TODAY’S S&P 500 SET-UP – May 27, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.19% downside to 1878 and 0.29% upside to 1906.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.19 from 2.19
- VIX closed at 11.36 1 day percent change of -5.57%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods Orders, Apr., est. -0.7% (prior 2.9%, revised from 2.6%)
- 9am: FHFA House Price Index m/m, Mar., est. 0.5% (prior 0.6%)
- 9am: S&P/CS 20 City m/m SA, Mar., est. 0.7% (prior 0.76%)
- 9:45am Markit US Composite PMI, May (P) (prior 55.6)
- 9:45am: Markit US Services PMI, May (P), est. 54.5 (prior 55)
- 10am: Consumer Confidence Index, May, est. 83 (prior 82.3)
- 10am: Richmond Fed Manufact. Index, May, est. 5 (prior 7)
- 10:30am: Dallas Fed Manf. Activity, May, est. 9.2 (prior 11.7)
- 8:10pm: Fed’s Lockhart speaks in Baton Rouge, La.
GOVERNMENT:
- Obama lands in Afghanistan for unannounced visit with troops
- White House inadvertently exposes Afghan CIA Chief: WPost
- Supreme Court may issue opinions
- Senate, House not in session
- Washington Week Ahead: Obama to deliver address at West Point
WHAT TO WATCH:
- Pfizer weighs next move as $117b AstraZeneca bid ends
- China said to push banks to remove IBM servers in spy dispute
- GE seeks consent in pledge to keep Alstom nuclear ops in France
- GE’s Immelt, Siemens’s de Maistre at hearing in France
- Fox’s X-Men sequel topples Godzilla through holiday weekend
- Sony forms China Playstation venture in Microsoft challenge
- Twitter is getting bigger in Asia amid slowing U.S. user growth
- InterContinental jumps after report co. spurned bid approach
- ICE plans Euronext IPO, to list in Paris, Amsterdam, Brussels
- China Hangzhou asks Lilly, AstraZeneca for self-checks: Herald
- BofA said to find error after change in Fed wording: WSJ
- Apple seeks order blocking sale of some Samsung smartphones
- Germany plans Google entries’ mediation service: Handelsblatt
- Google said to consider acquiring Dropcam: The Information
- Russia, Ukraine draft gas debt plan as price dispute unresolved
- Lloyds plans initial public offering for TSB banking division
- EU austerity rethink demanded as leaders meet post protest vote
- Poroshenko triumphs in Ukraine vote as Russia open to talks
EARNINGS:
- Autozone (AZO) 7am, $8.45
- National Bank of Canada (NA CN) 6pm, C$1.04 - Preview
- Qihoo 360 (QIHU) 5pm, $0.35
- Scotiabank (BNS CN) 6am, C$1.31 - Preview
- Wet Seal (WTSL) 4:05pm, ($0.18)
- Workday (WDAY) 4:02pm, ($0.15)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Trades Near Four-Day Low After Ukraine Vote; WTI Steady
- Russian Palladium Flows to Switzerland Jump on Sanction Concerns
- Solar Farmers in Japan to Harvest Energy With Crops: Commodities
- Copper Touches an 11-Week High on Outlook for Stimulus in China
- Corn Slumps to 12-Week Low as U.S. Planting Progress Accelerates
- Cocoa Climbs to Highest Since 2011 as Robusta Coffee Declines
- Gold Falls to Two-Week Low in London as Ukraine Outlook Weighed
- Cocoa Climbs 0.6% to $3,040/T, Highest Since September 2011
- Rebar Rises to 2-Week High on Optimism China Economy Improving
- Ukraine Drafts $2.5 Billion Russia Gas Debt Plan to Avoid Cutoff
- Platinum Producers to Meet With Judge Mediating Strike Talks
- Shakeout Threatens Shale Patch as Frackers Go for Broke: Energy
- Russian Gas Reliance in European Union Skews Sanctions Debate
- COMMODITIES DAYBOOK: Solar Farmers in Japan to Harvest Energy
- China’s April Gold Imports Drop Amid Lower Investment Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team