TODAY’S S&P 500 SET-UP – April 15, 2014
As we look at today's setup for the S&P 500, the range is 51 points or 1.45% downside to 1804 and 1.33% upside to 1855.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.28 from 2.28
- VIX closed at 16.11 1 day percent change of -5.40%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: Empire Manufacturing, April, est. 8 (prior 5.61)
- 8:30am: CPI m/m, March, est. 0.1% (prior 0.1%)
- CPI Ex Food and Energy m/m, March, est. 0.1% (prior 0.1%)
- 8:30am: Fed’s Lockhart speaks at Stone Mountain, Ga., conf.
- 8:45am: Fed’s Yellen speaks to Stone Mountain, Ga., conf.
- 8:55am: Redbook weekly sales
- 9am: Net Long-term TIC Flows, Feb. est. $30b (prior $7.3b)
- Total Net TIC Flows, Feb. (prior $83b)
- 10am: NAHB Housing Market Index, April, est. 49 (prior 47)
- 3pm: Fed’s Plosser moderates panel at Stone Mountain
- 4pm: Fed’s Rosengren speaks in Bangor, Maine
- 4:30pm: API weekly oil inventories
- 8pm: Fed’s Kocherlakota speaks in Fargo, N.D.
GOVERNMENT:
- FEC 1Q filing deadline for congressional campaign cmtes, some PACs and some party cmtes
- 2pm: Bloomberg Government holds “Is This The First (And Final) Act of the Tax Overhaul?” Webinar
- House, Senate on recess
- U.S. ELECTION WRAP: RNC’s Focus on Women; First Quarter Funds
WHAT TO WATCH:
- Diageo offers $1.9b to gain United Spirits majority stake
- China new credit declines as money-supply growth slows
- Obama warns Putin on Ukraine after deadly clashes in East
- German investor confidence declines for fourth month in April
- Nestle reports slowest 1Q sales growth since 2009
- Roche’s 1Q sales fall on strength of Swiss Franc
- SABMiller considers options for $1.04b Tsogo Sun stake
- Moelis IPO offers founders riches as investment bank shrs fall
- GM CEO seeks new top spokesman, replaces human resources chief
- Heartbleed hackers steal encryption keys in test showing danger
- Hedge fund’s gains on distressed debt decline to 7-month low
- Dell extends offerings for SAP’s Hana to win business clients
- JPMorgan, Citigroup, others release monthly delinquencies
- Encana seeks to tap oil royalties demand with unit IPO by June
- Rio produces record iron ore output as global supply gains
- Onex, Cineplex said in lead to buy Dave & Buster’s: WSJ
- Fed’s Yellen speaks via video to Stone Mountain conf.
AM EARNS:
- Charles Schwab (SCHW) 8:45am, $0.22
- Coca-Cola (KO) 7:30am, $0.44 - Preview
- Comerica (CMA) 6:40am, $0.72
- Johnson & Johnson (JNJ) 7:45am, $1.48 - Preview
- Northern Trust (NTRS) 7:30am, $0.78 – Preview
PM EARNS:
- Boston Private (BPFH) 4:05pm, $0.19
- CSX (CSX) 4:03pm, $0.37
- Intel (INTC) 4:01pm, $0.37 - Preview
- Interactive Brokers Group (IBKR) 4:01pm, $0.30
- Linear Technology (LLTC) 5pm, $0.53
- Wintrust Financial (WTFC) post-mkt, $0.67
- Yahoo! (YHOO) 4:05pm, $0.37 – Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Drops Most in Nine Months as Metals Fall on China Concern
- WTI Falls From Six-Week High With Brent on U.S. Supply Forecast
- Profit Tastes Like Chicken in Search for Cheap Meat: Commodities
- Palm Oil Crop at Risk Across Southeast Asia as El Nino Looms
- Gold Falls From 3-Week High on U.S. Outlook as Palladium Drops
- White Sugar Halts Decline Before Delivery as Coffee Also Climbs
- Corn Declines as Planting Concerns Ease While Soybeans Advance
- China Gold Demand Rising 25% by 2017 as Buyers Get Wealthier
- Rio Produces Record Iron Ore Output as Global Supply Gains
- Coal Returns to German Utilities Replacing Lost Nuclear: Energy
- Canada’s Climate Warms to Corn as Grain Seeks Great White North
- Pump Prices in U.S. Climb to Eight-Month High as Supplies Slide
- Nestle Sees 2H Commodity-Cost Rise, Will Raise Prices: BI Chart
- Gold Seen Losing 22% by Westpac’s Smirk to End Year at $1,025
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team