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TODAY’S S&P 500 SET-UP – April 24, 2014


As we look at today's setup for the S&P 500, the range is 54 points or 2.10% downside to 1836 and 0.78% upside to 1890.                                                     

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.26 from 2.26
  • VIX closed at 13.27 1 day percent change of 0.61%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods Orders, March, est. 2% (prior 2.2%)        
  • Durables Ex Transportation, March, est. 0.6% (prior 0.2%, revised 0.1%)
  • Capital Goods Orders Non-def Ex-Aircraft, March, est. 1.5% (prior -1.3%, revised -1.4%)               
  • Capital Goods Shipments Non-def Ex-Aircraft, March, est. 1% (prior 0.5%, revised 0.6%)               
  • 8:30am: Initial Jobless Claims, April 19, est. 315k (prior 304k)       
  • Continuing Claims, April 12, est. 2.745m (prior 2.739m)  
  • 9:45am: Bloomberg Consumer Comfort, April 20 (prior -29.1)     
  • 10am: Kansas City Fed Manufacturing Activity, April, est. 8 (prior 10)       
  • 10am: Freddie Mac mortgage rates        
  • 10:30am: EIA natural-gas storage change                     

GOVERNMENT:               

    • House, Senate out of session on recess
    • Obama in Japan, meets with Japanese PM Shinzo Abe, holds press conf., attends state dinner, speaks at youth event   
    • 8:45am: Export-Import Bank holds annual conf., President Fred Hochberg delivers opening remarks       
    • 12pm: Justice Samuel Alito speaks at Food and Drug Law Institute conference   
    • U.S. ELECTION WRAP: NYT Senate Poll; Tea Party Endorsements              

WHAT TO WATCH:

  • GE said to be in talks to buy Alstom for $13b       
  • Google to Netflix pay-for-access deals said to get FCC review    
  • Apple stock split removes obstacle to inclusion in Dow avg          
  • German business confidence unexpectedly rises in growth sign               
  • Obama says U.S. ready to move on additional Russia sanctions  
  • Nokia to exclude India plant from Microsoft deal on tax issues  
  • E-cigarettes to fall under FDA as U.S. seeks to tame trend           
  • Forbes sale said to founder with Axel Springer not bidding          
  • Gartner sees 12% rise in semiconductor cap equipment spending            
  • Spain auctions 10-yr bonds at 3.059%, lowest yield on record     
  • Williams Opal gas explosion cuts pipe flows as town evacuated         

AM EARNS:        

    • 3M (MMM) 7:30am, $1.80          
    • Aetna (AET) 6am, $1.55 - Preview            
    • Alexion Pharmaceuticals (ALXN) 6:30am, $1.26  
    • Altria Group (MO) 6:58am, $0.57 - Preview         
    • AmerisourceBergen (ABC) 6:15am, $1.00  - Preview        
    • Avnet (AVT) 8am, $1.08               
    • BankUnited (BKU) 7:30am, $0.45             
    • Bemis (BMS) 7am, $0.57              
    • Brunswick (BC) 7:39am, $0.60    
    • Cameron International (CAM) 7:30am, $0.72 - Preview  
    • Caterpillar (CAT) 7:30am, $1.23 - Preview             
    • Celgene (CELG) 7:30am, $1.65 - Preview               
    • CMS Energy (CMS) 7:30am, $0.72            
    • Coca-Cola Enterprises (CCE) 7:30am, $0.44          
    • Colfax (CFX) 6:01am, $0.45          
    • Delphi Automotive (DLPH) 7am, $1.09   
    • Diamond Offshore Drilling (DO) 6am, $0.65 - Preview     
    • Domtar (UFS) 7:30am, $1.67       
    • DR Horton (DHI) 6am, $0.34 - Preview   
    • Dunkin’ Brands Group (DNKN) 6am, $0.36           
    • Eli Lilly & Co (LLY) 6:30am, $0.71 - Preview            
    • Entergy (ETR) 7am, $2.29             
    • EQT (EQT) 7am, $0.89    
    • First Niagara Financial Group (FNFG) 7:15am, $0.17         
    • Freeport-McMoRan Copper & Gold (FCX) 8am, $0.42 - Preview
    • General Motors Co (GM) 7:30am, $0.04 - Preview           
    • GrafTech International (GTI) 7:01am, ($0.02)      
    • Graphic Packaging Holding  (GPK) 7:30am, $0.13               
    • Helmerich & Payne (HP) 6am, $1.48        
    • Hershey  (HSY) 6:58am, $1.14    
    • JetBlue Airways (JBLU) 7:30am, $0.07 - Preview
    • KKR & Co LP (KKR) 8am, $0.51    
    • Lorillard (LO) 7am, $0.72               
    • Mead Johnson Nutrition (MJN) 7:30am, $0.91   
    • NASDAQ OMX Group (NDAQ) 7am, $0.71            
    • New York Times (NYT) 8:30am, $0.03     
    • Nielsen Holdings NV (NLSN) 7am  , $0.41              
    • Nucor (NUE) 9am, $0.38               
    • Patterson-UTI Energy (PTEN) 6am, $0.24              
    • Peabody Energy (BTU) 8am, $0.01 - Preview      
    • Potash  (POT CN) 6am, $0.35 - Preview 
    • PulteGroup (PHM) 6:30am, $0.20 - Preview        
    • Quest Diagnostics (DGX) 7am, $0.88 - Preview   
    • Raytheon (RTN) 7am, $1.77        
    • Reliance Steel & Aluminum (RS) 8:50am, $1.23  
    • Royal Caribbean Cruises (RCL) 8:31am, $0.27      
    • SCANA (SCG) 7:30am, $1.15       
    • Sigma-Aldrich (SIAL) 7am, $1.03
    • Sirius XM Holdings (SIRI) 7am, $0.02       
    • Sonus Networks (SONS) 7am, ($0.01)    
    • Southwest Airlines (LUV) 6:35am, $0.17 - Preview           
    • Stanley Black & Decker (SWK) 6am, $0.96             
    • Starwood Hotels (HOT) 6am, $0.56          
    • T. Rowe Price (TROW) 7:29am, $1.04      
    • Time Warner Cable (TWC) 6am, $1.67 - Preview
    • Timken (TKR) 7:30am, $0.81       
    • Under Armour (UA) 7am, $0.05 - Preview            
    • United Continental (UAL) 7:30am, ($1.36)            
    • United Parcel Service (UPS) 7:45am, $1.08 - Preview      
    • USG (USG) 8:30am, $0.19            
    • Valley National Bancorp (VLY) 7am, $0.14             
    • Verizon Communications (VZ) 7:30am, $0.87 - Preview  
    • Waste Management (WM) 7:30am, $0.45            
    • Wyndham Worldwide (WYN) 6:29am, $0.75        
    • Yandex NV (YNDX) 6am, $8.77  
    • Zimmer Holdings (ZMH) 7am, $1.47               

