TODAY’S S&P 500 SET-UP – May 1, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.27% downside to 1860 and 0.21% upside to 1888.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.24 from 2.24
- VIX closed at 13.41 1 day percent change of -2.19%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: Challenger Job Cuts y/y, April (prior -30.2%)
- 7:30am: RBC Consumer Outlook Index, May (prior 50)
- 8:30am: Fed’s Yellen speaks in Washington
- 8:30am: Initial Jobless Claims, April 26, est. 320k (prior 329k)
- Continuing Claims, April 19, est. 2.7m (prior 2.680m)
- 8:30am: Personal Income, March, est. 0.4% (prior 0.3%)
- Personal Spending, March, est. 0.6% (prior 0.3%)
- 8:30am: PCE Deflator m/m, March, est. 0.2% (prior 0.1%)
- PCE Deflator y/y, March, est. 1.1% (prior 0.9%)
- PCE Core m/m, March, est. 0.2% (prior 0.1%)
- PCE Core y/y, March, est. 1.2% (prior 1.1%)
- 9:45am: Bloomberg Consumer Comfort, April 27 (prior -25.4)
- 9:45am: Markit US Manufacturing PMI, April final est. 55.4 (prior 55.4)
- 10am: ISM Manufacturing, April, est. 54.3 (prior 53.7)
- ISM Prices Paid, April, est. 59.5 (prior 59)
- 10am: Construction Spending m/m, March, est. 0.5% (prior 0.1%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
GOVERNMENT:
- House, Senate in Session
- U.S. Trade Representative Michael Froman testifies on agenda
- German Chancellor Angela Merkel arrives for mtgs with Obama
- Independent Community Bankers of America holds 2nd day of Washington Policy Summit, with speakers including Yellen
- 12pm: Freddie Mac Chief Economist Frank Nothaft speaks at Natl Economists Club
- U.S. ELECTION WRAP: Establishment Republicans Lead; N.C. Primary
WHAT TO WATCH:
- U.S. signals Putin that any move against NATO nations risks war
- Sprint said to plan T-Mobile bid as banks pushed for funds
- Pfizer CEO meets w/large AstraZeneca holders, Osborne: FT
- AT&T approached DirecTV about possible acquisition: WSJ
- Abercrombie bows to activist by replacing 4 of its directors
- Viacom said acquiring U.K.’s Channel 5 from Northern & Shell
- Chesapeake cleared by U.S. prosecutors in Michigan shale probe
- Ares seeks higher IPO value than buyout peers on stable rev.
- Google unveils new advertising tools for marketers on YouTube
- Musk’s SpaceX wins temporary order blocking rocket engine buys
- Medicines Co.’s Cangrelor denied approval by FDA
- April U.S. auto sales: Chrysler seen extending 48-month streak
- U.K. manufacturing grows more than forecast as exports up
- Fed Chair Janet Yellen speaks to community bankers conference
AM EARNS:
- Airgas (ARG) 7:30am, $1.20
- Alliant Energy (LNT) 6am, $0.79
- Alpha Natural Resources (ANR) 7am, ($0.57) - Preview
- American Tower (AMT) 7am, $0.50- Preview
- AmTrust Financial Services (AFSI) 7am, $0.92
- ANSYS (ANSS) 7:09am, $0.76
- Avon Products (AVP) 7:01am, $0.21- Preview
- Ball (BLL) 6am, $0.67
- Baytex Energy (BTE CN) 8am, C$0.52
- Becton Dickinson and Co (BDX) 6am, $1.50
- BGC Partners (BGCP) 8am, $0.13
- Bombardier (BBD/B CN) 6am, $0.08 - Preview
- BorgWarner (BWA) 8am, $0.80
- Bunge (BG) 6:30am, $1.40
- Calpine (CPN) 6am, ($0.06)
- Cardinal Health (CAH) 8am, $1.01 - Preview
- CenterPoint Energy (CNP) 8:15am, $0.32
- Church & Dwight Co (CHD) 7am, $0.73
- Cigna (CI) 6am, $1.54
- Clorox Co/The (CLX) 8:30am, $1.08 - Preview
- CME Group (CME) 7am, $0.83
- Cobalt International Energy (CIE) 7am, ($0.17)
- ConocoPhillips (COP) 7am, $1.55- Preview
- Domino’s Pizza (DPZ) 7:30am, $0.68
- Endo International PLC (ENDP) 6:32am, $0.83
- Enterprise Products Partners (EPD) 6am, $0.75
- Exxon Mobil (XOM) 8am, $1.88 - Preview
- Fidelity National Information (FIS) 7am, $0.68
- Fortress Investment Group LLC (FIG) 7am, $0.15
- Gartner (IT) 7am, $0.37
