TODAY’S S&P 500 SET-UP – April 21, 2014
As we look at today's setup for the S&P 500, the range is 47 points or 1.71% downside to 1833 and 0.81% upside to 1880.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.32 from 2.33
- VIX closed at 13.36 1 day percent change of -5.78%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed, March, est. 0.20 (prior 0.14)
- 10am: Leading indicators index, March, est. 0.7% (prior 0.5%)
- 11am: Fed to purchase $3.25b-$4b in 2019 sector
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $25b 3M, $23b 6M bills
GOVERNMENT:
- Vice President Joe Biden to Ukraine, meets w/govt officials
- Congressional Delegation led by House Foreign Affairs Cmte Chairman Ed Royce travels to Ukraine
- 8:30am: Outgoing NTSB Chairman Deborah Hersman speaks about her tenure at National Press Club
- 9:30am: Supreme Court issues list of cases it may consider
- 10am: Supreme Court hears arguments in Argentinian bond case
- 11am: Supreme Court hears arguments in Coca-Cola false-advertising cases
- House, Senate out of session on recess
- WASHINGTON RECESS: Nationals Park Eats, Shakespeare’s Birthday
- U.S. ELECTION WRAP: New Koch Attack; NRCC Sees More Contenders
WHAT TO WATCH:
- Pfizer said to have held now-dormant talks to buy AstraZeneca
- Barrick-Newmont deal talks said to hit snag on spinoff plans
- Keystone review delay angers pipeline backers
- SEC said to weigh shining light on how brokers route stocks
- Square Inc. discussed possible sale to Google: WSJ
- Japan’s trade deficit widens as export growth weakens
- Ukraine says Russia prepares grounds to invade after deaths
- Tesla poised to start delivery of Model S to Chinese drivers
- China Auto Show coverage
- Teva rejected by Justice Roberts on generic copaxone delay
- BofA, NYSE sued by Providence, RI, on high-frequency trading
- VW signals outselling GM in China; carmakers gather in Beijing
- Pacific-trade talks proceed as agreement eludes U.S., Japan
- Express Scripts awarded 7-yr Tricare Pharmacy pact
- ’Captain America’ takes N.A. box office for third week
- Barclays to exit some commodities trading: FT
- 2014 Boston Marathon takes place amid heightened security
AM EARNS:
- Halliburton Co (HAL) 7am, $0.71 - Preview
- Hasbro (HAS) 6:30am, $0.10 - Preview
- Kimberly-Clark (KMB) 7:30am, $1.47 - Preview
- SunTrust Banks (STI) 6am, $0.66
PM EARNS:
- BancorpSouth (BXS) 4:01pm, $0.30
- Brookfield Canada Office (BOX-U CN) 5pm, C$0.43
- Brown & Brown (BRO) 4:15pm, $0.42
- Cadence Design Systems (CDNS) 4:05pm, $0.20
- Celanese (CE) 4:35pm, $1.21
- CYS Investments (CYS) 4:01pm, $0.36
- Hexcel (HXL) 4:06pm, $0.49
- Netflix (NFLX) 4:05pm, $0.81
- Rambus (RMBS) 4:05pm, $0.12
- Rent-A-Center (RCII) 4:15pm, $0.55
- Rogers Communications (RCI/B CN) 4pm, C$0.71 - Preview
- Umpqua Holdings (UMPQ) 4:05pm, $0.23
- Waste Connections (WCN) 4:05pm, $0.41
- Zions Bancorporation (ZION) 4:10pm, $0.42
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Drops to Two-Week Low as Technical Indicator Signals Losses
- India’s Top Court Ends Ban on Iron Ore Mining in State of Goa
- Hedge Funds Cut Gold Bets in Longest Slide of 2014: Commodities
- India Said to Forecast Normal Monsoon Rainfall as El Nino Looms
- Brent Falls Amid Speculation Price Gains Excessive; WTI Steady
- Barclays to Exit Some Commodities Trading on Revenue Decline: FT
- China Spot Copper Premium Surges as Supply Cut: Chart of the Day
- Wheat Declines to One-Week Low as Rains Seen Helping U.S. Crops
- China Nickel Concentrate Imports Hit 19-Month High on Prices
- Strike-Hit Platinum Companies Increase Pay Offer Amid Strike
- Korea Agro-Fisheries Buys 19,521 Tons of Rice in Tenders
- Rebar in Shanghai Drops Near 1-Month Low on Signs of Weak Demand
- Libya Currently Pumping 235,000 Bbl/Day of Crude: NOC Spokesman
- Indonesia’s Kharisma Sells 6,000 Tons of Crude Palm Oil (Table)
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team