TODAY’S S&P 500 SET-UP – April 29, 2014
As we look at today's setup for the S&P 500, the range is 42 points or 1.25% downside to 1846 and 0.99% upside to 1888.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.28 from 2.27
- VIX closed at 13.97 1 day percent change of -0.64%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9am: S&P Case-Shiller 20 City Home Prices m/m, Feb., est. 0.8% (prior 0.85%)
- 10am: Consumer Confidence Index, April, est. 83.2 (prior 82.3)
- 10am: Senate Banking Committee to vote on Fed nominees Fischer, Powell and Brainard
GOVERNMENT:
- President Obama at Manila’s Fort Bonifacio, returns to U.S.
- 10am: Supreme Court may release opinions;
- 10am: Senate Banking Committee to vote on Fed nominees Fischer, Powell and Brainard
- 11am Supreme court hears cellphone privacy case arguments
- Budget hearings/panels/testimony 10am:
- Treasury Sec Jack Lew, House Appropriations subcmte
- Education Sec. Arne Duncan, House Education Cmte
- SEC Chairwoman Mary Jo White, House Financial Services Cmte
- 1pm: Deputy Treasury Sec. Sarah Bloom Raskin delivers first policy address, on economy, student loans, in Baltimore
- U.S. ELECTION WRAP: Grimm Re-Election; Keystone Vote; NRA Battle
WHAT TO WATCH:
- Shire rises after report Allergan is preparing takeover offer
- French industry minister Montebourg meets Alstom unions today
- France refers Alstom to AMF financial regulator: Le Monde
- Netflix to pay Verizon for faster access to broadband network
- IBM annual meeting; watch for buyback, div. announcements
- U.S. targets Putin inner circle with new round of sanctions
- Vevo owners said close to hiring Goldman to explore sale
- Energy Future board said to vote for bankruptcy w/lender deal
- Yahoo to debut two video shows to draw more viewers to website
- TomTom boosts 2014 rev., profit targets; shrs jump
- Northern Trust reports SEC subpoena over securities lending
- Global swap regulators said to hold closed-door industry talks
- Eurozone April Economic Confidence falls to 102; est. 102.9
- U.K. 1Q GDP rises to 0.8%; est. 0.9%
AM EARNS:
- 3D Systems (DDD) 8am, $0.15
- Affiliated Managers Group (AMG) 7:10am, $2.38
- AGCO (AGCO) 8am, $0.74
- AGL Resources (GAS) 8am, $1.82
- Archer-Daniels-Midland Co (ADM) 7am, $0.74
- Boston Scientific (BSX) 7am, $0.18 - Preview
- Bristol-Myers Squibb (BMY) 7:30am, $0.43 - Preview
- Cameco (CCO CN) 8:30am, C$0.11 - Preview
- CIT Group (CIT) 6am, $0.88
- Coach (COH) 7am, $0.61 - Preview
- Consol Energy (CNX) 7am, $0.19
- Cummins (CMI) 7:30am, $1.67 - Preview
- Cumulus Media (CMLS) 9am, ($0.01)
- Diebold (DBD) 8am, $0.24
- Eaton (ETN) 6:30am, $1.00
- Forest Laboratories (FRX) 7am, $0.43 - Preview
- Goodyear Tire & Rubber (GT) 7:30am, $0.60 - Preview
- Harris (HRS) 6:30am, $1.19
- HCA Holdings (HCA) 8:29am, $0.85 - Preview
- Hudson City Bancorp (HCBK) 8am, $0.07
- Huntsman (HUN) 6am, $0.39
- Ironwood Pharmaceuticals (IRWD) 7:05am, ($0.44)
- LKQ (LKQ) 7am, $0.34
- LyondellBasell Industries (LYB) 7am, $1.74
- Marriott Vacations Worldwide (VAC) 8am, $0.56
