TODAY’S S&P 500 SET-UP – May 29, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 1.14% downside to 1888 and 0.38% upside to 1917.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.07 from 2.08
- VIX closed at 11.68 1 day percent change of 1.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: GDP Annualized q/q, 1Q (S), est. -0.5% (prior 0.1%)
- 8:30am: Initial Jobless Claims, May 24, est. 318k (prior 326k)
- 8:30am: Personal Consumption, 1Q (S), est. 3.1% (prior 3%)
- 8:30am: Fed’s Pianalto gives opening remarks at conf. entitled, “Inflation, Monetary Policy and the Public”
- 9:45am: Bloomberg Consumer Comfort, May 25 (prior 34.1)
- 10am: Pending Home Sales m/m, Apr., est. 1% (prior 3.4%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: DOE Energy Inventories
- 9:30pm: Fed’s George speaks at Stanford
GOVERNMENT:
- Push grows for Shinseki to go as report cites veteran-care flaws
- Senate out; House in session
- U.S. Chamber of Commerce Pres. Thomas Donohue speaks at University of Havana; leads delegation of business leaders, including Cargill CFO Marcel Smits, on fact-finding trip
- 11:05am: President Obama to announce public, private commitments to raise awareness about concussions at summit on youth sports injuries
- 1pm: House Small Business Cmte holds hearing on EPA’s “Waters of the United States” rule
- U.S. ELECTION WRAP: Democrats’ Local Strategy; GOP on VA Scandal
WHAT TO WATCH:
- Microsoft, Salesforce said to be discussing cloud partnership
- Apple agrees to buy Beats for $3b in biggest-ever deal
- Ackman looks to raise money from fund listed in London: NYT
- Costco quarterly profit trails estimates even as sales increase
- Google vows to improve diversity after disclosing staffing data
- AIG sees labor-cost arbitrage as jobs move to Philippines, TEX
- Phillips 66 says tribunal supports Sweeny takeover from PDVSA
- Man Group considering purchase of quant money manager Numeric
- RBS said to sell stake in private-equity arm to Adams Street
- Energy Capital hires banks to explore EquiPower sale, IPO: WSJ
- GIC to sell Florida Golf property purchased from Paulson Group
- U.S. states meld zero-emission car plans in drive to sales goal
- Russia urges “emergency steps” on Ukraine after rebel losses
AM EARNS:
- Abercrombie & Fitch (ANF) 7am, $(0.19) - Preview
- CIBC (CM CN) 5:50am, C$2.02 - Preview
- Fred’s (FRED) 7:45am, $0.20
- Pall (PLL) 7am, $0.83
- Sanderson Farms (SAFM) 6:30am, $1.70
PM EARNS:
- Avago Technologies (AVGO) 4:05pm, $0.77
- Express (EXPR) 4pm, $0.14
- Guess (GES) 4:03pm, $(0.07)
- Infoblox (BLOX) 4:05pm, $0.03
- Lions Gate Entertainment (LGF) 4:01pm, $0.43
- OmniVision Technologies (OVTI) 4:25pm, $0.26
- Pacific Sunwear (PSUN) 4pm, $(0.13)
- Splunk (SPLK) 4:02pm, $(0.06)
- Veeva Systems (VEEV) 4:05pm, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near One-Week Low After Stockpiles Grow; Brent Steady
- Sugar Output in Thailand Seen Climbing to Record as Area Expands
- Cocoa Shortage Looms as Growers Opt to Farm Rubber: Commodities
- Gold Falls to 16-Week Low as Palladium Near Highest Since 2011
- Copper Drops From 11-Week High as Investors Capitalize on Gains
- Corn Heads for Biggest Monthly Drop Since June on Sowing in U.S.
- Sugar Bounces With Newfound Demand After Losses; Coffee Advances
- Scrap Copper Imports by China Seen Recovering With Refined Price
- Nickel Pig Iron Output Costs in China Seen Surging as Ore Jumps
- Blackstone Unit Foreshadows Google Path to Power Company: Energy
- Minister’s Platinum Strike Plan Seen Unlikely to Bring Quick End
- Birthplace of USS New Jersey Saved by Shale Production: Freight
- London Bullion Market Gold Fix May Go the Way of Silver
- Steel Rebar Falls as Iron Ore Price Drops to Lowest Since 2012
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
