TODAY’S S&P 500 SET-UP – April 11, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 0.33% downside to 1827 and 1.41% upside to 1859.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.73 from 2.30
- VIX closed at 15.89 1 day percent change of 14.98%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: PPI Final Demand m/m, March, est. 0.1% (prior -0.1%)
- PPI Ex Food and Energy m/m, March, est. 0.2% (prior -0.2%)
- PPI Final Demand y/y, March, est. 1.1% (prior 0.9%)
- PPI Ex Food and Energy y/y, March, est. 1.1% (prior 1.1%)
- 9:55am: UofMich. Confidence, April preliminary, est. 81 (prior 80)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama addresses National Action Network in New York
- 8:30am: World Bank, IMF hold annual Spring Meetings
- 11:30am: Senate Env. Chairwoman Barbara Boxer, D-Calif., Sen. Sheldon Whitehouse, D-R.I. hold Keystone XL pipeline media call
- U.S. ELECTION WRAP: Poll Shows Obamacare Motivates GOP Voters
WHAT TO WATCH:
- Coldwater Creek files bankruptcy after clothing sales decline
- Sebelius resignation may give successor more room on Obamacare
- H&R Block shrs jump as tax preparer agrees to sell bank
- U.S. warns Russia of more sanctions as G-7 studies Ukraine aid
- China’s inflation stays below target as producer prices drop
- Wall Street bond trading, allocation draws scrutiny from Finra
- Samsung adds $600 of S5 freebies to fend off Apple, Xiaomi
- Citadel fund said to quadruple with high-frequency trading gains
- Gallagher priced at $43.25 in sale to fund Wesfarmers deal
- Heartbleed flaw found in Cisco, Juniper networking equipment
- Li & Fung said to work with Citigroup on brands unit spinoff
- Citi said investigated by DOJ on suspicious transactions: WSJ
- Vista Equity may seek to raise $5b for newest fund: NYT
EARNINGS:
- Fastenal Co (FAST) 6:50am, $0.38 - Preview
- JPMorgan Chase & Co (JPM) 6:58am, $1.46 - Preview
- Wells Fargo & Co (WFC) 8am, $0.96 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Australia Braces for Strongest Storm Since 2011 in Queensland
- Nickel Favored by UBS on Supply Shocks, Macquarie Sees Deficit
- China’s Li Swaps Steel Production for Cleaner Air: Commodities
- WTI Heads for Weekly Gain as Discount to Brent Shrinks on Libya
- Gas Loses Decades-Old Link to Crude Oil in Landmark Contract
- Nickel Heads for Second Weekly Gain on Mounting Supply Concerns
- Shanghai Gold Exchange to Start Leasing Platform by End of June
- Westinghouse Says EU States’ Uranium Interest Gains on Ukraine
- Cotton Shipments From India Jumping as Harvest Climbs to Record
- Shanghai to Introduce Gold Leasing Platform in 1H, Exchange Says
- Gas Carousel Making Spain Europe’s Biggest LNG Exporter: Energy
- Soybean Traders Bullish First Time in 6 Weeks on Tight Supplies
- Platinum Favored Over Gold on Supply Shortage: Chart of the Day
- Drought Seen Hurting Thai Farm Output as El Nino Risk Climbs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team