TODAY’S S&P 500 SET-UP – April 25, 2014
As we look at today's setup for the S&P 500, the range is 53 points or 2.21% downside to 1837 and 0.61% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.23 from 2.24
- VIX closed at 13.32 1 day percent change of 0.38%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:45am: Markit US Composite PMI, April (prior 55.7)
- Markit US Services PMI, April, est. 55.5 (prior 55.3)
- 9:55am: UofMich Confidence, April final, est. 83 (prior 82.6)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House, Senate on recess
- 9am: Day 2 of Ex-Im Bank conf. in Washington speakers incl.:
- Tesla CEO Elon Musk
- Frmer Treasury Sec. Larry Summers
- Commerce Sec. Penny Pritzker
- Agriculture Sec. Tom Vilsack
- Energy Sec. Ernest Moniz,
- John Podesta, counselor to President Obama
- Ex-Im Chairman Fred Hochberg
- 11am BofAML’s Anne Finucane, global strategy and marketing officer, speaks at Brookings Institution
- WASHINGTON RECESS: Sec. Hagel, Forest Whitaker, New Coffee
- US ELECTION WRAP: Paul Beats Clinton in Poll; Democrats’ Funds
WHAT TO WATCH:
- Kerry warns Putin on Ukraine as Russia begins troop drills
- Russia debt rating cut to step above junk at S&P on Ukraine
- Gazprombank said to ready for U.S. sanctions on Ukraine
- Alstom board said to plan meeting today to discuss GE deal
- BofA said to face more than $13b demand in U.S. RMBS case
- Backbone of U.S. equities trading said to be closer to upgrade
- Relational Investors amasses 9.08% stake in Clean Harbors
- China tells Nike shoemaker to fix striker benefits by today
- Apple, Google, Intel, Adobe said to reach $324m accord
- Glaxo, Novartis may receive EMA decisions
- Navient, Under Armour to Replace SLM, Beam in S&P 500
- Obama visits South Korea as North shows nuclear test signs
- Cabinet members, Elon Musk speak at Ex-Im Bank conference
- Oregon may close $303m health site to join U.S. exchange
- U.K. retail sales unexpectedly rise; sign of growing momentum
- U.S. Jobs, Fed Meeting, BOJ, U.K. GDP: Wk Ahead April 26-May 3
EARNINGS:
- Aaron’s (AAN) 7:30am, $0.53
- AbbVie (ABBV) 7:47am, $0.68 - Preview
- Alaska Air Group (ALK) 6:01am, $1.24
- American Electric Power (AEP) 6:57am, $0.93
- Aon PLC (AON) 6:30am, $1.18
- Autoliv (ALV) 6am, $1.43
- Brookfield Office Properties (BPO CN) 7am, est. n/a
- Burger King Worldwide (BKW) 7am, $0.19
- Canadian Utilities (CU CN) 7:40am, C$0.75
- Colgate-Palmolive Co (CL) 7am, $0.68 - Preview
- Covidien (COV) 6am, $0.95 - Preview
- Dana Holding (DAN) 7am, $0.38
- DTE Energy Co (DTE) 7:15am, $1.47
- FLIR Systems (FLIR) 7:30am, $0.27
- Ford Motor Co (F) 7am, $0.31 - Preview
- IDEXX Laboratories (IDXX) 7am, $0.87
- ImmunoGen (IMGN) 6:30am, ($0.26)
- Laboratory of America (LH) 6:34am, $1.58
- Lear (LEA) 7am, $1.69
- LifePoint Hospitals (LPNT) 6:30am, $0.65
- Moody’s (MCO) 7am, $0.91
- State Street (STT) 7:30am, $1.00
- Tyco Int’l (TYC) 6am, $0.41
- Ventas (VTR) 7:10am, $1.07
- VF (VFC) 7am, $0.63 - Preview
- WABCO Holdings (WBC) 6:30am, $1.23
- Whirlpool (WHR) 6am, $2.31
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Eating Less Beef Seen Way for Farming to Reduce Carbon Emissions
- WTI Set for Weekly Loss on Stockpiles, Widens Discount to Brent
- Sunken Gold Off U.S. Coast Lures Treasure Hunters: Commodities
- Copper Declines as Equities Slump Amid Tensions Over Ukraine
- Wheat Climbs Fourth Day as Ukraine Tension Raises Supply Concern
- Gold Rises a Third Day as Ukraine Keeps Traders Wary About Sales
- Rebar in Shanghai Pares Weekly Advance on China Output Gain
- Rubber in Tokyo Falls for Sixth Week on China Demand Concerns
- World Cup Power Cut Fears Spur Record Brazil LNG Buying: Energy
- China Shale Boom Seen by Honghua as Pollution Cuts Coal Use
- FCA Said to Observe London Gold Fixing as Scrutiny Increases
- Anglo Plans Move Away From Labor-Intensive Platinum Mining
- Gold Remains a Currency Central Bankers Don’t Control
- Palm Heads for Second Week of Advance as Demand Seen Rebounding
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team