TODAY’S S&P 500 SET-UP – April 19, 2013
As we look at today's setup for the S&P 500, the range is 24 points or 0.56% downside to 1533 and 1.00% upside to 1557.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.48 from 1.46
- VIX closed at 17.56 1 day percent change of 6.36%
MACRO DATA POINTS (Bloomberg Estimates):
- G-20 meeting of finance ministers, central bankers, Washington
- 7:30am: ECB’s Weidmann, Germany’s Schaeuble hold press breakfast in Washington
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 12pm: Fed’s Stein speaks in Charlotte, N.C.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- IMF/World Bank officially begin three-day spring meetings
- 10am: Senate Judiciary Cmte holds hearing on immigration laws, w/ Homeland Security Sec Janet Napolitano
- 2pm: State Dept releases 2012 Human Rights Reports
WHAT TO WATCH
- Schaeuble says G-20 must honor deficit-cutting commitments
- Blackstone is said to pull out of bidding for Dell
- Softbank not planning higher Sprint bid, company executive says
- Lenovo said to be in talks to buy IBM low-end server unit
- FAA said ready to end Boeing 787 grounding as fix approved
- U.S. bank profits disappoint most in 3 yrs as revenue falls
- Fisker said to spend $660K on each $103K plug-in car built
- Banker groups sue Treasury, IRS over account reporting rule
- Viacom copyright suit against Google’s YouTube again dismissed
- J.C. Penney’s operating chief joins talent head in departing
- Pilot Corp. suspected of fraud in diesel rebates, FBI agent says
- Humana fires law firm tied to alleged leak of Medicare decision
- Toyota said to reveal plans to begin production of Lexus in U.S.
- GDP, Apple, Exxon, BOJ, Iron Man 3: Week Ahead April 20-27
- One Boston marathon bombing suspect dead, Federal official says
EARNINGS:
- Schlumberger (SLB) 6am, $0.98 - Preview
- Baker Hughes (BHI) 6am, $0.62 - Preview
- SunTrust Banks (STI) 6am, $0.61
- General Electric (GE) 6:30am, $0.35 - Preview
- Laboratory Corp of America (LH) 6:45am, $1.77
- Honeywell International (HON) 7am, $1.14 - Preview
- Genuine Parts (GPC) 7am, $0.98
- Under Armour (UA) 7am, $0.03
- Interpublic Group (IPG) 7am, ($0.13)
- First Horizon National (FHN) 7am, $0.17
- Kimberly-Clark (KMB) 7:15am, $1.34 - Preview
- First Niagara Financial (FNFG) 7:15am, $0.17
- State Street (STT) 7:21am, $0.93
- Rockwell Collins (COL) 7:30am, $1.17
- Manpower (MAN) 7:30am, $0.45
- McDonald’s (MCD) 7:58am, $1.27 - Preview
- TCF Financial (TCB) 8am, $0.19
- Kansas City Southern (KSU) 8:01am, $0.88 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Gaining as Physical Demand Said to Be ‘Extraordinary’
- Gold Traders Split on Outlook as Asian Jewelers Buy: Commodities
- U.S. Wheat Faces Damage Threat as Plains See Another Freeze
- Copper Set for Biggest Weekly Drop in 16 Months on Demand View
- Palm Oil Posts Fourth Weekly Decline on Biofuel Demand Concern
- WTI Crude Advances for a Second Day to Pare Third Weekly Decline
- Cocoa Climbs After North America Grindings Gain; Sugar Declines
- Monsoon Seen Normal in South Asia Set to Boost India Growth
- Carbon-Intensive Investors Risk $6 Trillion ‘Bubble,’ Study Says
- Crude May Fall on Weaker Economy as Output Gains, Survey Shows
- California Power Facing Biggest Test Since Enron: Energy Markets
- Biggest LBO Collapse Seen as Boon to Texas Power Market: Energy
- Nickel Surplus Seen Bigger by Macquarie Than Forecast Last Month
- Rebar Rises to Pare Weekly Loss, Supported by Iron Ore, Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team