TODAY’S S&P 500 SET-UP – April 14, 2014
As we look at today's setup for the S&P 500, the range is 46 points or 1.64% downside to 1786 and 0.90% upside to 1832.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.27
- VIX closed at 17.03 1 day percent change of 7.17%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Retail Sales m/m, March, est. 0.9% (prior 0.3%)
- 10am: Business Inventories, Feb., est. 0.5% (prior 0.4%)
- 11am: Fed to purchase $900m-$1.15b in 2036-2044 sector
- 11:30am: U.S. to sell $25b 3M, $23b 6M bills
- 12:45pm: Fed’s Tarullo, ECB’s Noyer speak in New York
GOVERNMENT:
- Treasury Sec. Jack Lew, Ukranian Finance Minister Oleksandr Shlapak discuss situation in Ukraine, U.S. pledge of support for $1b loan guarantee: 9:30am
- Congressional Budget Office plans to issue new baseline deficit projections: 11am
- President Obama attends Easter prayer breakfast
- House, Senate out of session on 2-wk recess
- U.S. Election Wrap: GOP Forms Joint Fund; Rep. Petri to Retire
WHAT TO WATCH:
- Citigroup earns: Higher fee income, elevated expenses seen
- Citigroup said to cut up to 300 jobs in global markets unit
- East Ukraine clashes turn deadly as Russia seeks UN meeting
- U.S. stocks seek to rebound after worst week since 2012
- CME gave high-frequency traders peek at market, suit claims
- High-frequency traders set for curbs in EU
- Minmetals Group to buy Glencore Peru mine for $5.85b
- Memos show regulators held back as evidence grew of GM defect
- Amazon.com to introduce smartphone in June: WSJ
- UBS Chair Weber sees lev.-ratio rules tightening globally
- KKR to sell Ipreo stake for $975m, FT reports
- Goldman Sachs countersues client over commodities stocks rout
- Apollo’s Momentive files for bankruptcy with exit financing
- China tightens oversight of trust as risk of defaults increases
- Brazil’s Mantega calls for alternatives to U.S. OK on IMF
- Renewables, nuclear should triple to save climate: UN panel
- Corn planting behind schedule for second straight yr
- ’Captain America’ tops ‘Rio 2’, leads N.A. cinemas a 2nd wk
EARNINGS:
- Bank of the Ozarks (OZRK) 6pm, $0.64
- Citigroup (C) 8am, $1.14 - Preview
- JB Hunt Transport (JBHT) 8:30am, $0.61
- M&T Bank (MTB) 8:01am, $1.61
- Pinnacle Financial (PNFP) 5:30pm, $0.46
- Sensient Technologies (SXT) 4:34pm, $0.66
- Sirius XM Canada (XSR CN) 4pm, C$0.05
- Triangle Petroleum (TPLM) 5:58pm, $0.13
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Predicts Commodity Declines Amid Rally in Bullion, Crops
- Brent, WTI Crudes Pares Gains as Libya Offsets Ukraine Tensions
- Gold Bears Bet Wrong Again as Fed Talk Favors Bulls: Commodities
- Nickel Rises to 14-Month High as Goldman Sachs See More Gains
- Palladium Climbs to Highest Since 2011 on Ukraine as Gold Rises
- Wheat Climbs as Ukraine Tensions Boost Supply Disruption Concern
- Commodities Rally to Highest in Six Weeks on Crisis in Ukraine
- Sugar Climbs as El Nino Seen Threat to Brazil Crops; Cocoa Slips
- Nickel May Rise to $20,000 If Indonesian Ban Stays, Goldman Says
- Hedge Funds Boosting Bullish Crude Wagers on Output Drop: Energy
- CME Gave High-Frequency Traders Peek at Market, Lawsuit Claims
- Rebar in Shanghai Unchanged as Spot Price Gains, Inventory Falls
- China Soybean Defaults Rattle Copper Traders, Markets: Bear Case
- Goldman Stands By $1,050 Gold Target on Outlook for Recovery
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
