TODAY’S S&P 500 SET-UP – April 30, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 1.08% downside to 1858 and 0.36% upside to 1885.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.25
- VIX closed at 13.71 1 day percent change of -1.86%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, April 25 (prior -3.3%)
- 8:15am: ADP Employment Change, April, est. 210k (prior 191k)
- 8:30am: Employment Cost Index, 1Q, est. 0.5% (prior 0.5%)
- 8:30am: GDP Annualized, 1Q, est. 1.2% (prior 2.6%)
- 8:30am: Former Fed Chairman Bernanke speaks in Washington
- 9am: ISM Milwaukee, April, est. 56 (prior 56.03)
- 9:45am: Chicago Purchasing Managers, April, est. 57 (pr 55.9)
- 10am: Retail Sales annual benchmark revisions
- 10:30am: DOE Energy Inventories
- 2pm: FOMC seen holding benchmark interest rates in range from 0% to 0.25%, trimming QE to $45b from $55b
- 3pm: New York Fed to issue QE schedule for May
GOVERNMENT:
- President Obama holds event on the economy at White House
- 10am: Supreme Court hears arguments in Limelight patent case
- 10am: House Oversight Cmte hearing on effect of liquefied natural gas exports on U.S. foreign policy
- Budget hearings/panels/testimony:
- 10am: Education Sec. Duncan at Sen. Appropriations subcmte
- 10am: Army Sec. McHugh, Chief of Staff Odierno at Sen. Appropriations defense subcmte
- 2pm: Treasury Sec. Lew, IRS Commmissioner Koskinen, IRS IG George at Sen. Appropriations panel
- 2pm: House Ways and Means health subcmte hearing on improving Medicare oversight
WHAT TO WATCH:
- GE offers $17b for Alstom assets as Siemens plans bid
- Exelon said to agree to buy Pepco for more than $5.4b
- What to watch in the FOMC meeting: steady taper, green shoots
- Bayer said to offer assets to compete for Merck OTC w/Reckitt
- Sanofi said to explore $7b-$8b drug portfolio sale: Reuters
- Energy Future sponsors KKR, TPG, Goldman to get 1% equity
- Credit Suisse, BNP Paribas U.S. charges said to be weighed
- Philip Morris light-tobacco case’s $10.1b award alive
- Microsoft Xbox One game console rolls out in China in Sept.
- Qatar’s Al Mirqab makes $1.55b cash offer for Heritage Oil
- Deutsche Bank among 15 Europe lenders cut to negative by S&P
- Deutsche Bank to Credit Suisse attack Basel repo-mkt measures
- Putin says sanctions threaten U.S., EU role in Russia energy
- Tesla plans at least 2 battery sites as Musk says speed is key
AM EARNS:
- Actavis (ACT) 7am, $3.23 - Preview
- ADT (ADT) 6am, $0.43
- AllianceBernstein (AB) 7:15am, $0.41
- Automatic Data Processing (ADP) 7:30am, $1.08
- Barrick Gold (ABX CN) 6:30am, $0.19 - Preview
- Bell Aliant (BA CN) 6am, C$0.39
- Carlyle (CG) 6:30am, $1.04
- Cenovus Energy (CVE CN) 6am, C$0.48 - Preview
- CGI (GIB/A CN) 6:30am, C$0.69 - Preview
- Dominion Resources (D) 7:30am, $0.97
- Energizer (ENR) 7:30am, $1.71
- Energy XXI (EXXI) 6:15am, $0.28
- Exelon (EXC) 7:30am, $0.68
- Garmin (GRMN) 7am, $0.44
- Hess (HES) 7:30am, $1.01 - Preview
- Hospira (HSP) 7:30am, $0.49 - Preview
- Hyatt Hotels (H) 7:30am, $0.11
- IAC/InterActiveCorp (IACI) 7:30am, $0.55
