg Consumer Comfort, June 2 (prior -29.7)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11:00am: Fed to buy $3b-$3.75b notes in 2019-2020 sector
- 12pm: Household Change in Net Worth, 1Q (prior $1.174t)
GOVERNMENT:
- 9am: U.S.-China Economic and Security Review Commission holds briefing on China and the Middle East, focusing on energy security, trade, investment flows
- 10am: Consumer, telecom industry representatives testify before House Judiciary panel on Courts, IP and the Internet on H.R. 1123, a bill which would allow cell phone unlocking
- 10am: Senate Foreign Relations Cmte meets on labor conditions in Bangladesh
- 10am: Senate Finance Cmte hears from USTR nominee Michael Froman at confirmation hearing
- 10:45am: Attorney General Eric Holder testifies at Senate Appropriations panel hearing
- 3pm: President Obama discusses jobs in speech at Charlotte middle school
WHAT TO WATCH
- May Retail Sales likely rose on pent-up seasonal demand
- NYSE Euronext glitch halts trading from Paris to Amsterdam
- PepsiCo in talks to buy SodaStream for $2b, Calcalist says
- Cohen is said to vow keeping SAC open as billions pulled
- Fed grants foreign banks leeway in Dodd-Frank swap pushout rule
- BOJ said to split on measure to quell bond market volatility
- P&G reorganizes into 4 industry groups as Lafley takes over
- AT&T discussing joint bid for Hulu with Chernin: AllThingsD
- Simon & Schuster CEO says she didn’t discuss Apple e-book talks
- NSA said to cull millions of Verizon records, Guardian says
- Newsweek CEO to leave after Diller puts magazine up for sale
- JPMorgan loses challenge to California cost-recovery program
- EU considering handing Libor oversight to ESMA from the U.K.
- IMF says Greece may need faster debt relief, cites own mistakes
- GM replaces H.J. Heinz (HNZ) in S&P 500 post-close
- Netflix replaces Perrigo in Nasdaq 100 pre-open
EARNINGS:
- JM Smucker (SJM) 7am, $1.16
- Ciena (CIEN) 7am, $(0.01)
- Conn’s (CONN) 7am, $0.56
- Ferrellgas (FGP) 7:30am, $0.46
- UTi Worldwide (UTIW) 8am, $0.03
- ANN (ANN) 8am, $0.40
- Canadian Western Bank (CWB CN) 8am, C$0.57 - Preview
- Cooper Cos. (COO) 4pm, $1.38
- Quiksilver (ZQK) 4pm, $0.04
- Vail Resorts (MTN) 4pm, $2.74
- Ferrellgas Partners (FGP) 4pm, $0.44
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Drops From Two-Week High on Clouded Prospects for Demand
- Goldman Sees Bull Run Over as Returns Trail Stocks: Commodities
- WTI Crude Advances for Second Day as U.S. Stockpiles Decline
- Food Prices Little Changed in May as Dairy Falls and Corn Climbs
- Coffee Heads for First Second-Quarter Drop Since 2009 on Vietnam
- Chalco Shutters Aluminum Output for First Time Since 2009
- Gold Erases Decline in London to Rebound Above $1,400 an Ounce
- Scientists Unswayed by Monsanto’s Conclusions on Rogue Wheat
- Harper EU Trade Pact Hinges on Access for Canadian Meat Exports
- Rebar Falls as Equity Drop Spurs Concern China May Be Slowing
- Abe’s Power Plan Lifts Renewables at Utilities Expense: Energy
- Natural-Gas Price Break May Aid Motor-Fuel Use: Chart of the Day
- Iron Ore Trading in May Said by The Steel Index at Record High
- Commodities Daybook: Goldman Sees Bull Run Over as Returns Trail
- Bigger Wheat and Corn Crops Seen Boosting 2013-14 Stocks by AMIS
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
