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TODAY’S S&P 500 SET-UP – May 8, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 0.92% downside to 1861 and 0.63% upside to 1890.                                  

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: 2.19 from 2.22
  • VIX closed at 13.4 1 day percent change of -2.90%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: BOE benchmark rate decision; est. 0.5% (prior 0.5%)
  • 7:45am: ECB benchmark interest rates decision; est. 0.25% (prior 0.25%)
  • 8:30am: ECB’S Draghi holds press conf. after rate decision, see LIVE <GO>
  • 8:30am: Initial Jobless Claims, May 3, est. 325k (prior 344k)
  • Continuing Claims, April 26, est. 2.758m (prior 2.771m)
  • 9:45am: Bloomberg Consumer Comfort, May 4
  • 8:am: Fed’s Plosser speaks in New York
  • 8:30am: ECB’s Draghi holds news conference in Brussels
  • 9:25am: Fed’s Evans speaks at Chicago banking conference
  • 9:30am: Fed’s Tarullo speaks at Chicago banking conference
  • 9:30am: Fed’s Yellen testifies to Senate Budget Committee
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 2pm: Fed’s Bullard speaks at conference in St. Louis

GOVERNMENT:

    • 9:30am: Yellen testifies before Senate Budget Cmte
    • 9:30am: Time Warner Cable Chairman Marcus, Comcast EVP Cohen at House Judiciary Cmte on merger
    • 10am: Treasury’s Lew annual testimony on intl finance system before House Financial Services Cmte
    • 10am: Senate Health and Education Cmte hears from HHS Sec. nominee Sylvia Burwell
    • 1:15pm: Agriculture Sec. Vilsack announces “historic” USDA support for local food systems on media call
    • U.S. ELECTION WRAP: Chamber Beats Tea Party in N.C.; Ad Buys

WHAT TO WATCH:

  • Fed Chair Janet Yellen testifies before Senate Budget Cmte
  • FOMC’s Evans, Plosser, Tarullo to speak in Chicago, New York
  • Barclays plans to cut 7,000 jobs at investment bank by 2016
  • AT&T said to hold talks with DirecTV over acquistion
  • Montebourg prefers Siemens alliance over GE takeover: FAZ
  • JPMorgan wins dismissal of MBIA suit; case may be refiled
  • Web cos. see grave threat with FCC’s fast-lane plan for ISPs
  • Yahoo CEO sees more web traffic via mobile vs PC by end-2014
  • Ford to buy back $1.8b in stock to offset grants, converts
  • Samsung replaces mobile design execs. on flagging phone sales
  • UPS seen matching FedEx’s size-based pricing formula
  • Deutsche Telekom using cash for U.S. unit affects earnings
  • Sheldon Adelson ready to put fortune against Internet gambling
  • Macau casino cos. drop on capital-outflow restrictions report
  • Cogent’s Schaeffer says Comcast-TW merger will mean mkt abuse
  • April U.S. retail sales likely to be ‘good, not great’
  • ECB will keep monetary policy unchanged, economists say
  • U.S. disputes Putin claim of withdrawal from Ukraine’s border
  • House Foreign Affairs Cmte holds hearing on Russia, Ukraine

AM EARNS:

