TODAY’S S&P 500 SET-UP – April 23, 2014
As we look at today's setup for the S&P 500, the range is 56 points or 2.42% downside to 1834 and 0.56% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.31
- VIX closed at 13.19 1 day percent change of -0.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, April 18 (prior 4.3%)
- 9:45am: Markit US Manufacturing PMI, April, est. 56.0 (pr 55.5)
- 10am: New Home Sales, March, est. 450k (prior 440k)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $2b-$2.5b in 2021-2024 sector
GOVERNMENT:
- President Obama in Japan at start of 4-nation trip to Asia
- Congressional Delegation led by House Foreign Affairs Cmte Chairman Ed Royce in Ukraine for meetings with major presidential candidates, NGOs, members of minority groups
- House, Senate not in session
- 10:30am: FCC meets on proposed rule that would make up to 150 MHz of spectrum available for wireless broadband use in 3 MHz band
- 2:30pm: Consumer Financial Protection Bureau, other regulators at public forum on mortgage closing process
WHAT TO WATCH:
- Ukraine weighs move on militants in east amid Russia warnings
- Starboard asks Darden for investor say in Red Lobster spinoff
- Dish said to target summer release for U.S. Internet-TV
- Toyota outsells GM, Volkswagen in Jan.-March quarter
- Buffett’s pay principles put to test on Coke vote: Winters
- Apple’s slowing iPhone sales threaten stock after 5% slump
- PTTEP agrees to pay Hess $1b cash for Thai assets
- Australia to buy 58 more F-35 jets, scaling back initial plan
- Charter said to be near deal for divested Comcast subscribers
- Goldman unbowed as Barclays joins bank commodities exodus
- Citigroup says has no plans to exit core businesses in Korea
- Netflix said to expand into France by yr-end amid global push
- Genworth to raise as much as $700m in Australia offer
- LG Household considering making offer to buy Elizabeth Arden
- Caesars Entertainment bids to build $750m New York casino
- China manufacturing gauge signals economic weakness persists
- Euro-area industry surveys increase as price weakness persists
- Osborne hits U.K. deficit-reduction target; economy struggles
AM EARNS:
- Air Products & Chemicals (APD) 6am, $1.35
- Amphenol (APH) 8am, $0.96
- Avery Dennison (AVY) 8:30am, $0.66
- Biogen Idec (BIIB) 6:30am, $2.56 - Preview
- Boeing (BA) 7:30am, $1.54 - Preview
- Brinker Intl (EAT) 7:45am, $0.83
- Celestica (CLS CN) 7am, $0.20
- Delta Air Lines (DAL) 7:30am, $0.29 - Preview
- Dow Chemical (DOW) 7am, $0.71
- Dr Pepper Snapple (DPS) 8am, $0.59 - Preview
- EMC (EMC) 6:52am, $0.35 - Preview
- Gannett (GCI) 8:30am, $0.46
- General Dynamics (GD) 7am, $1.64 - Preview
- Gentex (GNTX) 8am, $0.45
- Ingersoll-Rand (IR) 7am, $0.26
- Johnson Controls (JCI) 7am, $0.65
- Lincoln Electric (LECO) 7:30am, $0.90
- Manpowergroup (MAN) 7:30am, $0.68
- Norfolk Southern (NSC) 8am, $1.15 - Preview
- Northrop Grumman (NOC) 7am, $2.15 - Preview
- Omnicare (OCR) 7am, $0.90
- Owens Corning (OC) 7:28am, $0.35
- Polaris Industries (PII) 6am, $1.16
- Popular (BPOP) 8am, $0.67
- Praxair (PX) 6:01am, $1.51
- Procter & Gamble (PG) 7am, $1.02 - Preview
- Reynolds American (RAI) 6:58am, $0.74 - Preview
- Ryder System (R) 7:55am, $0.87
- SEI Investments (SEIC) 8:30am, $0.40
- Supervalu (SVU) 7am, $0.15
- TD Ameritrade (AMTD) 7:30am, $0.34
- TE Connectivity (TEL) 6am, $0.91
- Thermo Fisher Scientific (TMO) 6am, $1.40 - Preview
- Tupperware Brands (TUP) 7am, $1.16
PM EARNS:
- Align Technology (ALGN) 4pm, $0.34
- Angie’s List (ANGI) 4:05pm, $(0.06)
- Apple (AAPL) 4:30pm, $10.17 - Preview
- AvalonBay Communities (AVB) 5:26pm, $0.82
- Cheesecake Factory (CAKE) 4:15pm, $0.49
- Chicago Bridge & Iron (CBI) 4:01pm, $1.12
- Citrix Systems (CTXS) 4:05pm, $0.59
- Crown Castle Intl (CCI) 4:01pm, $0.29
- E*Trade Financial (ETFC) 4:05pm, $0.23
- Equifax (EFX) 4:10pm, $0.87
- Everest Re Group (RE) 4:05pm, $5.42
- F5 Networks (FFIV) 4:05pm, $1.25
- Facebook (FB) 4:05pm, $0.24 - Preview
- Flowserve (FLS) 4:07pm, $0.75
- FNB (FNB) 4:15pm, $0.20
- Fortinet (FTNT) 4:15pm, $0.09
- Graco (GGG) 4:10pm, $0.82
- Ingram Micro (IM) 4:05pm, $0.48
- Lam Research (LRCX) 4:05pm, $1.17
- O’Reilly Automotive (ORLY) 6:30pm, $1.58
- Oceaneering Intl (OII) 4:01pm, $0.80
- Polycom (PLCM) 4:05pm, $0.14
- Qualcomm (QCOM) 4pm, $1.22
- Raymond James Financial (RJF) 4:16pm, $0.77
- ResMed (RMD) 4:05pm, $0.64
- Robert Half Intl (RHI) 4pm, $0.44
- Safeway (SWY) 4:05pm, $0.18
- ServiceNow (NOW) 4:01pm, $(0.08)
- Stryker (SYK) 4pm, $1.09
- Susquehanna Bancshares (SUSQ) 4:30pm, $0.21
- TAL Intl Group (TAL) 5:01pm, $0.96
- Teradyne (TER) 5:01pm, $0.06
- Texas Instruments (TXN) 4:30pm, $0.41
- Tractor Supply (TSCO) 4:01pm, $0.37
- TriQuint Semiconductor (TQNT) 4:02pm, $(0.12)
- Varian Medical (VAR) 4:02pm, $1.03
- Xilinx (XLNX) 4:20pm, $0.55
- Zynga (ZNGA) 4:04pm, $(0.01)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Sachs Unbowed as Barclays Joins Commodities Exodus
- WTI Crude’s Discount to Brent Widest in Five Weeks on Supplies
- Investors Checking Out of ‘Hotel Mongolia’ in Limbo: Commodities
- Soybeans Post Longest Slump Since July as China Demand May Slow
- Copper Falls on China Factories as Nickel Touches 14-Month High
- Coffee Reaches 26-Month High as Brazil Drought Raises Volatility
- Gold Above 10-Week Low as Ukraine Weighed Against U.S. Recovery
- Rebar Advances Most in 2 Weeks on Inventory, China Reserve Ratio
- Monsoon Seen Below Normal to Normal in South Asia This Year
- LME Seeks to Lure Dinner Guests From Tables to Metal Trading
- Coal Glut Foils Price Rally With Miners Tied to Exports: Energy
- Japan May Offer Canada Head Start on Pork Duty to Sway U.S.
- China Move to ’Go Green’ May Mean Lower Copper Use
- Ukraine’s Unpaid Gas Bills Dwarf U.S. Offer Amid Shutoff Threat
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team