TODAY’S S&P 500 SET-UP – May 19, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.90% downside to 1861 and 0.22% upside to 1882.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.16 from 2.16
- VIX closed at 12.44 1 day percent change of -5.54%
MACRO DATA POINTS (Bloomberg Estimates):
- 11:30am: U.S. to sell $25b 3M, $23b 6M bills
- 12:10pm: Fed’s Williams and Fisher speak in Dallas
- 12:50pm: Former Fed Chair Bernanke speaks in Dallas
GOVERNMENT:
- House in session; Senate returns Tue.
- President Obama attends evening fundraiser at private home in Potomac, Md.
- 10am: Supreme Court may release opinions
- 11:45am: Former Treasury Sec. Tim Geithner speaks at Politico lunch
- 1pm: Energy Sec. Ernest Moniz, EPA Admin. Gina McCarthy participate in Google+ Hangout
- Financial Stability Oversight Council hosts conf. on risks to financial system; includes Citadel’s Ken Griffin
WHAT TO WATCH:
- AstraZeneca rejects Pfizer’s sweetened $117b takeover proposal
- AT&T agrees to buy DirecTV for $95/shr as TMT deals continue
- Deutsche Bank to raise $11b as Qatar taking stake
- GE said to seek partners on Alstom assets for French approval
- Johnson Controls to spin off Automotive Interiors into JV
- Credit Suisse guilty plea looms as U.S. said to reassure banks
- Blackstone sells five Boston towers for $2.1b: WSJ
- Walgreen considering GBP10.5b Boots buyout: Sunday Times
- Cisco CEO calls on Obama to rein in surveillance: FT
- Google’s YouTube said to buy Twitch for $1b: Variety
- Yahoo Japan cancels plan to buy EAccess from SoftBank
- ’Godzilla’ wins N.A. box office with est.-beating $93.2m
- Gasoline prices fall to $3.6876/gal. in Lundberg survey
- Gunmen storm Libya parliament as violence grip oil producers
- Marriott offers EU130m for Madrid Ritz Hotel, Expansion says
- Ryanair targets profit growth by flying 3m more travelers
- Ousted NYT Editor Abramson to speak at Wake Forest commencement
EARNINGS:
- Campbell Soup Co (CPB) 6:30am, $0.59
- Urban Outfitters (URBN) 4pm, $0.27
- Valspar (VAL) 7:30am, $1.04
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Extends Weekly Gain as Libya Fighting Worsens; WTI Rises
- Hedge Funds Cut Bullish Gold Wagers Most in a Month: Commodities
- Thai Gold Imports Plunge Amid Political Deadlock: Southeast Asia
- European Central Banks Make Gold Agreement Without Sales Limit
- Gold Climbs on Speculation of India Relaxing Import Restrictions
- Cocoa Drops on Outlook for West African Crops; Arabica Declines
- Wheat Set for Longest Slump in 15 Years as Rain Aids U.S. Crops
- Nickel Advances as Norilsk Forecasts Move to Deficit Next Year
- Norilsk Sees Nickel Surplus Shrinking to Smallest in Four Years
- Natural Gas Bets Drop to Five-Month Low on U.S. Supply: Energy
- Biggest 10 Banks’ Commodities Revenue Rises 26% Amid Pullback
- Iron Ore Futures on SGX Below $100 for First Time Since 2013
- Global Grain Production Records Show No Signs of Peak: Bull Case
- Russia Gas Supply Fears Spur Record Trading on ICE Exchange
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