- International Paper (IP) 7am, $0.54
- Jean Coutu (PJC/A CN) 7am, $0.30
- Level 3 Communications (LVLT) 8am, $0.28
- MeadWestvaco (MWV) 7:25am, $0.23
- New York Community Bancorp (NYCB) 8am, $0.26
- NextEra Energy (NEE) 7:30am, $1.07
- PBF Energy (PBF) 7am, $1.00 - Preview
- Phillips 66 (PSX) 8am, $1.35 - Preview
- Pinnacle Entertainment (PNK) 8am, $0.42
- Pitney Bowes (PBI) 6:30am, $0.40
- Revlon (REV) 6:30am, $0.28 - Preview
- Sealed Air (SEE) 7:30am, $0.25
- Southern Co (SO) 7:30am, $0.56
- SPX (SPW) 6:30am, $0.21
- Taser Intl (TASR) 7:30am, $0.07
- Thomson Reuters (TRI CN) 7am, $0.38
- Time Warner (TWX) 7am, $0.88 - Preview
- Vantiv (VNTV) 7am, $0.37
- WellPoint (WLP) 6am, $2.08 - Preview
- Wisconsin Energy (WEC) 7am, $0.85
PM EARNS:
- Amdocs (DOX) 4:01pm, $0.78
- American Equity Investment (AEL) 4pm, $0.47
- Ashland (ASH) 5pm, $1.54
- Atmel (ATML) 4:05pm, $0.05
- Boyd Gaming (BYD) 4pm, $0.01
- Brandywine Realty Trust (BDN) 4:12pm, $0.33
- Canadian Oil Sands (COS CN) 5:01pm, C$0.57 - Preview
- CBRE (CBG) 4:05pm, $0.17
- Constellation Software (CSU CN) 4:30pm, $2.83
- Duke Realty (DRE) 4:11pm, $(0.06)
- Enbridge Energy Partners (EEP) 4:01pm, $0.18
- Equity Residential (EQR) 4:29pm, $0.23
- Fidelity National Financial (FNF) 4:03pm, $0.18
- Flextronics Intl (FLEX) 4:01pm, $0.20
- Fortune Brands (FBHS) 4:01pm, $0.31
- Hologic (HOLX) 4:01pm, $0.33
- Intersil (ISIL) 4:05pm, $0.14
- JDS Uniphase (JDSU) 4:05pm, $0.11
- Key Energy Services (KEG) 6:18pm, $(0.07)
- Lincoln National (LNC) 4:10pm, $1.30
- MetLife (MET) 4:05pm, $1.40
- Murphy Oil (MUR) 5:01pm, $0.97
- Neurocrine Biosciences (NBIX) 4:02pm, $(0.20)
- New Gold (NGD CN) 4:04pm, $0.02 - Preview
- Newfield Exploration (NFX) 4:01pm, $0.42
- Rovi (ROVI) 4:05pm, $0.43
- Ruckus Wireless (RKUS) 4:05pm, $0.04
- Tesoro (TSO) 4:30pm, $0.39 - Preview
- WebMD Health (WBMD) 4pm, $0.10
- Weight Watchers Intl (WTW) 4:05pm, $0.09 - Preview
- Western Digital (WDC) 4:15pm, $1.88
- Whiting Petroleum (WLL) 4pm, $0.97
- Williams Cos (WMB) 4:05pm, $0.24
- Yelp (YELP) 4pm, $(0.06)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Diamonds to Oil Bring Modern Gold Rush Dreams to Melting Arctic
- WTI Set for Biggest Monthly Loss in Five on Supply; Brent Slides
- China Fuels Highest Solar Silicon Demand Since 2011: Commodities
- Gold Buying by China Seen Lower by StanChart as India Flows Rise
- Wheat Snaps Rally as Global Supply Outlook Counters U.S. Woes
- Gold Extends Drop Below $1,300 Before Conclusion of Fed Meeting
- Copper Climbs as German Revival Signs Bolster Demand Prospects
- Sugar Advances Supported by Weather Risks; Arabica Coffee Falls
- Rebar in Shanghai Set for Monthly Drop as Iron Ore Price Slides
- Drillers Hooked on Oil Bolster Goldman $6 Gas Outlook: Energy
- Barclays Said to Create Bad Bank Overseen by Eric Bommensath
- Saudi Oil Output Faces Summer Heat Challenge: Chart of the Day
- Australia’s $40 Billion LNG Overruns Endanger Asian Supplies
- Barrick Gold Profit Tops Estimates as Costs Beat Expectations
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team