TODAY’S S&P 500 SET-UP – May 13, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.35% downside to 1871 and 0.12% upside to 1899.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.25 from 2.27
- VIX closed at 12.23 1 day percent change of -5.34%
MACRO DATA POINTS (Bloomberg Estimates):
- 12:30am: Fed’s Lockhart speaks in Riyadh, Saudi Arabia
- 7:30am: NFIB Small Business, April, est. 94.5 (prior 93.4)
- 7:45am: ICSC weekly sales
- 8:30am: Retail Sales, April, est. 0.4% (prior 1.1%, rev. 1.2%)
- 8:30am: Import Price Index, April, est. 0.3% (prior 0.6%)
- 8:55am: Redbook weekly sales
- 10am: Business Inventories, March, est. 0.4% (prior 0.4%)
- 10:30am: Fed’s Lacker speaks in Charlotte, North Carolina
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House out of session, Senate in
- 9:30am: Brookings holds discussion on “The Future of Fannie Mae and Freddie Mac” with FHFA Director Mel Watt
- 10am: Senate Agriculture Cmte hearing on high-frequency; witnesses incl. CFTC head of mkt oversight Vince McGonagle, CME’s Terrence Duffy
- 10am: United States Energy Assn holds discussion on North American LNG exports
- 10am: Commerce Sec. Penny Pritzker on Natl Export Initiative at Atlantic Media HQ
- 12pm Alliance for American Manufacturing on steel import report w/Sens. Sherrod Brown, D-Ohio, Jeff Sessions, R-Ala.
- 12:45pm: Resources for the Future holds discussion with Exelon CEO Chris Crane
- U.S. ELECTION WRAP: Cong. Dist. Income Inequality; Crisco Dies
WHAT TO WATCH:
- Pfizer said to plan raising AstraZeneca bid for second time
- Pfizer CEO to make AstraZeneca case to U.K. parliament
- FHFA Director Mel Watt speaks on GSEs at Brookings
- AT&T is said in advanced talks to buy DirecTV for ~$50b
- China industrial production, investment show slowdown deepening
- Ukraine rebels ask to join Russia as Gazprom threatens a cutoff
- KKR eyes Spanish banks, may seek role managing bad bank assets
- Lockhart says Fed weighs role of funds rate amid stimulus exit
- Facebook said to take steps to open a sales office in China
- 2 former Qualcomm sales directors charged with insider trading
- German investor confidence drops for 5th month on growth risks
- Airbus earnings beat estimates as costs on A380 come down
- RBS’s U.S. unit Citizens files for $100m IPO in New York
- Bloomberg Canada Economic Summit
- Neb., W.Va. hold primaries
AM EARNS:
- Convergys (CVG) 8:30am, $0.29
- CST Brands (CST) 7am, $0.19
- Encana (ECA CN) 6am, $0.53 - Preview
- First Majestic Silver (FR CN) 7am, $0.10
- Insys Therapeutics (INSY) 7am, $0.27
- Resolute Energy (REN) 6am, ($0.01)
- RioCan Real Estate Investment (REI-U CN) 7am, C$0.42
PM EARNS:
- Element Financial (EFN CN) 5:06pm, C$0.10
- Finning International (FTT CN) 4:32pm, C$0.41
- Fossil Group (FOSL) 4:01pm, $1.17
- Legacy Oil (LEG CN) Aft-Mkt, C$0.09
- Renren (RENN) 6pm, $0.05
- Take-Two Interactive (TTWO) 4:05pm, $0.09
- URS (URS) 4:05pm, $0.69
- Wix.com (WIX) Aft-Mkt, ($0.36)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Nears Resistance That May Spur Drop Before Further Rally
- WTI Crude Reaches Two-Week High on Supply Forecast; Brent Climbs
- Tire Rubber Plunging as Vietnam Tappers Expand Glut: Commodities
- Copper Trades Below Two-Month High as China Factories Slow Down
- Wheat Heads for Longest Decline This Year on Ample Global Supply
- Gold Declines as Improving U.S. Economy to Dollar Cuts Demand
- Sugar Advances as Rainfall Forecast for Brazil; Cocoa Also Rises
- Rebar in Shanghai Falls to Record Low on Steel Output Increase
- Soybean Imports by China Seen Recovering as Fish Farms Buy Feed
- Libya Oil Output May Double as Protests in Western Region End
- Ukraine Boosts Russian Gas Imports as Gazprom Deadline Looms
- Russian Pork Imports Fell 34% This Year Through May 5 After Ban
- LNG May be Europe’s Future Fuel If Shale Fails: Outlook
- Mexico Oil Opening May Be Foreigners’ Gusher as Pemex Struggles
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team