TODAY’S S&P 500 SET-UP – May 6, 2014
As we look at today's setup for the S&P 500, the range is 34 points or 1.52% downside to 1856 and 0.28% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.19
- VIX closed at 13.29 1 day percent change of 2.94%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: Trade Balance, March, est. -$40b (prior -$42.3b)
- 8:55am: Redbook weekly sales
- 10am: IBD/TIPP Economic Optimism, May, est. 47.9 (prior 48)
- 11:30am: U.S. to sell $35b 4W bills
- Noon: DOE short-term energy outlook
- 1:00pm: U.S. to sell $29b 3Y notes
- 4:30pm: API inventories
- 7pm: Discussion with Fed in St. Louis
GOVERNMENT:
- Primaries today in Indiana, North Carolina, Ohio
- 9:30am: Attorney General Eric Holder delivers remarks at Correctional Workers Week Memorial Service
- 9:30am: Senate Armed Services Cmte hears from Joint Chiefs Chairman Martin Dempsey and services’ chiefs of staff on military pay
- 10am: Senate Finance Cmte holds hearing on highway trust fund
- 10am: Hillary Clinton speaks at Nat’l Council Behavioral Health
- 1pm: Statoil CEO Helge Lund discusses his strategy at CSIS
- 3pm: Senate Foreign Relations Cmte hears from Asst. Sec. of State Victoria Nuland on Russia
- 7pm: Federal Reserve Gov. Jeremy Stein speaks at dinner held by Money Marketeers of New York Univ.
- U.S. ELECTION WRAP: May Primaries; Buffett on Hillary
WHAT TO WATCH:
- French President Hollande says GE bid undervalues Alstom
- Barclays 1Q profit declines more than est. on fixed income
- Ukraine unrest intensifies as toll rises from East offensive
- Google to ask U.S. appeals court to throw out $30m Vringo jury verdict
- Samsung says will challenge Apple patent infringement verdict
- AstraZeneca chairman asks Cameron to stay bid-neutral: FT
- Pfizer CEO willing to walk away from AstraZeneca bid: WSJ
- Investors pushing U.S. banks for cash returns, special divs.
- Credit Suisse put business probed by U.S. into separate unit
- Fiat said to start Alfa Romeo model expansion with own funds
- Sprint matches T-Mobile’s prepaid plan in Son’s price war
- Coke, Pepsi to remove vegetable oil derivative from drinks
- N.D. Sen. Hoeven says 3 votes short of Keystone cloture
- Senate Foreign Relations Cmte meets on Russia, Ukraine
- Fed Gov. Jeremy Stein speaks at 7pm NYU dinner
AM EARNS:
- Akorn (AKRX) 6:00am, $0.15
- AMETEK (AME) 7am, $0.56 - Preview
- Arcos Dorados Holdings (ARCO) 8am, $0.02
- Ares Capital (ARCC) 8am, $0.39
- Arrow Electronics (ARW) 8am, $1.21
- BCE (BCE CN) 7am, C$0.76 - Preview
- Carrizo Oil & Gas (CRZO) 6:30am, $0.40
- CBOE Holdings (CBOE) 7:30am, $0.56
- Denbury Resources (DNR) 7:30am, $0.25
- Dentsply International (XRAY) 7am, $0.56
- Discovery Communications (DISCA) 7am, $0.71
- Emerson Electric Co (EMR) 6:30am, $0.81 -Preview
- FirstEnergy (FE) 8:30am, $0.42
- George Weston (WN CN) 8am, $0.76
- GNC Holdings (GNC) 8am, $0.76
- Henry Schein (HSIC) 7am, $1.13
- Hillshire Brands (HSH) 7:30am, $0.36
