• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – June 2, 2014


As we look at today's setup for the S&P 500, the range is 44 points or 1.85% downside to 1888 and 0.44% upside to 1932.                                             

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

 

  • YIELD CURVE: 2.11 from 2.10
  • VIX closed at 11.4 1 day percent change of -1.47%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Mfg PMI, May final, est. 56.2 (prior 56.2)
  • 10am: ISM Manufacturing, May, est. 55.5 (prior 54.9)
  • 10am: Construction Spending, April, est. 0.7% (prior 0.2%)
  • 11:00am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $25b 3M, $23b 6M bills

GOVERNMENT:

    • Obama’s deputies defend deal with Taliban that freed soldier
    • Obama in Europe this week, with talks in Poland about Russia and Ukraine
    • Supreme Court may issue orders
    • 8:40am: Treasury Sec. Jack Lew, Undersecretary David Cohen speak at CSIS on department’s role in national security
    • Washington Week Ahead
    • U.S. ELECTION WRAP: GOP Obamacare Retreat; Romney in Iowa

WHAT TO WATCH:

  • Det Norske buys Marathon’s Norwegian assets for $2.7b
  • Dai-ichi Life said in talks on $4.9b Protective Life deal
  • Obama said to propose deep cuts to power-plant emissions
  • KKR liquidates equity hedge fund led by Ex-Goldman’s Howard
  • ASCO winners & losers: Roche, Merck, Lilly, Clovis, AstraZeneca
  • Icahn denies giving inside info in probe involving Mickelson
  • "Malificent" casts spell, wins N.A. box office with $70m
  • Europe manufacturing cools more than estimated
  • Japan’s 1Q capital spending rises most since 2Q 2012
  • China manufacturing gauge rises to highest in 5 months
  • U.K. May manufacturing PMI 57 vs. 57.3 in April; est. 57
  • Lewis Katz, co-owner of Philadelphia Inquirer, dies in crash
  • New York Woolworth tower penthouse priced at record $110m
  • Airline profit surge led by U.S. masks thin margins, IATA says
  • Companies must file conflict mineral disclosures with SEC
  • Apple Worldwide Developers Conf. begins, keynote 1pm
  • China trades barbs with U.S., Japan on islands at forum
  • Google said to spend $1b on satellites for Internet access: WSJ
  • Shire lines up $5b in funding for NPS Pharma bid: Times
  • Pacific Equity Partners may pull $1b SAI Global offer: Reuters

EARNINGS:

    • Conn’s (CONN) 7am, $0.73
    • Guidewire Software (GWRE) 4:05pm, $0.03
    • Krispy Kreme Doughnuts (KKD) 4:02pm, $0.23
    • Quiksilver (ZQK) 4:01pm, $(0.02)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Obama Said to Seek Power-Plant Emissions Cuts Republicans Oppose
  • WTI Rises From One-Week Low on China Factory Data; Brent Steady
  • Hedge Funds Cut Bullish Gold Wagers Most This Year: Commodities
  • Gold Falls to Four-Month Low as Advance in Stocks Curbs Demand
  • Copper Advances Most in Two Weeks on China Factory Expansion
  • Wheat Slides to Three-Month Low as U.S. Crop Prospects Improve
  • Sugar Rises as Brazil Dryness Seen Cutting Surplus; Cocoa Drops
  • Europe’s Gas Power Capacity Seen at Risk as Utilities Burn Coal
  • Gas Speculators Least Bullish of ’14 as Prices Retreat: Energy
  • Global Rubber Market Seen in Balance in 3-4 Years: Sri Trang
  • Indian Steelmakers Restart Iron Ore Mines on New Permits
  • Russia Gives Ukraine Leeway on Gas as Five Rebels Die in Luhansk
  • EC Shale Gas Endorsement Diversifies EU Energy Supply: Bull Case
  • KRG Crude Destined for U.S. Now Heads to Morocco: JBC, Tracking

 

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team