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 TODAY’S S&P 500 SET-UP – June 4, 2014


As we look at today's setup for the S&P 500, the range is 43 points or 1.57% downside to 1894 and 0.66% upside to 1937.                                                     

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: 2.19 from 2.20
  • VIX closed at 11.87 1 day percent change of 2.50%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, May 30 (prior -1.2%)
  • 8:15am: ADP Employment Change, May, est. 210k (prior 220k)
  • 8:30am: Trade Balance, April, est. -$40.8b (prior -$40.4b)
  • 8:30am: Nonfarm Productivity, 1Q final, est. -3.0% (pr -1.7%)
  • 9:45am: Markit US Services PMI, May final (prior 58.4)
  • 10am: ISM Non-Manufacturing, May, est. 55.5 (prior 55.2)
  • 10am: Bank of Canada interest rate decision (prior 1%)
  • 10:30am: DOE Energy Inventories
  • 2pm: Federal Reserve issues Beige Book

GOVERNMENT:

    • President Obama attends G-7 Summit in Brussels
    • Senate in session; House out
    • 10am: Senate Environment and Public Works Cmte hears from Nuclear Regulatory Commission Chairman Allison Macfarlane, 4 commissioners on implementation of Fukushima task force recommendations
    • 10am: Senate Banking Cmte hearing on student loan servicing
    • Elections
    • Ernst wins GOP primary in Iowa, avoiding nominating convention
    • Republican Chabot advances in Calif.’s 31st District race

WHAT TO WATCH:

  • Dai-ichi Life to buy U.S. Protective for about $5.7b
  • Lenovo, IBM said to seek extension in U.S. review of deal
  • Markit seeks to raise $1.14b in U.S. initial offering
  • Euro-region recovery in services output supports job creation
  • Draghi said poised to keep rate-cut option even after June move
  • U.K. services growth keeps eco. booming as hiring strengthens
  • Australia GDP growth beats economists estimate
  • Telesat sellers said trying to span value gap on $7b deal
  • U.S. to review rules covering songwriter fees paid by Pandora
  • S&P loses bid to move state ratings lawsuits to federal court
  • Comcast to encrypt emails after Google raises issue: WSJ

EARNINGS:

    • Brown-Forman (BF/B) 7:30am, $0.58
    • Five Below (FIVE) 4:01pm, $0.06
    • Greif (GEF) 4:06pm, $0.61
    • Hovnanian (HOV) 9:15am, $0.03
    • Laurentian Bank of Canada (LB CN) 8:40am, C$1.23 - Preview
    • Leidos (LDOS) 6am, $0.54
    • PVH (PVH) 4:02pm, $1.49
    • Verint Systems (VRNT) 4:05pm, $0.55

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China Considers Offshore Yuan Gold Trade in Shanghai Trade Zone
  • WTI Gains for Second Day as U.S. Stockpiles Shrink; Brent Rises
  • Nespresso Falls Prey to Mining Cuts as China Cools: Commodities
  • Iron Ore Cargoes at Record as Pilbara Mines Export Socks Off
  • Copper Declines the Most in Seven Weeks on Strengthening Dollar
  • Gold Trades Near Four-Month Low as Investors Weigh Dollar Gain
  • Coffee Enters Bear Market as Brazil Sees Smaller Crop Loss
  • Arabica Coffee Drops for 4th Session in New York; Sugar Falls
  • Palm Rebounds as Decline to Seven-Month Low Seen Spurring Demand
  • Steel Rebar Trades Near Record Low as Demand May Fall in Summer
  • Buffett’s $26 Billion Power Bet in West Seen Paying Off: Energy
  • Nickel Rally Gives BHP to Anglo Chance to Dump Mines: Real M&A
  • China Gets Gas Bargain as Russia Hit by EU Sanctions: Bull Case
  • Copper Backwardation Seen by Macquarie Narrowing Amid Probe

 

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