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TODAY’S S&P 500 SET-UP – June 6, 2014


As we look at today's setup for the S&P 500, the range is 45 points or 2.19% downside to 1898 and 0.13% upside to 1943.                                                         

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 11.68 1 day percent change of -3.31%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, May, est. 215k (prior 288k)
  • Unemployment Rate, May, est. 6.4% (prior 6.3%)
  • 1pm: Baker Hughes rig count
  • 3pm: Consumer Credit, April, est. $15b (prior $17.529b)

GOVERNMENT:

    • House, Senate not in session
    • 8:45am: HUD Secretary Shaun Donovan speaks at American Association for the Advancement of Science climate change event
    • 11am: American Bankers Assn holds news conference to present monetary policy predictions, economic forecast
    • U.S. ELECTION WRAP: Cochran’s Voters; Cotton’s VAWA Record
    • WASHINGTON RECESS:‘Dirty Dancing,’ Oval Room, Summer Cocktails

WHAT TO WATCH:

  • May payrolls probably rose to surpass U.S. pre-recession peak
  • BNP executive firings sought by Lawsky amid sanctions talks
  • High-speed trading faces new SEC regulation White says
  • NOTE: High-speed traders face scrutiny by Levin’s Senate investigators
  • T-Mobile’s Legere said likely CEO after merger with Sprint
  • Wal-Mart holds its annual gen. mtg and investor day
  • Arista Networks raises $226m in cloud-networking IPO
  • Netflix-Verizon war of words on slow service escalates
  • Intel says mobile investment needed to ensure future
  • Republicans lack votes to block EPA’s air rules, Hoyer says
  • Fannie fees slated for review as Watt re-examines wind-down plan
  • KKR said to lead $270m stake purchase in Cofco Meat
  • Bank of America near $12b mortgage settlement, WSJ says
  • U.S. officials said planning HealthCare.gov makeover: WSJ
  • Tokyo governor says casino issue not his priority, Reuters says
  • U.S. Retail Sales, Japan GDP, World Cup: Week Ahead June 7-14

EARNINGS:

    • Jos A Bank Clothiers (JOSB) 6am, $0.40
    • Piedmont Natural Gas Co (PNY) 9:15am, $0.75

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Swings Before Monthly U.S. Payrolls Data; Brent Steady
  • Virus Killing 8 Million Pigs Means Pricey Barbecues: Commodities
  • Palm Output in Malaysia Seen at Second Highest on Record for May
  • Mercuria’s Head of Non-Oil Trading Jones Said to Leave Company
  • Copper Reaches Four-Week Low Amid China Warehouse Investigation
  • Corn Trades Near 16-Week Low as U.S. Crop Seen Rising to Record
  • Arabica Coffee Rises as Farmers Put Off Selling; Cocoa Advances
  • Chinese Traders Seen Selling Copper Amid Qingdao Probe, SMM Says
  • Gail’s U.S.-Linked LNG Breaking From Traditional Ties to Oil
  • Chinese Consumers Sop Up Milk Once Foisted on American Taxpayers
  • Europe Poised for Hot Weather as Solar Power May Rise to Record
  • Codelco Asks CEO Keller to Resign After Clash Over Cost Cuts
  • Deep-Water Reserves May Be Key to Future Oil Supply: Primer
  • Gold Heads for Weekly Advance as Investors Await U.S. Jobs Data

 

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