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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team