- Generac Holdings (GNRC) 5:59am, $0.69
- Goldcorp (G CN) 8am, $0.14 - Preview
- Harman International (HAR) 8am, $1.01
- Host Hotels & Resorts (HST) 6am, $0.15
- Incyte (INCY) 7am, ($0.17)
- Invesco (IVZ) 7:30am, $0.55
- Iron Mountain (IRM) 6am, $0.26
- ITT (ITT) 7am, $0.52
- Jarden (JAH) 6:50am, $0.16
- Kellogg Co (K) 8am, $0.97 - Preview
- L-3 Communications Holdings (LLL) 7am, $1.95
- Lazard (LAZ) 7am, $0.54
- Legg Mason (LM) 7am, $0.58
- Linn Energy LLC (LINE) 6:50am, $0.38
- Manulife Financial (MFC CN) 6am, C$0.37 - Preview
- Maple Leaf Foods (MFI CN) 7am, (C$0.16)
- Marathon Petroleum (MPC) 7:06am, $1.06 - Preview
- MasterCard (MA) 8am, $0.72
- Motorola Solutions (MSI) 7am, $0.50
- Mylan (MYL) 6:30am, $0.63 - Preview
- Ocwen Financial (OCN) 7:30am, $1.02 - Preview
- OGE Energy (OGE) 7am, $0.25
- Penn West Petroleum (PWT CN) 6:31am, C$0.11
- PG&E (PCG) 9:02am, $0.63
- PPL (PPL) 6:57am, $0.71
- Public Service Enterprise Group (PEG) 7:30am, $0.96
- Realty Income (O) 9:15am, $0.23
- Royal Gold (RGLD) 8am, $0.23
- Sally Beauty Holdings (SBH) 7:30am, $0.39
- Starz (STRZA) 7:30am, $0.53
- Stillwater Mining Co (SWC) 8am, $0.09
- Teva Pharmaceutical Industries (TEVA) 7am, $1.20 - Preview
- Textron (TXT) 6:30am, $0.34 - Preview
- T-Mobile (TMUS) 6am, ($0.11)
- Viacom (VIAB) 6:45am, $1.05 - Preview
- Vonage Holdings (VG) 8am, $0.03
- Xcel Energy (XEL) 6am, $0.50
PM EARNS:
- Agnico Eagle Mines (AEM CN) 5pm, $0.24 - Preview
- Akamai Technologies (AKAM) 4:01pm, $0.53
- AlonA Energy (ALJ) 6pm, $0.05
- Arch Capital Group (ACGL) 4:01pm, $1.06
- BioMarin Pharmaceutical (BMRN) 4pm, ($0.46)
- Covance (CVD) 4:01pm, $0.90
- DaVita HealthCare Partners (DVA) 4:01pm, $0.86
- Eldorado Gold (ELD CN) 5:48pm, $0.05 - Preview
- Expedia (EXPE) 4pm, $0.15
- First Quantum Minerals (FM CN) 5pm, $0.24 - Preview
- FleetCor Technologies (FLT) 4:01pm, $1.07
- Fluor (FLR) 4:05pm, $0.97
- Integrys Energy Group (TEG) 5:08pm, $1.75
- InvenSense (INVN) 4:05pm, $0.11
- Kodiak Oil & Gas (KOG) 4:01pm, $0.18
- Kraft Foods Group (KRFT) 4pm, $0.76 - Preview
- LinkedIn (LNKD) 4:05pm, $0.34
- Manitowoc Co/The (MTW) 4:25pm, $0.20
- Mohawk Industries (MHK) 4:01pm, $1.17
- ON Semiconductor (ONNN) 4:05pm, $0.15
- PMC-Sierra (PMCS) 4:05pm, $0.07
- RR Donnelley & Sons Co (RRD) 4pm, $0.23
- SBA Communications (SBAC) 4:01pm, ($0.03)
- Southwestern Energy Co (SWN) 4:10pm, $0.63
- Standard Pacific (SPF) 4:02pm, $0.11
- Tempur Sealy International (TPX) 4:03pm, $0.51 - Preview
- Vertex Pharmaceuticals (VRTX) 4pm, ($0.77)
- Western Union Co/The (WU) 4:01pm, $0.35
- Wynn Resorts (WYNN) 4:05pm, $2.07
- XL Group PLC (XL) 4:01pm, $0.74
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Drops to Four-Week Low as Crude Supplies Rise; Brent Falls
- Shale Revolution Luring Trading Houses Into U.S. Energy Assets
- Silver Looks Like Gold as Slump Defies Car-Part Use: Commodities
- Gold Drops for Fourth Day as Federal Reserve Curbs Bond Buying
- Crop Futures Drop as Warmer U.S. Weather May Boost Planting Pace
- Nickel Declines Amid Indications Rally Lifted Prices Too High
- Robusta Coffee Drops Amid Ample Vietnamese Supplies; Cocoa Falls
- European Gas Costs to Extend Longest Drop in 4 Years in Mild May
- Rio Claims Vale, Steinmetz Conspired on Guinean Iron Ore Mine
- Utility Investors Brush Off Supreme Court’s EPA Support: Energy
- Dutch Police Arrest Activists Trying to Block Arctic Oil Tanker
- Looming El Nino Seen Spurring Droughts to Smelly Reefs in Asia
- Aluminum Inventories Rebound on Additional Capacity: Bear Case
- Gas Swings Show Russia Avoids Iran-Style Curbs: Chart of the Day
- Life Imitates Art as Wall Street Bets on Shipping Debt: Freight
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team