TODAY’S S&P 500 SET-UP – May 21, 2014
As we look at today's setup for the S&P 500, the range is 22 points or 0.63% downside to 1861 and 0.54% upside to 1883.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.19 from 2.18
- VIX closed at 12.96 1 day percent change of 4.35%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 16 (prior 3.6%)
- 10am: Fed’s Dudley speaks in New York
- 10:30am: DOE Energy Inventories
- 11am: Fed’s Yellen speaks in New York
- 12:50pm: Fed’s George speaks in Washington
- 1:30pm: Fed’s Kocherlakota speaks in Minneapolis
- 2pm: FOMC releases minutes from April 29-30 meeting
GOVERNMENT:
- President Obama visits Interior Dept, signs proclamation on new national monument in N.M., holds ambassador credentialing ceremony in Oval Office
- Nunn aided by Georgia Republicans forced into Senate runoff
- Senate to vote on confirmation of Stanley Fischer for Fed; likely to hold separate vote later making Fischer vice chairman
- 10am: Senate Finance Cmte hears from Social Security Admin. chief actuary Stephen Goss on strengthening Social Security
- 10am: CFTC’s Global Markets Advisory Cmte holds meeting, considers regulatory treatment of foreign-based swap clearinghouses
- 10am: 2 House Homeland Security Subcmtes hold joint hearing on emerging cyberthreats to U.S.
- 2pm: House Financial Services Financial Institutions and Consumer Credit Subcmte will review legislation on transparency, accountability at CFPB
- 2pm: Senate Finance Cmte votes on nomination of Sylvia Mathews Burwell for HHS Sec.
WHAT TO WATCH:
- FOMC minutes preview: exit strategy, employment view
- Netflix enters Germany, France in biggest expansion since 2011
- Woodside scraps $2.6b Israeli gas deal as talks fail
- ‘Surprised’ Microsoft works w/China after Windows 8 exclusion
- Senate confirmation vote on Fischer for Fed scheduled today
- BNP drops as U.S. said to seek $5b in sanctions probe
- Google says it needs up to $30b cash overseas for deals
- Nasdaq hunting Alibaba after ‘hundreds’ of smooth IPOs: CFO
- China’s JD.com seeks Jeff Bezos treatment with $1.7b IPO
- KCG joins Liquidnet in quest for more dark pool transparency
- Batista bases insider-trading defense on Mubadala share deal
- Target releases first earnings since firing CEO
- Skanska moves engineers to California as Apple work helps
- First Solar, India developers oppose dumping findings in court
- U.K. retail sales surged in April as discounting boosts food
AM EARNS:
- American Eagle Outfitters (AEO) 8am, $0.00 - Preview
- Booz Allen Hamilton (BAH) 6:30am, $0.31
- Eaton Vance (EV) 8:38am, $0.55
- Hormel Foods (HRL) 6:30am, $0.56
- Lowe’s Cos (LOW) 6am, $0.60 - Preview
- PetSmart (PETM) 7am, $1.02
- Raven Industries (RAVN) 9am, $0.33
- Sears Canada (SCC CN) 7am, NA
- Target (TGT) 7:30am, $0.71 - Preview
- Tiffany & Co (TIF) 6:45am, $0.78
PM EARNS:
- Giant Interactive (GA) 4:05pm, NA
- L Brands (LB) 4pm, $0.52
- NetApp (NTAP) 4:01pm, $0.79
- Renren (RENN) 6pm, $0.09
- Semtech (SMTC) 4:30pm, $0.30
- Sina (SINA) 4:30pm, $0.15
- Synopsys (SNPS) 4:05pm, $0.60
- Williams-Sonoma (WSM) 4:05pm, $0.44
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Widens Iron Ore Surplus Forecast on China Steel Slowdown
- WTI Crude Rises to One-Month High on Supply Drop; Brent Advances
- Copper Reaches One-Week Low as Chinese House Sales Seen Slowing
- Palladium at Highest Since 2011 With Fund Holdings Near Record
- Wheat Climbs as Slide Seen Attracting Buyers With Russia Heat
- Cocoa Extends Longest Rally Since January in London; Sugar Falls
- China’s Nickel Ore Imports From Indonesia Slump 67% in April
- China’s Imports of U.S. Corn Plummet as Curbs on GM Seed Tighten
- Gold Demand in Vietnam Seen Declining by Half as Inflation Slows
- Tranquility in Crude Repels Chaos-Loving ETP Investors: Energy
- Ex-Millennium Trader Rosengren Joins Modity Energy in Sweden
- Christmas Comes Early to LME on China Holidays: Chart of the Day
- Argentina Shale Has Geological Potential for U.S.-Like Surge
- Steel Rebar Rises From Record Low After Iron Ore Futures Rebound
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
