TODAY’S S&P 500 SET-UP – May 14, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.29% downside to 1873 and 0.19% upside to 1901.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.21 from 2.23
- VIX closed at 12.13 1 day percent change of -0.82%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, May 9 (prior 5.3%)
- 8:30am: Producer Price Index, April, est. 0.2% (prior 0.5%)
- PPI Ex Food and Energy, April, est. 0.2% (prior 0.6%)
- 10:30am: DOE Energy Inventories
GOVERNMENT:
- House in recess; Senate in session
- SEC Commissioner Piwowar among participants at Sifma Market Structure Conference in New York
- Peterson Foundation Fiscal Summit: Sen. Budget Cmte Chair Patty Murray, fmr Fed Chairman Greenspan, Fmr President Bill Clinton, N.J. Gov. Chris Christie, among participants
- 2pm: SEC Chairwoman Mary Jo White, acting CFTC Chairman Mark Wetjen on financial mkt oversight at Sen. Appropriations panel
- 2:15pm: President Obama’s nomination of Sylvia Burwell as HHS secretary under consideration at Senate Finance Cmte hearing
- 5:15pm: U.S. Trade Rep. Michael Froman speaks at “Politics of Global Trade” conference at Bloomberg HQ
- U.S. ELECTION WRAP: Jany Out in Fla.; Conyers Not Qualified
WHAT TO WATCH:
- Fortress said to be preparing $4.7b Stuyvesant Town bid
- U.S. said to seek $3.5b from BNP Paribas on Sudan, Iran deals
- TPG preparing American Tire for IPO: Reuters
- Obama orders sanctions over Central African Republic fight
- Boeing wins $3.8b 737 order amid China travel boom
- Wheeler riles Jello Biafra as FCC sets Internet-fast lane vote
- China central bank calls for faster lending in slump
- Sony unexpectedly forecasts loss amid PC restructuring costs
- MSCI semiannual index review after 5pm NY time: Preview
- ASCO conference summaries release at 5pm: Preview
- David Tepper speaks as SALT conference opens
- President Obama speaks on infrastructure in New York
AM EARNS:
- B2Gold (BTO CN) 6:30am, $0.02
- Coty (COTY) 6am, $0.09
- Deere (DE) 7am, $2.49 - Preview
- EZchip Semiconductor (EZCH) 8am, $0.32
- GasLog (GLOG) 6:02am, $0.16
- Hanwha SolarOne Co (HSOL) 6am, NA
- Kate Spade (KATE) 7:34am, ($0.04)
- Macy’s (M) 8am, $0.60 - Preview
- Pinnacle Foods (PF) 8:15am, $0.35
- Plug Power (PLUG) 7am, ($0.05)
- SodaStream (SODA) 7:30am, $0.17
- Springleaf Holdings (LEAF) 7:30am, $0.43
PM EARNS:
- Acxiom (ACXM) 4:05pm, $0.20
- Agilent Technologies (A) 4:05pm, $0.73
- Cisco Systems (CSCO) 4:05pm, $0.48
- Eagle Materials (EXP) 4:15pm, $0.50
- Jack in the Box (JACK) 4:01pm, $0.52
- NetEase (NTES) 5pm, $1.42
- Osisko Mining (OSK CN) 4:32pm, C$0.08
- Real Goods Solar (RGSE) 4pm, ($0.11)
- RMP Energy (RMP CN) 4:05pm, C$0.08
- SeaWorld Entertainment (SEAS) 4:01pm, ($0.49)
- Vipshop Holdings (VIPS) 4:01pm, $0.46
- WuXi PharmaTech Cayman (WX) 4:30pm, $0.39
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Silver Fixing Company Will Stop Running Benchmark on Aug. 14
- WTI Rises for Third Day as Cushing Stockpiles Drop; Brent Gains
- Palm Exports From Indonesia Rising to Four-Month High on Ramadan
- Goldman Says Commodities Retain Appeal as World Economy Recovers
- Palladium Advances to Highest Since August 2011 as Gold Gains
- Nickel Retreats After Six Days of Gains as Rally Seen Excessive
- Wheat Extends Slide From 14-Month High on World Supply Outlook
- Sugar Extends Gain to Two-Month High in London; Coffee Declines
- Steel Rebar Closes Near Record Low on China Mortgage Loosening
- Coal Export Foes in U.S. Look to Clean Asia’s Backyard: Energy
- Russian Slowdown to Shield Europe From Ukraine Gas Cuts
- Carbon Volatility Jump Hastens Trading Retreat: Chart of the Day
- China Nickel Ore Imports Plunge 59% Following Indonesia Ban
- Keystone Delays Are Fueling Push for Canada Eastern Oil Pipeline
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team