TODAY’S S&P 500 SET-UP – May 16, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.53% downside to 1861 and 0.60% upside to 1882.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.14 from 2.14
- VIX closed at 13.17 1 day percent change of 8.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Housing Starts, April, est. 980k (prior 946k)
- 9:55am: UMich Confidence, May prelim, est. 84.5 (prior 84.1)
- 12:20pm: Fed’s Bullard speaks in Little Rock, Ark.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 8am: U.S. Chamber of Commerce hosts discussion on infrastructure with participants including U.S. Ex-Im Bank Chairman Fred Hochberg, Rio Tinto CEO Sam Walsh
- 10:30am: Vice President Joe Biden, Time Warner Cable CEO Robert Marcus attend Change the Equation’s National STEM Summit
- 12pm: Congressional Internet Caucus Advisory Cmte holds discussion on “The FCC’s Internet Plans for an ’Open Internet’ and for the Auctioning of the Mobile Spectrum”
WHAT TO WATCH:
- Credit Suisse said close to $2.5b deal in tax probe
- Uber said to be in funding talks for $10b-plus valuation
- Buffett trims GM stake while Einhorn exits amid record recalls
- Berkshire adds Verizon stake as Vodafone deal reshapes carrier
- Soros to Perry build Herbalife holdings as Bass buys stake
- Rackspace hires Morgan Stanley to evaluate strategic options
- J.C. Penney soars as sales gain for first time in 3 yrs
- Applied Materials sales outlook tops analysts’ lowest ests.
- Pinterest valued at $5b in $200m financing round
- TrueCar auto-buying website raises $70m in U.S. IPO
- GM’s latest recalls bring company’s total to record 11.2m
- Drought and hurricanes bigger threats for world’s top cos.
- Modi-led opposition poised for biggest India win in 30 yrs
- Fed, BOE Minutes, U.S. Home Sales, EU Vote: Wk Ahead May 17-24
EARNINGS:
- Onex (OCX CN) 7am, $0.32
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Paulson Sticks With Gold Stake as Price Rises on Ukraine Tension
- Brent Crude Set for Weekly Gain Amid Ukraine Tension; WTI Steady
- Russian Steel Billionaire Mordashov Seeks U.S. Exit: Commodities
- Wheat Rebounds as Drop Seen Overdone While U.S. Drought Persists
- Nickel Advances in Rebound From the Biggest Decline Since 2011
- Gold Narrows Weekly Increase as Investors Weigh U.S. to Ukraine
- Coffee Retreats as Export Market ‘Well Supplied’; Cocoa Declines
- Iron Ore Futures in Singapore Decline to Lowest Level Since 2013
- Vermillion Hedge Fund Said to Start in Shanghai Free Trade Zone
- China’s Local Nickel Price Points to More Refined Metal Imports
- Uranium Retreat on Japan Delays Makes Banks Less Bullish: Energy
- Kazakhstan Wants to Trade Grain With Iran Using Yuan for Payment
- Gazprom’s Pipe Control May Hinder Independent Gas: Bear Case
- Steel Rebar Drops for 3rd Week in China, Setting New Record Low
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
