TODAY’S S&P 500 SET-UP – May 22, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.22% downside to 1865 and 0.48% upside to 1897.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.19
- VIX closed at 11.91 1 day percent change of -8.10%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed National Activity Index, April est. 0.0 (prior 0.2)
- 8:30am: Initial Jobless Claims, May 17, est. 310k (prior 297k)
- Continuing Claims, May 10, est. 2.675m (prior 2.667m)
- 9:45am: Bloomberg Economic Expectations, May (prior 48)
- 9:45am: Markit US Manufacturing PMI, May prelim est. 55.5 (prior 55.4)
- 10am: Existing Home Sales, April, est. 4.69m (prior 4.59m)
- 10am: Index of Leading Economic Indicators, April, est. 0.4% (prior 0.8%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City May Fed Manufact. Index, est. 7 (prior 7)
- 4pm: Fed’s Williams speaks in San Francisco
GOVERNMENT:
- President Obama speaks on tourism at Baseball Hall of Fame, travels to Chicago for DSCC events
- 8am: SEC Chair Mary Jo White at Investment Co. Institute
- 9:45am: House Financial Svcs Cmte resumes May 7 small cap., emerging growth co. legislation, community banks
- 10am: U.S. Chamber of Commerce conf. call on SEC’s Pay Ratio Rule
- 10:45am: House Minority Leader Pelosi holds press conference
- 11:30am: House Speaker Boehner holds news conference
WHAT TO WATCH:
- BofA said to abandon market-making unit amid industry scrutiny
- Vivendi selling Activision stake worth ~$850m
- China manufacturing gauge rises in stabilization sign
- JD.com raises $1.78b, pricing IPO above offer range
- Mastercard declined Sberbank offer to buy Maestro brand: IFX
- Reynolds in advanced talks to buy Lorillard, Reuters says
- Weibo loss more than doubles on rising costs to add users
- China to review security of IT products, suppliers: Xinhua
- Unilever to sell sauce brands to Mizkan for $2.15b
- Russia says troops near Ukraine to return to base by June 1
- Euro-area services surge helps recovery as factories cool
- U.S. sends troops to Chad to hunt for kidnapped Nigerian girls
- EU 4-day parliament elections begin in U.K., Netherlands
- Germany wants to question Facebook, Google CEOs on NSA: Welt
AM EARNS:
- Best Buy Co. (BBY) 7am, $0.19 - Preview
- Buckle (BKE) 7am, $0.78
- Dollar Tree (DLTR) 7:31am, $0.66
- GameStop (GME) 8:30am, $0.57
- Movado Group (MOV) 7am, $0.32
- Nordson (NDSN) 7am, $0.89
- Patterson Cos (PDCO) 7am, $0.66
- Perry Ellis International (PERY) 7am, $0.27
- Royal Bank of Canada (RY CN) 6am, C$1.43 - Preview
- Sears Holdings (SHLD) 6am, ($1.91)
- Toro Co. (TTC) 8:30am, $1.48
- Toronto-Dominion Bank (TD CN) 6:30am, C$1.02
PM EARNS:
- Aeropostale (ARO) 4:01pm, ($0.72) - Preview
- Aruba Networks (ARUN) 4:05pm, $0.20
- Brocade Communications Systems (BRCD) 4pm,$0.18
- Compuware (CPWR) 4:05pm, $0.08
- DryShips (DRYS) 4:05pm, $0.004
- Fresh Market (TFM) 4:02pm, $0.43
- Gap/The (GPS) 4pm, $0.57
- Hewlett-Packard Co (HPQ) 4:04pm, $0.88 - Preview
- Marvell Technology Group (MRVL) 4:05pm, $0.22
- Mentor Graphics (MENT) 4:05pm, $0.06
- Ross Stores (ROST) 4pm,$1.15 - Preview
- TiVo (TIVO) 4:01pm, $0.06
- Youku Tudou (YOKU) 4:30pm, ($1.11)
- Zumiez (ZUMZ) 4pm, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Soybeans Advance to 11-Month High as China Demand Seen Rising
- Brent Trades Near 11-Week High on China Factory Data; WTI Steady
- China’s Bauxite Loss Spurs Export Boom in Australia: Commodities
- Copper Rises as China Factory Gauge Adds to World Demand Outlook
- Gold Trades Above One-Week Low as Palladium Near 33-Month High
- Arabica Drops to 7-Week Low on Ample Supplies; Cocoa Advances
- Steel Rebar Climbs for Second Day on Iron Ore Price, China PMI
- Russia-China Deal Seen Damping LNG Prices Amid Rising Output
- Gold Imports by India Seen Advancing as RBI Relaxes Some Curbs
- Mexico Crude Needs New Markets as U.S. Exports Surge, Citi Says
- Aluminum Market Focuses on Surplus, Premiums: Outlook
- Gold-Palladium Ratio at 10-Year Low on Supply: Chart of the Day
- U.S. Crude Oil, Like Horses, Banned From Being Exported Overseas
- Gazprom Bulls’ China Fixation Is Misguided to Top Moscow Broker
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team