TODAY’S S&P 500 SET-UP – April 16, 2014
As we look at today's setup for the S&P 500, the range is 50 points or 2.06% downside to 1805 and 0.65% upside to 1855.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.28 from 2.26
- VIX closed at 15.61 1 day percent change of -3.10%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, April 11 (prior -1.6%)
- 8:30am: Housing Starts, March, est. 970k (prior 907k)
- 8:30am: Fed’s Stein speaks on QE at Atlanta Fed conf.
- 9:15am: Capacity m/m, March, est. 78.7% (prior 78.8%)
- 9:15am: Industrial Production m/m, March, est. 0.5% (pr 0.6%)
- 10:30am: DOE Energy Inventories
- 12pm: Fed’s Lockhart speaks at Atlanta Fed conf.
- 12:25pm: Fed’s Yellen speaks to Economic Club of New York
- 1:25pm: Fed’s Fisher speaks in Austin, Texas
- 2pm: Federal Reserve releases Beige Book
GOVERNMENT:
- President Obama, Vice President Biden visit Leetsdale, Pa., for an event on the economy
- House, Senate not in session
- 9am: Energy Sec. Ernest Moniz speaks on energy policy at Sam Nunn Policy Forum
- 9:30am: Reps. Rosa DeLauro, D-Conn., Louise Slaughter, D-N.Y, on conf. call hosted by Economic Strategy Institute on Obama’s trip to Asia, refusal by Congress to provide fast-track trade authority
WHAT TO WATCH:
- Ukraine says Russian forces helping separatists amid battles
- China urged by U.S. to allow bigger mkt role in valuing yuan
- NYSE owner said to buy Algo Technologies to modernize exchange
- Citic Pacific to pay $36b for assets from Chinese parent
- Moelis raises less than planned in investment-bank IPO
- Ford, Dodge cars in focus at New York Auto Show
- GM CEO Barra adds team to focus on safety
- Anadarko joins ad blitz to pre-empt Colorado fracking limits
- Obamacare sign-up extension closes regular enrollment for 2014
- Credit Suisse net trails est. on lower investment bank income
- Credit Suisse said to get N.Y. subpoena in tax-evasion probe
- Deutsche Bank said to seek sale of Cosmopolitan Vegas resort
- China’s expansion slows as property construction falls
- Alibaba posts profit on sales promotion ahead of IPO
- Alibaba said to plan Hong Kong-style fee as carrot for banks
- BHP quarterly iron ore production rises 23% to beat forecast
AM EARNS:
- Abbott Laboratories (ABT) 7:44am, $0.36 - Preview
- Bank of America (BAC) 7am, $0.27 - Preview
- First Republic Bank (FRC) 7am, $0.73
- Huntington Bancshares (HBAN) 5:55am, $0.17
- Kansas City Southern (KSU) 8am, $0.99 - Preview
- Metro (MRU CN) 7am, C$1.02
- PNC Financial (PNC) 6:24am, $1.65
- St Jude Medical (STJ) 7:30am, $0.95 - Preview
- US Bancorp (USB) 7am, $0.73 - Preview
- WW Grainger (GWW) 8am, $2.96
PM EARNS:
- Adtran (ADTN) 8:15pm, $0.20
- Albemarle (ALB) 4:03pm, $0.95
- American Express (AXP) 4:01pm, $1.30
- Capital One Financial (COF) 4:05pm, $1.70
- Crown Holdings (CCK) 5:03pm, $0.51
- East West Bancorp (EWBC) 5:02pm, $0.53
- Google (GOOG) 4:02pm, $6.39
- International Business Machines (IBM) 4:05pm, $2.54 -Preview
- Kinder Morgan (KMI) 4:05pm, $0.28
- Noble (NE) 5pm, $0.70
- People’s United Financial (PBCT) 4:03pm, $0.20
- Plexus (PLXS) 4pm, $0.60
- SanDisk (SNDK) 4:05pm, $1.27
- SLM (SLM) 4:15pm, $0.55
- Steel Dynamics (STLD) 6pm, $0.16
- Triangle Petroleum (TPLM) 5:58pm, $0.12
- United Rentals (URI) 4:15pm, $0.71
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