TODAY’S S&P 500 SET-UP – May 23, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.45% downside to 1865 and 0.24% upside to 1897.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.21
- VIX closed at 12.03 1 day percent change of 1.01%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: New Home Sales, April, est. 425k (prior 384k)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Obama to unveil San Antonio mayor as nominee for HUD secretary
- 9:30am: Fifth round of Transatlantic Trade and Investment Partnership talks
- 9pm: Rolling Thunder opens Memorial Day events with candlelight vigil for prisoners of war, MIA
- Federal judge to rule on constitutional issues raised by Rep. John Conyers in his effort to be listed on Michigan’s Aug. 5 primary ballot
- U.S. ELECTION WRAP: Conyers Ruling Tomorrow; Steyer, Gates Funds
WHAT TO WATCH:
- German business confidence declines as economy seen slowing
- Pfizer, AstraZeneca face May 26 deadline on possible deal
- Anti-bailout Syriza party leads in Greek EU election poll
- Keryx gets notification of Pdufa date extension for Zerenex
- France, Netherlands, Slovenia, Spain ratings watch
- Encana says PrairieSky IPO shares priced at C$28 apiece
- Michigan Rep. Conyers faces primary ballot ruling
- Duke Energy shareholders sue over coal-ash cleanup oversight
- Ukraine, EU Elections, U.S. GDP: Week Ahead May 24-31
EARNINGS:
- Foot Locker (FL) 7am, $1.06
- Hibbett Sports (HIBB) 6:30am, $1.09
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Barclays Fined $44 Million for Manipulating London Gold Prices
- WTI Set for Longest Gain Since February on Supply; Brent Steady
- Aluminum Climbs to Three-Week High Amid Shortage Speculation
- Gold Declines in London as Strengthening Dollar Curbs Demand
- JPMorgan’s CEO of Asia Commodities Eyles Resigns After 25 Years
- Robusta Coffee Drops for Third Week on Fund Selling; Sugar Falls
- Palm Posts Biggest Weekly Drop in Three on Malaysian Production
- Rebar Falls for 4th Week as Demand Concerns Cloud PMI Optimism
- Credit Suisse Sees Commodities Openings as Competitors Pull Back
- LNG Sellers to Chase Japan, South Korea on China-Russia Gas Deal
- Australian About-Face Bodes Ill for Global Warming Talks: Energy
- Sale of Kurdish Oil to European Nations Angers Iraqi Government
- Gold’s Character Is Fundamentally Changing From West to Asia
- Soybeans Extend Gains on Signs of Rising Demand for U.S. Exports
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team