TODAY’S S&P 500 SET-UP – May 20, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.07% downside to 1865 and 0.63% upside to 1897.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.19 from 2.20
- VIX closed at 12.42 1 day percent change of -0.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am/8:55am: ICSC/Redbook weekly sales
- 12:30pm: Fed’s Plosser speaks in Washington
- 1pm: Fed’s Dudley speaks in New York
- 4:30pm: API inventories
GOVERNMENT:
- Water Resources bill H.R. 308 may be taken up on House floor as House-Senate conference report
- Finra annual conf. in Washington; speakers include SEC Commisioner Dan Gallagher
- 9am: Natural Products Assn CEO Dan Fabricant at BGov conference
- 9:30am: House Oversight/Govt Reform subcmte hearing on misspent Medicare funds
- 10am: House Appropriations subcmte FY15 budget bill markup for Agriculture Dept, FDA, related agencies
- 10am: Senate Appropriations mark up Military Construction and Veterans Affairs bill spending bills
- 10:30am: FCC Chairman Tom Wheeler before House Energy & Commerce panel on agency oversight
- 3:30pm: House Fin Svs Cmte’s Hensarling at Heritage Foundation
- U.S. Senate holds procedural vote on Fischer Fed nomination
- Ark., Ga., Idaho, Ky., Ore., Penn., hold primaries
- U.S. ELECTION WRAP: Primaries; Senate Outside Ad Buys
WHAT TO WATCH:
- Cobham to buy Aeroflex for $895m to grow in civil market
- Pfizer’s $117b AstraZeneca hunt said likely to fail
- Investcorp said to tap JPMorgan for $1.1b Esmalglass sale
- Credit Suisse agrees to plead guilty in tax case, pay $2.6b
- Apple, Samsung blame the other for blocking settlement talks
- America Movil unable to buy significant part of AT&T stake
- Visa, MasterCard forced to weigh Russia exit as elections loom
- Twitter said to be discussing music deals including SoundCloud
- T. Rowe’s Twitter bullishness wanes; firm dumps 26% of stake
- LSE in exclusive talks with Russell parent company
- Cisco, WWE, Jarden CFOs speak at Bloomberg conference
- BP faces billions in spill payments after court upholds deal
- RSA to sell Canadian broker to Arthur J. Gallagher
- U.K. inflation up more than forecast on transport costs
- China suspends cybersecurity cooperation after U.S. charges
- Thai military declares martial law, seeks to quell protests
- Microsoft hosts new product event in NYC
- BlackRock CEO Fink speaks at ICI meeting
AM EARNS:
- Apollo Investment (AINV) 7:30am, $0.21
- Dick’s Sporting Goods (DKS) 7:30am, $0.52
- Donaldson Co (DCI) 7am, $0.47
- Home Depot (HD) 6am, $0.99 - Preview
- Medtronic (MDT) 7:15am, $1.12 - Preview
- Stage Stores (SSI) 6am, ($0.38)
- Staples (SPLS) 6am, $0.21 - Preview
- TJX (TJX) 8:28am, $0.67 - Preview
PM EARNS:
- Analog Devices (ADI) 4:05pm, $0.56
- Heico (HEI) 5:14pm, $0.40
- Intuit (INTU) 4pm, $3.50
- Salesforce.com (CRM) 4:05pm, $0.10 - Preview
- Tidewater (TDW) 4:03pm, $0.63
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Demand in India Seen Climbing as Government May Ease Curbs
- WTI Trades Near Four-Week High on Cushing Supplies; Brent Steady
- Stumpy Brazil Cane Crop Signals World Sugar Deficit: Commodities
- Nickel Drops on Speculation Supplies Are Adequate to Meet Demand
- Gold Consumption in Thailand Drops in Q1 as Bar Demand Slumps
- Wheat Rises Most in Two Weeks as U.S. Crop Ratings Deteriorate
- Palm Oil Drops to 4-Month Low as Malaysian Exports Seen Slowing
- Port Hedland Engineers Union Set to Continue Talks with Teekay
- Commodity Assets Said by Barclays to Fall $2 Billion in April
- U.S. LNG Won’t Replace Russian Gas as Europe Seeks Options
- Ukraine Must Show Will to Pay Before Gas Talks, Medvedev Says
- Europe Has 28-Year Shale Gas Rebuff to Russia: Chart of the Day
- Japan Triples Oil Imports, Boosts LNG 23% on Nuclear Shutdown
- Gold Demand Little Changed as Jewelry Counters Lower Investment
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team