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