- HollyFrontier (HFC) 7am, $0.77
- Intl. Flavors & Fragrances (IFF) 7am, $1.25
- Isis Pharmaceuticals (ISIS) 8:30am, ($0.24)
- Magellan Midstream Partners LP (MMP) 8:30am, $0.68
- Mosaic (MOS) 7am, $0.59 - Preview
- NRG Energy (NRG) 6:49am, ($0.13)
- Nu Skin Enterprises (NUS) 7:30am, $0.94
- Office Depot (ODP) 7am, $0.03
- Quicksilver Resources (KWK) 7:30am, ($0.07)
- Radian Group (RDN) 7am, $0.22
- Rowan Cos Plc (RDC) 8:00am, $0.20
- Semafo (SMF CN) 8:23am, ($0.02)
- Towers Watson & Co (TW) 6:00am, $1.48
- Vantage Drilling Co (VTG) 7am, $0.08
- Vishay Intertechnology (VSH) 7:30am, $0.18
- Vulcan Materials (VMC) 8am, ($0.33)
- Western Refining (WNR) 6:00am, $0.40
- WestJet Airlines (WJA CN) 6:30am, C$0.63 -Preview
- Zoetis (ZTS) 7am, $0.37 - Preview
PM EARNS:
- Acadia Pharmaceuticals (ACAD) 4:01pm, ($0.13)
- Activision Blizzard (ATVI) 4:05pm, $0.10
- Agrium (AGU CN) 6:45pm, C$0.04 - Preview
- Allstate (ALL) 4:05pm, $1.20
- Electronic Arts (EA) 4:03pm, $0.11 - Preview
- FireEye (FEYE) 4:05pm, ($0.53)
- First Solar (FSLR) 4:05pm, $0.52
- FMC (FMC) 4:15pm, $0.95
- Forest Oil (FST) 4:22pm, ($0.02)
- Frontier Communications (FTR) 4:01pm, $0.06
- Groupon (GRPN) 4pm, ($0.03) - Preview
- Iamgold (IMG CN) 5:04pm, $0.02
- Liberty Global PLC (LBTYA) 5:40pm, ($0.08)
- Marathon Oil (MRO) 4:03pm, $0.72
- Matador Resources Co (MTDR) 4:05pm, $0.28
- Microchip Technology (MCHP) 4:15pm, $0.62
- Myriad Genetics (MYGN) 4:05pm, $0.45 - Preview
- Oneok (OKE) 4:05pm, $0.37
- Pioneer Natural Resources Co (PXD) 4:05pm, $1.06
- Prospect Capital (PSEC) 4pm, $0.32
- Qiagen NV (QGEN) 4pm, $0.22
- Sun Life Financial (SLF CN) 5:10pm, C$0.66 - Preview
- Trimble Navigation (TRMB) 4:02pm, $0.42
- TripAdvisor (TRIP) 4:02pm, $0.54
- Veresen (VSN CN) 4:22pm, C$0.05
- W&T Offshore (WTI) 5:20pm, $0.21
- Walt Disney (DIS) 4:15pm, $0.95 - Preview
- Whole Foods Market (WFM) 4:03pm, $0.41
- Zulily (ZU) 4:05pm, $0.00
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Rises as Russia and Europe Discuss Ukraine; WTI Advances
- El Nino Alert Signals Drought, Flood Risks for World’s Farmers
- Crop ETFs See 27% Surge in Assets on Weather Risks: Commodities
- Nickel Advances as Ukraine Fuels Concern Supply Might Run Short
- Corn to Soybeans Slip as U.S. Weather Outlook Favors Planting
- Gold Near Three-Week High as Ukraine Weighed With U.S. Economy
- Sugar Rises Amid El Nino Alert Update; Arabica Coffee Also Gains
- Nickel to Rally 20% Further Amid Indonesia Ban, Survey Shows
- G-7 ‘Determined’ to Cut Russian Energy Dependence, U.K. Says
- British Coins Pass Test in 800-Year-Old Rite as Osborne Watches
- Cushing Oil Storage Area May Empty in Weeks: Morgan Stanley
- Oseberg Crude Exports Said to Jump to Seven Cargoes in June
- Copper Supply Additions May Peak in 2014, Plunge 79% by 2020
- No Petroleum No Problem for Pipelines Backed by Private Equity
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team