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