TODAY’S S&P 500 SET-UP – May 7, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.63% downside to 1856 and 0.50% upside to 1877.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.17 from 2.17
- VIX closed at 13.8 1 day percent change of 3.84%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 2 (prior -5.9%)
- 8:30am: Non-farm Productivity, 1Q prelim, est. -1.2% (pr 1.8%)
- 10:00am: Fed’s Yellen testifies to Joint Economic Cmte
- 10:30am: DOE Energy Inventories
- 3pm: Consumer Credit, March, est. $15.5b (prior $16.5b)
GOVERNMENT:
- President Obama surveys tornado, storm damage in Ark., then travels to L.A. for DSCC/DCCC fundraiser
- 9am: U.S. Chamber of Commerce hosts economic briefing, roundtable
- 10am: House Armed Services Cmte considers Defense Authorization Act
- 10:30am: House Ways and Means subcmte hears from IRS Commissioner John Koskinen on 2014 tax return filing season
- 11am: Ukrainian presidential candidate Valery Konovalyuk holds news conf. to discuss affairs in Ukraine
- 2:30pm: Senate Banking subcmte hearing on job creation
WHAT TO WATCH:
- Fed Chair Yellen to speak before Joint Economic Committee
- U.S. said to seek guilty plea from Credit Suisse on taxes
- Alibaba files for IPO with initial amount $1b; may seek $20b
- Co.’s partners keep control with U.S. listing over Hong Kong
- Prospectus shows Alibaba profitability vs Amazon
- Encana planning to hold conf. call pre-mkt today
- Alstom cancels div., delays guidance as GE, Siemens vie
- Education Management must face fraud lawsuit, judge says
- Siemens buys Rolls Royce gas turbine, compressor business
- Microsoft said to use Qualcomm chips in smaller tablet
- Judge won’t clarify Lockheed-Boeing purchase ban: Reuters
- Liberty Global says EU to likely probe purchase of Ziggo
- Kraft sees Vermont GMO law as bellwether in food labeling
AM EARNS:
- Allergan (AGN) 9am, $1.13 - Preview
- Allete (ALE) 8:30am, $0.85
- AOL (AOL) 7am, $0.45
- Aqua America (WTR) 7:30am, $0.25
- Ariad Pharmaceuticals (ARIA) 7:35am, $(0.32)
- Brookfield Asset Mgmt (BAM/A CN) 7:01am, $0.38
- Chesapeake Energy (CHK) 7:01am, $0.48 - Preview
- Cognizant Technology (CTSH) 6am, $0.59 - Preview
- Devon Energy (DVN) 8am, $1.26 - Preview
- Duke Energy (DUK) 7am, $1.12
- Dynegy (DYN) 7:30am, $(0.15)
- Enbridge (ENB CN) 7am, C$0.57 - Preview
- Hertz Global (HTZ) 6am, $0.09
- Humana (HUM) 6am, $1.96
- Husky Energy (HSE CN) 7am, C$0.61 - Preview
- Intact Financial (IFC CN) 6am, C$1.16
- Lamar Advertising (LAMR) 6am, $0.06
- Molson Coors Brewing (TAP) 7:30am, $0.35
- Mondelez Intl (MDLZ) 7am, $0.35 - Preview
- Pepco (POM) 6:03am, $0.24
- Perrigo (PRGO) 7:42am, $1.51
- Rockwood (ROC) 6:30am, $0.44
- Sinclair Broadcast (SBGI) 7:30am, $0.21
- Spectra Energy (SE) 6:30am, $0.51
- Tim Hortons (THI CN) 7:30am, C$0.68
- Twenty-First Century Fox (FOXA) 8am, $0.35 - Preview
PM EARNS:
- American Water Works (AWK) 4:05pm, $0.35
- AmeriGas Partners (APU) 4:45pm, $2.32
- Annaly Capital Mgmt (NLY) 4:05pm, $0.27
- Antero Resources (AR) 4:05pm, $0.34
- Avis Budget (CAR) 4:15pm, $0.08
- Caesars Entertainment (CZR) 4pm, $(1.33)
- CenturyLink (CTL) 4:07pm, $0.61
- CF Industries (CF) 4:05pm, $4.52 - Preview
- Continental Resources (CLR) 6:12pm, $1.53
- Corrections Corp. of America (CXW) 4:15pm, $0.43
- Envision Healthcare (EVHC) 4:05pm, $0.18
- Furiex Pharmaceuticals (FURX) 4:05pm, $0.22
- Globalstar (GSAT) 4:05pm, $(0.04)
- Gulfport Energy (GPOR) 4:05pm, $0.21
- Halcon Resources (HK) 4:15pm, $0.02
- Keurig Green Mountain (GMCR) 4pm, $0.94 - Preview
- Kimco Realty (KIM) 4:01pm, $0.14
- Kinross Gold (K CN) 5pm, $0.03 - Preview
- McDermott Intl (MDR) 4:10pm, $(0.12)
- Nektar Therapeutics (NKTR) 4:15pm, $(0.38)
- Novavax (NVAX) 4:10pm, $(0.07)
- Plains All American Pipeline (PAA) 4:05pm, $0.65
- Prudential Financial (PRU) 4:07pm, $2.25
- QEP Resources (QEP) 4:05pm, $0.24
- Regency Centers (REG) 4:30pm, $0.15
- Sanchez Energy (SN) 5:44pm, $0.25
- SandRidge Energy (SD) 4:05pm, $0.03
- Sotheby’s (BID) 4pm, $(0.17)
- Sprouts Farmers Market (SFM) 4:05pm, $0.20
- Tesla Motors (TSLA) 4:01pm, $0.07 - Preview
- Transocean (RIG) 4:39pm, $1.02
- TW Telecom (TWTC) 4:46pm, $0.10
- UGI (UGI) 4:45pm, $1.58
- Unum (UNM) 4pm, $0.86
- Zillow (Z) 4:30pm, $(0.08)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Glut Spurred by Vale, BHP Seen Shuttering China Miners
- WTI Rises for Second Day as Crude Stockpiles Drop; Brent Climbs
- De Beers Diamond Prices Rising as Anglo Chases Goal: Commodities
- Copper Declines as Factory Orders Unexpectedly Slump in Germany
- Gold Rises on Ukraine as Palladium Near Highest Price Since 2011
- Soybeans Drop Before USDA Report Set to Show Ample World Supply
- Cocoa Falls With ‘Good’ West African Crops Seen; Sugar Declines
- Global Steel Markets Are All Systems Go as Profits Soar
- Florida’s Fuel Dwindling as State Braces for Hurricanes: Energy
- Europe Seen Limited in Options to Reduce Russian Gas Reliance
- Patchy Power Challenges Indonesia Minerals Goal: Southeast Asia
- Coffee Consumption in Indonesia Seen Climbing to Record in 2016
- China Copper Imports May Be Subdued as Arbitrage Window Shut
- Steel Rebar Falls to Record Low in Shanghai as Output Surges
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team