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    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – May 2, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 1.26% downside to 1860 and 0.28% upside to 1889.                            

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.21 from 2.21
  • VIX closed at 13.25 1 day percent change of -1.19%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, April, est. 218k (prior 192k)
  • Unemployment Rate, April, est. 6.6% (prior 6.7%)
  • 9:45am: ISM New York, April, est. 54 (prior 52)
  • 10am: Factory Orders, March, est. 1.5% (prior 1.6%)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

  • House out of session, Senate TBA
  • President Obama meets with Germany’s Chancellor Merkel, holds joint press conf.
  • 1:45pm: Merkel attends U.S. Chamber of Commerce discussion of relationship between U.S., Germany
  • U.S. ELECTION WRAP: PAC to ‘End All Super-PACs’; Udall Politics

WHAT TO WATCH:

  • Pfizer raises AstraZeneca takeover offer to $106.5b
  • Pfizer-AstraZeneca deal may harm search for new medicines
  • Employers in U.S. probably added most workers in 5 mos.
  • Bayer said to be in exclusive talks for Merck consumer Unit
  • Berkshire to acquire SNC’s AltaLink in $2.9b Canada deal
  • Bank of America estimated excess legal costs drop to $5b
  • BofA cut Russia exposure in 1Q amid Ukraine tensions
  • BASF mulls U.S. investment of more than EU1b on shale gas
  • ParkerVision sues Qualcomm again in case that adds HTC
  • GM takes recall fight to familiar turf in bankruptcy court
  • XL to sell life reinsurer for $570m to GreyCastle
  • Euro-area manufacturing growth accelerates in April, unemployment rate holds at 11.8% in March
  • Yellen Testimony, Buffett Mtg, ECB, BOE: Week Ahead May 3-10

EARNINGS:

  • American Axle & Manufacturing (AXL) 8:00am, $0.40
  • Chevron (CVX) 8:30am, $2.52 - Preview
  • Cooper Tire & Rubber (CTB) 7:35am, $0.49
  • CVS Caremark (CVS) 7:00am, $1.04 - Preview
  • Dresser-Rand Group (DRC) Bef-mkt, $0.14
  • Estee Lauder (EL) 7:30am, $0.55 - Preview
  • Exelis (XLS) 6:15am, $0.33
  • Gildan Activewear (GIL CN) 7am, $0.63
  • Madison Square Garden (MSG) 7:30am, $0.40
  • Marsh & McLennan(MMC) 7:00am, $0.80
  • Newell Rubbermaid (NWL) 6:30am, $0.32 - Preview
  • Northwest Natural Gas (NWN) 6:00am, $1.44
  • Och-Ziff Capital (OZM) 7:30am, $0.16
  • Pharmacyclics (PCYC) 8am, $0.13 - Preview
  • Pinnacle West Capital (PNW) 8:30am, $0.13
  • Sempra Energy (SRE) 9am, $0.95
  • Spirit AeroSystems (SPR) 7:30am, $0.63
  • Telephone & Data Systems (TDS) 7:56am, ($0.31)
  • TransCanada (TRP CN) 8:30am, C$0.59 - Preview
  • United States Cellular (USM) 7:57am, ($0.41)
  • Vermilion Energy (VET CN) 2:10am, $0.94
  • WisdomTree Investments (WETF) 7:00am, $0.11

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Mercuria Said to Offer Jobs to About 200 JPMorgan Traders
  • WTI Pares Weekly Loss Before Jobs Data; Brent Gains on Ukraine
  • California Doubles Oil-by-Rail Volumes as Canadian Imports Grow
  • Lime Costs Squeeze Margarita Makers Before Cinco de Mayo Parties
  • Copper Rises as Available Supplies Slump to Lowest Since 2008
  • Gold Premiums in India Jump as Auspicious Day Seen Luring Buyers
  • Wheat Heads for Third Weekly Gain as Drought Damages Kansas Crop
  • Cocoa Trades Near One-Month Low in New York; White Sugar Drops
  • Oil Trade Tracks Libya Cargo as Test of Nation’s Return: Energy
  • Macquarie CEO Says Commodities Business Acquisition Possible
  • Canada Learns China Oil Option No Easy Answer to Keystone Snub
  • EUROPE GAS: U.K. Front-Mo. Rebounds on Colder Weather, Ukraine
  • China Met Coal Restocking Puts Floor Under Met Coal: Bull Case
  • Mine Waste Transformed to Tap Water in Anglo Model: Commodities

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team