- Martin Marietta Materials (MLM) 7:01am, ($0.34)
- McGraw Hill Financial (MHFI) 7:10am, $0.87
- Merck & Co (MRK) 7am, $0.79 - Preview
- MGM Resorts (MGM) 8am, $0.09
- Oshkosh (OSK) 7am, $0.83
- Paccar (PCAR) 8am, $0.76 - Preview
- Parker Hannifin (PH) 7:30am, $1.63
- Rayonier (RYN) 8am, $0.46
- Rockwell Automation (ROK) 7am, $1.44
- Sensata (ST) 6am, $0.56
- Sprint (S) 7am, ($0.08)
- TransAlta (TA CN) 7:45am, C$0.12
- TRW Automotive Holdings (TRW) 7am, $1.65
- UDR (UDR) 8am, $0.00
- United Therapeutics (UTHR) 6am, $1.60
- Valero Energy (VLO) 7:49am, $1.39 - Preview
- Waddell & Reed (WDR) 6:59am, $0.86
- Xylem (XYL) 7am, $0.32
PM EARNS:
- ACE (ACE) 4:01pm, $2.15
- Aflac (AFL) 4:12pm, $1.58
- Axis Capital Holdings (AXS) 4:05pm, $1.33
- CH Robinson Worldwide (CHRW) 4:15pm, $0.61
- Cloud Peak Energy (CLD) 4:10pm, ($0.04)
- Concur Technologies (CNQR) 4:10pm, $0.09
- DreamWorks Animation (DWA) 4:02pm, ($0.14)
- Dun & Bradstreet (DNB) 4:15pm, $1.31
- eBay (EBAY) 4:15pm, $0.67 - Preview
- Edison International (EIX) 4pm, $0.82
- EXCO Resources (XCO) 4:01pm, $0.03
- Express Scripts (ESRX) 4:01pm, $1.01 - Preview
- Fiserv (FISV) 4:01pm, $0.74
- Genworth Financial (GNW) 4:30pm, $0.36
- Macerich (MAC) 4:30pm, $0.13
- Marriott International (MAR) 4:30pm, $0.51
- MB Financial (MBFI) Aft-Mkt, $0.41
- Methanex (MX CN) 10pm, $1.90
- Mueller Water Products (MWA) 4:20pm, $0.07
- NCR (NCR) 4:02pm, $0.48
- Owens-Illinois (OI) 4:04pm, $0.61
- Panera Bread (PNRA) 4:05pm, $1.52
- Questar (STR) 4:24pm, $0.47
- RenaissanceRe Holdings (RNR) 4:23pm, $2.91
- RF Micro Devices (RFMD) 4pm, $0.09
- Riverbed Technology (RVBD) 4:05pm, $0.23
- Seagate Technology PLC (STX) 4:01pm, $1.25
- SolarWinds (SWI) 4pm, $0.36
- TECO Energy (TE) 4:15pm, $0.23
- Trulia (TRLA) 4:24pm, ($0.13) - Preview
- Twitter (TWTR) 4:12pm, ($0.03)
- United States Steel (X) 6:29pm, $0.30
- US Silica Holdings (SLCA) 4:30pm, $0.35
- Verisk Analytics (VRSK) 4:10pm, $0.55
- Yamana Gold (YRI CN) Aft-Mkt, $0.04
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Norilsk CEO Says Nickel Supply Concerns on Sanctions Overstated
- Brent Rebounds on Ukraine After Biggest Loss in Month; WTI Gains
- Oil Used in Twix Threatened by Drought on Palm Crop: Commodities
- Corn Rises for Third Day as U.S. Planting Behind Five-Year Pace
- Gold Declines Before Fed’s Meeting as Ukraine Crisis Assessed
- Copper Trades Near Seven-Week High Before Fed Meeting Starts
- Coffee Gains While Sugar Drops as Soft Traders Await Fed Meeting
- Kansas Wheat Turning Brown Shows Drought Damage for Winter Crops
- Copper Deficit May Come Early If Price Plunge Sticks: Bull Case
- Indian Imports, Currency Crises, Fed Taper Drive Demand For Gold
- Gunvor Opens Unit in Shanghai Zone to Target Commodities Growth
- Exxon’s $900 Billion Arctic Prize at Risk After Ukraine: Energy
- Crops to Livestock Outpace MOO ETF on Drought: Chart of the Day
- Iron Ore Drops to Seven-Week Low Amid China-Financing Concern
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team