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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 44 points or 1.76% downside to 1894 and 0.52% upside to 1938.                                                            

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: 2.20 from 2.21
  • VIX closed at 12.08 1 day percent change of 1.77%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England seen maintaining 0.50% bank rate
  • 7:30am: Challenger Job Cuts y/y, May (prior 5.7%)
  • 7:30am: RBC Consumer Outlook Index, June (prior 50.1)
  • 7:45am: ECB seen cutting benchmark interest rate to 0.1% from 0.25%, marginal lending facility to 0.6% from 0.75%, deposit facility rate to -0.1% from 0%
  • 8:30am: ECB’s Draghi holds press conference, releases macroeconomic forecasts
  • 8:30am: Init Jobless Claims, May 31, est. 310k (prior 300k)
  • 9:45am: Bloomberg Consumer Comfort, June 1 (prior 33.3)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 12pm: Household Change in Net Worth, 1Q (prior $2.954t)
  • 1:30pm: Fed’s Kocherlakota speaks in Boston

GOVERNMENT:

    • President Obama attends G-7 meetings in Brussels, meets with U.K. Prime Minister David Cameron in afternoon, travels to Paris for dinner with French President Francois Hollande
    • Sec. of State Kerry meets with Russian FM Lavrov in Paris
    • Senate in session; House meets in pro forma session
    • U.S. Chemical Safety Board releases investigation reports on Deepwater Horizon disaster in Gulf of Mexico
    • 9:15am: Senate Commerce, Science and Transportation panel holds hearing on “Preserving Public Safety and Network Reliability in the IP Transition”
    • 9:50am: Obama, Cameron hold joint press conference
    • 10am: Senate Foreign Relations Cmte hearing on events in Ukraine
    • U.S. ELECTION WRAP: Competitive Race Outlook; Miss.; Calif. 31

WHAT TO WATCH:

  • GM’s Barra prepares to release details of Valukas review
  • Draghi preparing negative rates seen piquing demand for QE
  • ECB decision day guide
  • May U.S. Retail Sales seen “okay,” may slow vs April
  • Medtronic said to evaluate takeover offer for Smith & Nephew
  • Sprint, T-Mobile said near accord on price, termination fee
  • Amazon said to be ready to unveil smartphone to vie with Apple
  • BP, Anadarko may face billions in fines after oil spill ruling
  • Microsoft faces China backlash to Windows as U.S. spat escalates
  • Hollande says big BNP penalty could hit Europe bank stability
  • Eurozone April retail sales up 0.4% m/m; est. unchanged m/m
  • Adelson says new recruit could be player in succession at Sands
  • J. Crew says declining operating results may trigger impairment
  • Turner Networks said to consider departing Fox official for role
  • “Too many people on trading floors” may force layoffs: WSJ
  • Google said to seek streaming music service purchase: NY Post
  • Dave & Buster’s considers IPO after sale fails: Reuters

EARNINGS:

    • Analogic (ALOG) 4:15pm, $0.94
    • Canadian Western Bank (CWB CN) 8:30am, C$0.61 - Preview
    • Ciena (CIEN) 7am, $0.13 - Preview
    • Cooper (COO) 4:01pm, $1.60
    • Diamond Foods (DMND) 4:05pm, $0.17
    • JM Smucker (SJM) 6:30am, $1.17
    • Joy Global (JOY) 6am, $0.71 - Preview
    • Navistar (NAV) 7:02am, ($1.27) - Preview
    • Saputo (SAP CN) 12:46pm, C$0.75
    • Seachange (SEAC) 4:02pm, ($0.03)
    • Thor Industries (THO) 4:15pm, $1.07
    • Transcontinental (TCL/A CN) 8:05am, C$0.43
    • Vail Resorts (MTN) 4pm, $2.92
    • Vera Bradley (VRA) 8am, $0.13
    • VeriFone Systems (PAY) 4:01pm, $0.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • EU Wheat Crop at 6-Year High Compounds World Glut as Prices Drop
  • WTI Falls a Second Day on U.S. Fuel Inventories; Brent Declines
  • ETF Securities Joins LME in Proposing Silver Fixing Replacement
  • Storms Follow Bugs to Florida as Orange Crop Slumps: Commodities
  • Iron Ore Miners in China Seen Shuttering After Price Tumbles 30%
  • Gold Trades Near Four-Month Low Before ECB Decision, U.S. Data
  • Port Hedland Tug Deckhands Say Teekay Talks Were Constructive
  • Wheat Rebounds From Three-Month Low as Decline May Revive Demand
  • Aluminum Rebounds as Copper Slips Before ECB Policy Announcement
  • ICE Coffee Extends Drop as Dryness Seen Aiding Crop; Cocoa Falls
  • Qingdao Port Said to Investigate Volume of Metals in Warehouses
  • EU Gas-Market Push Strengthens as Oil-Link Widest Since 2009
  • Gold Leaves Investors Bored as Volatility Drops to 14-Month Low
  • Widodo to Keep Indonesia Ore Ban, Limit Plantation Expansion

 

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