Thursday June 1, 2017
Economic Calendar & Watch List
Morning Notes
US Futures are tracking slightly lower this morning while European stocks are trading higher as markets await the May ADP employment figures as part of the busy economic calendar for today. Merger and Acquisition activity is taking place this morning as Deere has agreed to buy Wirtgren Group for $5.1B. Asian stocks closed mostly mixed.
Technicals
The SPY traded lower throughout the majority of yesterday’s session and tested a near term support pivot. Support will lie near the low of yesterday’s range which is the near term support pivot at $240.65, followed by $239.93, the 20 EMA at $239.52, then $239.51, $238.82, $237.27, and the 50 SMA at $237.16. Resistance will lie at the high of yesterday’s range at $241.90, record highs at $242.08.
Small Cap Watch List
*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.
**Others On Watch**
$PANW
Economic Calendar
8:00 Fed Governor Jerome Powell speaks
8:15 May ADP employment change expected +180K
8:30 Weekly initial unemployment claims expected +4,000 to 238K
8:30 Revised Q1 non-farm productivity expected -0.3%
9:45 Revised May Markit U.S. manufacturing PMI
10:00 May ISM manufacturing index expected -0.2
10:00 April construction spending expected +0.5%
11:00 EIA Weekly Petroleum Report
Notable Earnings Before Open
Ciena Corp (CIEN) – EPS Est. 0.29
Dollar General (DG) – EPS Est. 0.99
Express Inc (EXPR) – EPS Est. -0.02
Mobileye (MBLY) – EPS Est. 0.18
Notable Earnings After Close
Broadcom (AVGO) – EPS Est. 3.02
Five Below (FIVE) – EPS Est. 0.14
Lululemon (LULU) – EPS Est. 0.28
VMware (VMW) – EPS Est. 0.65
Workday Inc (WDAY) – EPS Est. -0.34
