THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 3, 2014


As we look at today's setup for the S&P 500, the range is 46 points or 1.71% downside to 1892 and 0.68% upside to 1938.                                             

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

 

  • YIELD CURVE: 2.17 from 2.14
  • VIX closed at 11.58 1 day percent change of 1.58%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am/8:55am: ICSC/Redbook weekly sales
  • 9:45am: ISM New York, May (prior 50.6)
  • 10am: Factory Orders, April, est. 0.5% (pr 1.1%, rev. 0.9%)
  • 10am: IBD/TIPP Economic Optimism, June, est. 46.8 (pr 45.8)
  • 1:50pm: Fed’s George speaks in Breckenridge, Colo.
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • President Obama meets with Polish President Komorwoski, Prime Minister Tusk; later meets with other Central, Eastern European leaders
    • Senate in session; House out
    • 9:30am: Senate Commerce panel hearing on Suface Transportation Reauthorization
    • 10am-5pm: CFTC’s Technology Advisory Cmte meets to discuss high-frequency trading, CFTC surveillance program, swap execution facilities
    • 10am: Senate Banking Cmte considers S. 2244, reauthorization of Terrorism Risk Insurance Program
    • 10:30am: Senate Judiciary Cmte hearing on proposed constitutional amendment that would let Congress try to reverse Supreme Court’s 2010 Citizens United ruling, which removed limits on corporate, labor union campaign spending
    • Voters in Calif., N.J., Ala., Iowa, Miss., Mont., N.M., S.D. select candidates
    • U.S. ELECTION WRAP: Primaries Preview: Miss., Calif., Iowa

WHAT TO WATCH:

  • Pilgrim’s Pride said to raise Hillshire bid to $55 a share
  • Travelport said planning to file for IPO as soon as this wk
  • Fidelity said to be competing to lead Uber round at $17b
  • May auto sales: SAAR may be 16.1m
  • Bank of America says mistake inflated reported dark pool size
  • Pimco’s record withdrawals at Total Return extend to 13th month
  • GM filed 2,004 injury reports on recalled cars, group says
  • Staples shareholders vote against executive-compensation plan
  • Microsoft names Office unit’s Teper to head corporate strategy
  • Obama said to unveil $1b European security fund in Poland
  • Avastin use for eye disorders may save U.S. $3b annually
  • Euro-area inflation slowed more than economists forecast in May
  • China HSBC manufacturing index rises to 4-month high in May
  • Rajan holds key India rate, signals easing if inflation slows
  • Energy supply requires $40t investment to 2035, IEA says
  • S&P censured by regulators on false French credit-rating gaffe
  • Chicago sues drug companies for pushing prescription opiate
  • Macau May casino rev. rises 9.3% y/y; est. 14.5%
  • World Bank rules out major changes in global GDP forecasts
  • GW Pharma, New York State plan trials for cannabidiol: WSJ

EARNINGS:

    • ABM Industries (ABM) 5pm, $0.40
    • Ambarella (AMBA) 4:05pm, $0.21
    • Ascena Retail (ASNA) 4:05pm, $0.19
    • Dollar General (DG) 7am, $0.73 - Preview
    • FuelCell Energy (FCEL) 6:06pm, $(0.03)
    • Hudson’s Bay (HBC CN) 7am, C$0.00
    • Mattress Firm (MFRM) 4pm, $0.35

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Trades Near Three-Week Low on European Demand; WTI Steady
  • Gold Near 4-Month Low as Investors Weigh Stocks Against Dollar
  • China Builds Sulawesi Smelters as Ore Ban Cuts Jobs: Commodities
  • Copper Declines as Factory Orders Seen Slowing Down in U.S.
  • Corn Extends Decline as Planting of U.S. Crops Almost Complete
  • Coffee Gains as Volcafe Forecasts Shrinking Stocks; Cocoa Falls
  • Rebar in Shanghai Near Record Low as Iron Ore Inventory Climbs
  • Obama Climate Proposal Will Shift Industry Foundations: Energy
  • Japan Aluminum Buyers Said to Pay Record Fee as Demand Grows
  • Oil Tanker Hauling Disputed Kurd Crude U-Turns in Atlantic Ocean
  • Energy Supply Requires $40 Trillion Investment to 2035, IEA Says
  • Coal to Survive Obama ‘War’ as Efficient Plants Boost Demand
  • Asia Oil Demand, Global Prices May Suffer as GDP Estimates Fall
  • Arabica Coffee Heading for Bear Market as Rains Aid Brazil Crop

 

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team