TODAY’S S&P 500 SET-UP – April 17, 2014
As we look at today's setup for the S&P 500, the range is 70 points or 2.76% downside to 1811 and 1.00% upside to 1881.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.26
- VIX closed at 14.18 1 day percent change of -9.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Jobless Claims, April 12, est. 315k (prior 300k)
- Continuing Claims, April 5, est. 2.780m (prior 2.776m)
- 9:45am: Bloomberg Economic Expectations, April (prior -12)
- 9:45am: Bloomberg Consumer Comfort, April 13 (prior -31.9)
- 10am: Philadelphia Fed, April, est. 10 (prior 9)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House, Senate not in session
- John Kerry in Geneva for meeting with officials from Ukraine, Russia; EU to discuss ongoing situation in and around Ukraine
- CFTC comment, request deadline for commercial end-users impacted by Dodd-Frank
- 8:25am: Northrop Grumman CEO Wes Bush at Economic Club of Washington, D.C. for discussion on defense industry, cybersecurity
- 9am: American Gas Association holds conf. call briefing to discuss estimates for 2013 U.S. natural gas reserves
- U.S. ELECTION WRAP: Sebelius May Challenge Roberts; FEC Reports
WHAT TO WATCH:
- Post said to reach $2.5b agreement for Michael Foods
- High frequency traders said to be subpoenaed in N.Y. inquiry
- Weibo said to raise $286m pricing shares at low end of range
- Apple said to prepare song-ID feature for iPhone update
- Yahoo nominates three new directors as Mayer’s pay drops 32%
- Discovery said to drop out of bidding for U.K.’s Channel 5
- Google sales miss underscores mobile-transition challenges
- Google earnings, rev. miss may pressure Internet stocks
- GM move to freeze suits may cut customer payouts by billions
- GM had ignition-switch scare in testing Cadillac SRX in 2007
- Reynolds American says Susan Cameron to return as CEO
- European car sales up 7th straight month on Renault growth
- Sony PlayStation 4 sales reach 7m on surging demand
- Toyota plans Scion line overhaul amid fading sales
- John Kerry in Geneva for mtg w/Ukraine, Russia, EU officials
- Equity markets closed tomorrow for Good Friday holiday
AM EARNS:
- Alliance Data Systems (ADS) 7:30am, $2.71
- AutoNation (AN) 6:15am, $0.72
- Baker Hughes (BHI) 6am, $0.78 - Preview
- Baxter International (BAX) 7am, $1.09 - Preview
- BB&T (BBT) 5:45am, $0.70
- BlackRock (BLK) 6:30am, $4.10
- Blackstone (BX) 7am, $0.55
- Chipotle Mexican Grill (CMG) 8am, $2.87 - Preview
- Cypress Semiconductor (CY) 8am, $0.08
- Dover (DOV) 7am, $1.02
- EI du Pont de Nemours (DD) 6am, $1.59 - Preview
- Fairchild Semiconductor (FCS) 7:30am, $0.03
- Fifth Third Bancorp (FITB) 6:30am, $0.42
- First Horizon National (FHN) 7am, $0.14
- General Electric (GE) 6:30am, $0.32 - Preview
- Goldman Sachs (GS) 7:35am, $3.49 - Preview
- Honeywell International (HON) 7am, $1.26 - Preview
- KeyCorp (KEY) 6:14am, $0.24 - Preview
- Mattel (MAT) 6am, $0.07 - Preview
- Morgan Stanley (MS) 7:15am, $0.60 - Preview
- National Penn Bancshares (NPBC) 6:31am, $0.17
- PepsiCo (PEP) 7am, $0.75 - Preview
- Philip Morris (PM) 6:59am, $1.16 - Preview
- PPG Industries (PPG) 8:11am, $1.84
- Rockwell Collins (COL) 7:21am, $1.07
- Sherwin-Williams (SHW) 7am, $1.09
- Snap-on (SNA) 7am, $1.54
- Sonoco Products Co (SON) 7:30am, $0.51
- Union Pacific (UNP) 8am, $2.37 - Preview
- UnitedHealth Group (UNH) 6am, $1.09 - Preview
- Webster Financial (WBS) 7:55am, $0.49
PM EARNS:
- Advanced Micro Devices (AMD) 4:15pm, $0.00
- Athenahealth (ATHN) 4:01pm, $0.16
- Select Comfort (SCSS) 4:01pm, $0.32
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Go Short Iron Ore Says StanChart as Steel Mills to Fail in China
- Brent Crude Trades Near Six-Week High on Ukraine Risk; WTI Gains
- Platinum Strike Widens Output Deficit Lasting Years: Commodities
- Gold Import Curbs Seen Continuing in India to Protect Currency
- Nickel Advances for Second Day on Indications of Curbed Supply
- Wheat Rebounds as U.S. Weather to Ukraine Boost Supply Concerns
- Gold Declines Below $1,300 as U.S. Economy Weighed With Ukraine
- Sugar Drops as Demand Trails Abundant World Supply; Coffee Gains
- Japan Adds Pork Tariff Cut to Beef in Trade Pact With Australia
- Rebar in Shanghai Falls to 2-Week Low on Demand, Iron Ore Price
- Ship Billionaires Unite Against Maersk Amid Container Rout
- Midnight Welding Picks Up Labor Slack That Imperils Shale Boom
- Exxon Russia Oil Output Unfazed by Politics, Plans Expansion
- Burger King Hamburger Gets a Chicken Makeover as Beef Costs Rise
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team