TODAY’S S&P 500 SET-UP – May 5, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.12% downside to 1860 and 0.36% upside to 1888.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.16 from 2.16
- VIX closed at 12.91 1 day percent change of -2.57%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:45am: Markit US Svcs PMI, April final, est. 54.5 (pr 54.2)
- 10am: ISM Non-Manufacturing, April., est. 54.0 (prior 53.1)
- 11am: U.S. announces plans for 4W bill auction
GOVERNMENT:
- Democrats should boycott Benghazi select panel, Schiff says
- Clinton sidesteps 2016 plans in accepting Illinois Lincoln award
- House, Senate in session
- Obama will host Djibouti President Ismail Omar Guelleh
- 9:30am: Supreme Court releases list of cases it plans to consider; may issue opinions at 10am
WHAT TO WATCH:
- China manufacturing gauge signals deeper slowdown risk
- Buffett says likely to join with Lemann’s 3G on another deal
- AstraZeneca rejects Pfizer, which may eye sweetened offer
- Fed’s Fisher: Economy strengthening as private payrolls rise
- EU reduces euro-area growth forecast as inflation seen slower
- Ukraine unrest flares across country as Kiev’s control slips
- Citigroup wins custody deal from world’s biggest sovereign fund
- ‘Spider-Man’ leads N.A. box office, tho sales miss some est.
- U.S. pump price hits 14-mo. high of $3.72: Lundberg survey
- LightSquared makes closing arguments in bankruptcy exit hearing
- Siemens said near deal to sell airport unit to Wilbur Ross
- Twitter lock-up expires as shrs drop 47% from high
- Swatch objects to authorities over Apple’s use of iWatch label
- Nokia joins Musk to Google in investing in intelligent cars
- Alibaba founders seek control with partnership alternative
- B/E Aerospace puts itself up for sale, cancels investor mtg
- Ackman, Einhorn speak at Sohn Investment Conference
- Yellen Testimony, ECB, Bank of England: Wk Ahead May 5-10
AM EARNS:
- Auxilium Pharmaceuticals (AUXL) 7am, $(0.22)
- BroadSoft (BSFT) 7am, $0.11
- Brookfield Infrastructure (BIP) 7:30am, $0.38
- Hecla Mining (HL) 8am, $0.00
- Occidental Petroleum (OXY) 7am, $1.70 - Preview
- Orbitz Worldwide (OWW) 8:08am, ($0.03)
- Pfizer (PFE) 7am, $0.55 - Preview
- Realogy (RLGY) 6:35am, $(0.19)
- Sysco (SYY) 8am, $0.40
- Tyson Foods (TSN) 7:30am, $0.63
- Westlake Chemical (WLK) 6am, $1.13
PM EARNS:
- Alleghany (Y) 4:07pm, $8.16
- American Intl Group (AIG) 4pm, $1.07
- Anadarko Petroleum (APC) 4pm, $1.15
- CareFusion (CFN) 4:02pm, $0.62
- EOG Resources (EOG) 5:11pm, $1.19
- Genpact (G) 4pm, $0.23
- Integrated Device Technology (IDTI) 4:01pm, $0.13
- Mindray Medical Intl (MR) 5pm, $0.38
- Oasis Petroleum (OAS) 4:15pm, $0.63
- Tenet Healthcare (THC) 4:30pm, $(0.15)
- Vivus (VVUS) 4pm, $(0.34) - Preview
- Vornado Realty Trust (VNO) 4:52pm, $0.53
- YY (YY) 4:01pm, $0.49
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Wheat Rises to Highest in Year as Ukraine Boosts Supply Concern
- Iron Ore Seen Slumping Below $100 as Surge in Supply Widens Glut
- Hedge Funds Reduce Gold Bets to Lowest in 11 Weeks: Commodities
- Gold Extends Climb to Three-Week High as Ukraine Spurs Demand
- Brent Rises to Near 6-Day High as Ukraine Offsets China Slowing
- Copper Declines as China Manufacturing Gauge Misses Estimates
- Platinum Mines’ Union Bypass May Disrupt Industry, AMCU Says
- Speculators Cut Bullish Oil Wagers on Record U.S. Supply: Energy
- ARA Gasoil Supplies Rose 4.5% in Week to April 25, Genscape Says
- Palm Oil Output in Indonesia Seen Hurt by Golden Agri on El Nino
- U.S. Gasoline Rises to 14-Month High, Lundberg Survey Shows
- Palm Oil Drops to Three-Week Low as Malaysian Output Seen Rising
- Competition Means New GrainCorp Bid May Win Approval, UBS Says
- Libya Crude Exports Dropped 36% in March, National Oil Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team