TODAY’S S&P 500 SET-UP – May 9, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 0.78% downside to 1861 and 0.66% upside to 1888.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.22 from 2.23
- VIX closed at 13.43 1 day percent change of 0.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: JOLTs Job Openings, March, est. 4.100m (prior 4.173m)
- 10am: Wholesale Inventories m/m, March, est. 0.5% (prior 0.5%)
- 11am: Fed to purchase $1.5b-$2b notes in 2020-2021 sector
- 1pm: Baker Hughes rig count
- 12pm: Fed’s Fisher speaks in New Orleans
- 8:10pm: Fed’s Kocherlakota speaks in St. Paul, Minn.
GOVERNMENT:
- 12:50pm: CFPB Director Richard Cordray speaks at Federal Reserve Bank of Chicago’s conf. on Bank Structure & Competition
- 12:55pm: President Obama speaks on energy efficiency in Calif.
- U.S. ELECTION WRAP: Benghazi Political Risk; Bitcoins for PACs
WHAT TO WATCH:
- Apple said near buying Beats Electronics for $3.2b
- Apple to move up iPhone 6 sales date by a mo.: Eco. Daily News
- Omnicom, Publicis abandon $35b plan for advertising merger
- Mitsubishi UFJ said to weigh offer for BNY corporate trust unit
- Key Senate Democrats said to reject Fannie Mae overhaul measure
- Marchionne to locate Fiat Chrysler headquarters in London
- Winklevoss twins seek Nasdaq listing for Bitcoin exchange fund
- RadioShack will close fewer stores as it contends with lenders
- Twitter COO Rowghani sells part of stake as IPO lockup expires
- U.S. administration reviewing ban on crude oil exports: FT
- Telefonica earnings miss estimates as demand in Spain falls
- Vestas beats ests., posts unexpected 2nd straight qtrly profit
- Man Group assets increase 1.7% to $55b on GLG gain
- China’s inflation decelerates to slowest pace in 18 months
- U.S. Retail Sales, Yellen, BOE, Japan GDP: Wk Ahead May 10-17
EARNINGS:
- Bloomin’ Brands (BLMN) 7am, $0.47
- Broadridge Financial (BR) 7am, $0.25
- Chiquita Brands (CQB) 8:01am, $0.14
- EchoStar (SATS) 8am, $0.03
- Enerplus (ERF CN) 6am, C$0.26
- EW Scripps (SSP) 7:30am, $(0.12)
- Hilton Worldwide (HLT) 6am, $0.09
- HMS (HMSY) 7:30am, $0.16
- Horizon Pharma (HZNP) 6:30am, $(0.02)
- Magnum Hunter Resources (MHR) 7am, $(0.14)
- NorthStar Realty Finance (NRF) 7:30am, $0.23
- Ralph Lauren (RL) 8:01am, $1.63 - Preview
- Sirona Dental Systems (SIRO) 7am, $0.78
- Stratasys (SSYS) 5am, $0.40
- TMX (X CN) 6am, C$1.04
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Set for Biggest Weekly Gain Since 2010 on Supply Concern
- WTI Heads for Weekly Gain as Crude Stockpiles Drop; Brent Rises
- Biggest Iron Ore Bounty Locked in Spat Eases Glut: Commodities
- Wheat Extends Drop Before USDA Report on Global Supply Outlook
- Gold Heads for Second Weekly Drop on Ukraine to Stimulus Outlook
- Record Beef, Pork Prices Mean Pricey Barbecues: Chart of the Day
- Palm Imports by India Seen Rising First Time in Four Months
- Iron Ore Slumps to Lowest Since 2012 as Global Surplus Deepens
- Russia’s Exports Unhindered by Putin’s Incursion Into Ukraine
- Tumble in Fuel Sales Adds to Evidence of China Slowdown: Energy
- Norway Sees Stable Russia Gas Supply to EU Beyond Ukraine Crisis
- Oil Producer Pleas Snubbed by Norway as Offshore Costs Surge
- Russian Gas Bypass Forces Ukraine to Develop Domestic Resources
- Cocoa Extends Drop in London on West Africa Crops; Sugar Rises
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team