TODAY’S S&P 500 SET-UP – May 30, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.30% downside to 1895 and 0.31% upside to 1926.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.10 from 2.09
- VIX closed at 11.57 1 day percent change of -0.94%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, Apr., est. 0.3% (prior 0.5%)
- 8:30am: Personal Spending, Apr., est. 0.2% (prior 0.9%)
- 8:30am: Fed’s Pianalto speaks on 2nd day of conference entitled, “Inflation, Monetary Policy and the Public”
- 9am: ISM Milwaukee, May, est. 52 (prior 47.26)
- 9:45am: Chicago PMI, May, est. 61 (prior 63)
- 9:55am: U. Mich. Confidence, May final, est. 82.5 (prior 81.8)
- 12:30pm: Loretta Mester, who takes office as Cleveland Fed president on June 1, speaks at conference
- 1pm: Baker Hughes rig count
- 2pm: Fed’s Lacker speaks at Stanford
- 5pm: Fed’s Williams, Plosser speak at Stanford
GOVERNMENT:
- President Obama attends hurricane preparedness mtg at FEMA
- House in session; Senate meets in pro forma session
- U.S., South Korea, Japan defense heads meet during Asian Security Summit in Singapore
- House Democrats’ campaign chairman calls on Shinseki to resign
- U.S. ELECTION WRAP: Shinseki Election Politics; Democrats’ Ads
WHAT TO WATCH:
- Citigroup Mexico probe focuses on changes to loans before fraud
- Apple must face e-book price-fixing trial before appealing
- U.S. said to seek >$10b settlement from BNP Paribas
- CA Technologies accused of $100m U.S. contract fraud
- Microsoft, Salesforce unveil cloud-computing partnership
- Google moves to comply with EU ruling on right to be forgotten
- Manhattan condo prices fall as buyers push back in cooler mkt
- High-frequency perks said focus of CFTC review cited by Virtu
- GM seeks N.Y. court for recall suits as more deaths are claimed
- Musk says SpaceX reusable capsule could ferry astronauts by 2016
- Siemens to remove 11,600 positions as company reduces costs
- France may impose brandless cigarette packaging: Figaro
- U.S. Jobs, ECB, BOE, Obama in Europe: Wk Ahead May 31-June 7
EARNINGS:
- Ann Inc. (ANN) 7:31am, $0.31
- Big Lots (BIG) 6am, $0.44
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Heads for Record Losing Run as Forrest Sees Risk of $80
- WTI Set for Monthly Gain as Cushing Supplies Drop; Brent Steady
- Food Replacing Oil as China M&A Commodity of Choice: Commodities
- India Gold Import Curbs Said to Continue at Least Until Budget
- Lead and Zinc Fall as Trading Slows Down Before Chinese Holiday
- Wheat Heads for Biggest Monthly Loss Since 2011 on U.S. Outlook
- Robusta Coffee Drops as Liffe Stockpiles Climb; Cocoa Advances
- Steel Rebar in Shanghai Ends at Record Low After Iron Ore Drops
- China’s Pork Prices Seen Declining as Farmers Buy More Piglets
- Lonmin Seen Weakest in Holdout Against 18-Week Platinum Strike
- Diesel Profit Dropping as Indonesia Ban Shutters Mines: Energy
- CFTC Should Reconsider Gensler Overseas Advisory, Wetjen Says
- Libyan Oil Output Slumps Yet Further, With No Sign of Recovery
- Gold Set for Monthly Drop as U.S. to Ukraine Curbs Haven Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team