PM EARNS:        

    • Altera (ALTR) 4:15pm, $0.32       
    • Amazon.com (AMZN) 4pm, $0.23            
    • Baidu (BIDU) 4:30pm, $6.24        
    • Barracuda Networks (CUDA) post-mkt , $0.01    
    • Broadcom (BRCM) 4:05pm, $0.46             
    • Cerner (CERN) 4:01pm, $0.37 - Preview
    • Chubb (CB) 4:03pm, $1.56           
    • Cincinnati Financial (CINF) 4:05pm, $0.54              
    • Cirrus Logic (CRUS) 4pm, $0.32  
    • Cliffs Natural Resources (CLF) 4:22pm, ($0.23)   
    • Deckers Outdoor (DECK) 4pm, ($0.14)   
    • Eastman Chemical Co (EMN) 4:36pm, $1.59         
    • Edwards Lifesciences (EW) 4:01pm, $0.69 - Preview        
    • Freescale Semiconductor (FSL) 4:05pm, $0.25    
    • KLA-Tencor (KLAC) 4:15pm, $1.11            
    • Las Vegas Sands (LVS) 4:22pm, $0.94      
    • Leggett & Platt (LEG) 4:05pm, $0.38        
    • Maxim Integrated Products (MXIM) 4pm, $0.39               
    • Microsoft (MSFT) 4:01pm, $0.63 - Preview          
    • Newmont Mining (NEM) post-mkt , $0.19 - Preview       
    • Noble Energy (NBL) 5pm, $0.75
    • Olin (OLN) 5pm, $0.34   
    • Pandora Media (P) 4:01pm, ($0.14)         
    • PerkinElmer (PKI) 4:05pm, $0.44              
    • Principal Financial Group (PFG) 4pm, $0.92          
    • Regal Entertainment Group (RGC) 4pm, $0.19   
    • Republic Services (RSG) 4:05pm, $0.44  
    • Starbucks (SBUX) 4:03pm, $0.56 - Preview           
    • Stericycle (SRCL) 4:01pm, $0.99 
    • SunPower (SPWR) 4:05pm, $0.32             
    • Superior Energy Services (SPN) 4:05pm, $0.21   
    • Swift Transportation Co (SWFT) 4:01pm, $0.12   
    • Synaptics (SYNA) 4:05pm, $0.57
    • Universal Health Services (UHS) 5pm, $1.22        
    • Validus Holdings (VR) 4:15pm, $1.56       
    • VeriSign (VRSN) 4:05pm, $0.63  
    • Visa (V) 4:05pm, $2.18  
    • Weatherford International (WFT) 4:40pm, $0.11              

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Goldman Sets Out Case for Commodity Holdings as Rivals Cut Back
  • WTI Trades Near Two-Week Low as Stockpiles Climb; Brent Steady
  • Coffee’s Prayers for Rain Met With Threat of Deluge: Commodities
  • Banks Reducing Commodity Trading Seen Ending Link to Equities
  • LME to Start Clearing Collateral in Yuan as Asia’s Power Rises
  • Copper Touches Three-Week High as Growth Rebound May Spur Demand
  • Gold Trades Near 10-Week Low as U.S. Data Weighed With Ukraine
  • Arabica Coffee Drops as Rain Heads for Brazil; Sugar Also Falls
  • Rebar in Shanghai Rises to 1-Wk High on Demand Pickup, Inventory
  • U.K. Shale Could Spark $55 Billion in Investment, E&Y Says
  • Marubeni Says China May Have Detained Three Grains Unit Staff
  • Deadly Illegal Mining Booms Below South Africa’s City of Gold
  • Asia Energy Bull & Bear Pit China Reforms vs. OPEC: BI Outlook
  • Castoffs in Barrick Newmont Merger May Become $4 Billion Rival

THE HEDGEYE DAILY OUTLOOK - 5

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team