    • AES (AES) 6am, $0.27
    • AMC Networks (AMCX) 7am, $1.14
    • Ameren (AEE) 8am, $0.32
    • American Realty Capital (ARCP) 6am, ($0.11)
    • Apache (APA) 8am, $1.60 - Preview
    • Athabasca Oil (ATH CN) 6am, (C$0.05)
    • Cablevision Systems (CVC) 8:30am, $0.05 - Preview
    • Canadian Tire (CTC/A CN) 7:46am, C$0.93
    • Crescent Point Energy (CPG CN) 8am, $0.32 - Preview
    • DISH Network (DISH) 6:01am, $0.44 - Preview
    • Fortis (FTS CN) 7am, C$0.64
    • Great-West Lifeco (GWO CN) 12:44pm, C$0.60 - Preview
    • IntercontinentalExchange Group (ICE) 7:30am, $2.61
    • Liberty Interactive (LINTA) 7:30am, $0.24
    • Liberty Media (LMCA) 7:30am, $0.70
    • Louisiana-Pacific (LPX) 8am, ($0.06)
    • Mallinckrodt PLC (MNK) 7am, $0.77
    • Nationstar Mortgage (NSM) 6am, $0.74
    • Priceline Group/The (PCLN) 7am, $6.84
    • Quebecor (QBR/B CN) 6am, C$0.30
    • Regeneron Pharmaceuticals (REGN) 6:30am, $2.27 - Preview
    • Sarepta Therapeutics (SRPT) 7am, ($0.81)
    • Scripps Networks Interactive I (SNI) 7am, $0.81
    • SNC-Lavalin Group (SNC CN) 8:27am, C$0.46
    • SunEdison (SUNE) 7am, ($0.18)
    • Synta Pharmaceuticals (SNTA) 6:45am, ($0.30)
    • TELUS (T CN) 8:30am, C$0.61 - Preview
    • Teradata (TDC) 6:55am, $0.47
    • Valeant Pharmaceuticals (VRX CN) 6am, $1.72 - Preview
    • Visteon (VC) 6am, $0.60
    • Wendy’s Co/The (WEN) 7:30am, $0.05 - Preview
    • WhiteWave Foods (WWAV) 6am, $0.19 - Preview
    • Windstream Holdings (WIN) 6:15am, $0.09
    • WP Carey (WPC) 8am, $0.62

PM EARNS:

    • AuRico Gold (AUQ CN) 4:37pm, ($0.02)
    • Canadian Natural Resources (CNQ CN) 5pm, C$0.80 - Preview
    • CBS (CBS) 4:01pm, $0.74
    • Computer Sciences (CSC) 4:15pm, $1.04
    • Credicorp (BAP) 6pm, $2.47
    • Darling International (DAR) 4:30pm, $0.26
    • Fifth Street Finance (FSC) 4:37pm, $0.26
    • Great Plains Energy (GXP) 5:10pm, $0.19
    • Hain Celestial Group/The (HAIN) 4pm, $0.86
    • Jazz Pharmaceuticals Plc (JAZZ) 4:05pm, $1.87
    • Medivation (MDVN) 4:10pm, ($0.08)
    • Monster Beverage (MNST) 4:05pm, $0.49
    • News Corp (NWSA) 4:05pm, $0.03
    • Nuance Communications (NUAN) 4:01pm, $0.23
    • Pembina Pipeline (PPL CN) 4:05pm, C$0.35
    • Salix Pharmaceuticals (SLXP) 4:01pm, $0.91
    • Scientific Games (SGMS) 4:12pm, $0.03
    • Silver Wheaton (SLW CN) 5:06pm, $0.22
    • Spectrum Pharmaceuticals (SPPI) 4pm, ($0.19)
    • Symantec (SYMC) 4:01pm, $0.42
    • Ubiquiti Networks (UBNT) 4:05pm, $0.49
    • Zogenix (ZGNX) 4:01pm, ($0.15)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel at Two-Year High as Vale Suspension Fuels Supply Concern
  • WTI Falls Most in Three Days After Supplies Drop; Brent Declines
  • Wheat Surplus Eases Crop Risks From Ukraine to U.S.: Commodities
  • World Food Prices Fall as Dairy to Vegetable Oil Costs Drop
  • Gold Trades Near This Week’s Low as Yellen Weighed With Ukraine
  • Wheat Extends Drop Before USDA Report as Ukraine Shipments Climb
  • Coffee Drops as Rain Seen Helping Vietnamese Crop; Cocoa Falls
  • World Ore Glut Outweighs Slowest China Growth Since ’90: Freight
  • China Copper, Iron Ore Purchases Climb as Total Imports Increase
  • Oil Industry Risks $1.1 Trillion of Investors’ Cash, Study Says
  • Mine M&A May Double as China Returns in Coal to Copper Deals
  • World Corn Harvest Seen Falling in 2014-15 by AMIS on U.S. Crop
  • MORE: Russia’s Nickel Exports Declined 0.8% in 1Q as Values Fell
  • Sugar Exports From India Slowing as Subsidy Delay Deters Buyers

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