TODAY’S S&P 500 SET-UP – May 12, 2014
As we look at today's setup for the S&P 500, the range is 20 points or 0.50% downside to 1869 and 0.56% upside to 1889.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.25 from 2.24
- VIX closed at 12.92 1 day percent change of -3.80%
MACRO DATA POINTS (Bloomberg Estimates):
- 11:30am: U.S. to sell $25b 3M bills, $23b 6M bills
- 12pm: Fed’s Plosser speaks in Philadelphia
- 2pm: Monthly Budget Statement, April, est. $114b (prior $113b)
GOVERNMENT:
- Senate in session, House out
- President Barack Obama to discuss economic ties with Uruguay President Jose Mujica Cordano
- 8:30am: U.S. Chamber of Commerce, Natl Assn of Manufacturers, Council on Competitiveness, Organization for Intl Investment hold discussion on “Now Serving: Economy,’
- WASHINGTON WEEKLY AGENDA: Nebraska, W. Virginia Hold Primaries
- U.S. ELECTION WRAP: Increased Koch Spending; Primaries Tuesday
WHAT TO WATCH:
- Lockhart expects Fed to use reverse repos during stimulus exit
- BSkyB in talks to buy Fox’s pay-TV assets in Germany, Italy
- Eastern Ukrainian separatists say referendums back independence
- Dubai to sell Mauser for $1.7b to Clayton, Dubilier
- Microsoft group guards patent secrets in $7b Nortel trial
- Xi says China must adapt to “new normal” of Slower Expansion
- BNP Paribas, Credit Suisse seek leniency in U.S., NYT says
- Apple, Beats deal may be announced this wk
- Ex-Treasury Sec. Tim Geithner book “Stress Test” released
- Nissan leapfrogs Ford behind Toyota, Honda in supplier survey
- Russia’s Severstal said to get offers for U.S. steel plants
- Samsung Chairman stable after surgery following heart attack
- NBC shifts ’Blacklist’; other networks to release this wk
- Nasdaq hires Adena Friedman as co-president
- CME Clearing Europe agrees to offer collateral system with SIX
- Siemens CEO sees many open questions in Alstom talks: Spiegel
- Qualcomm said to acquire Wilocity for $300m: Globes
AM EARNS:
- Concho Resources (CXO) Pre-Mkt, $0.98
- DiamondRock Hospitality (DRH) 6am, ($0.01)
- Elizabeth Arden (RDEN) 6:59am, $0.00
- Gogo (GOGO) 7:30am, ($0.25)
- Inter Pipeline (IPL CN) 11:16am, C$0.29
PM EARNS:
- Arena Pharmaceuticals (ARNA) 4:03pm, ($0.10)
- Babcock & Wilcox (BWC) 4:20pm, $0.42
- Halozyme Therapeutics (HALO) 4:15pm, ($0.14)
- MannKind (MNKD) 4pm, ($0.13)
- MBIA (MBI) 4:05pm, $0.14
- McKesson (MCK) 4:10pm, $2.40
- Parkervision (PRKR) 4:01pm, ($0.04)
- PDL BioPharma (PDLI) 4:02pm, $0.51
- Pengrowth Energy (PGF CN) 4:30pm, $0.02
- Penn Virginia (PVA) 4:05pm, ($0.06)
- Rackspace (RAX) 4:01pm, $0.11
- Towerstream (TWER) 4pm, ($0.10)
- Vector Group (VGR) 4:05pm, N/A
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Extends Gains on Supply View Amid Vale Plant Suspension
- Brent Gains for First Time in Three Days on Ukraine; WTI Rises
- Gold Bulls Bet Wrong for Second Week on Fed Easing: Commodities
- Iron Ore Trade at Risk as Port Hedland Tugs Approve Stoppage
- Gold Trades Above One-Week Low as Ukraine Weighed Against Dollar
- Wheat Falls to Two-Week Low as Global Supply Outweighs U.S. Woes
- Cocoa Extends Longest Slump Since June in London; Sugar Declines
- MORE: Aluminum Wait at Pacorini Depots in Vlissingen Is 748 Days
- Coffee Sales Set to Slow in Vietnam as Reserves Drop From Record
- Russia to Discuss Gas Price Cut With Ukraine Only If Debt Paid
- Probe Breakthrough Elusive a Year After EU Raids Big Oil, Platts
- Hedge Funds Cut Gasoline Wagers by Most in Three Months: Energy
- Cocoa Net Long of Money Managers in London Was 53,071 Lots
- Nine Nickel Smelters Seen in Indonesia This Year After Ban
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team