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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team