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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team