TODAY’S S&P 500 SET-UP – March 5, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 1.06% downside to 1509 and 0.45% upside to 1532.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.66 from 1.64
- VIX closed at 14.01 1 day percent change of -8.79%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: ISM Non-Manf. Composite, Feb., est. 55.0 (prior 55.2)
- 10am: IBD/TIPP Eco. Optimism, March, est. 48.1 (prior 47.3)
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
- 11:30am: U.S. to sell 4W bills, $25b 52W bills
- 2pm: Fed’s Lacker speaks on monetary policy in Washington
- 4:30pm: API Energy Inventories
GOVERNMENT:
- Senate Budget Cmte holds hearing on tax code, 10:30am
- Senate HELP Chairman Tom Harkin, D-Iowa, House Education & Workforce ranking member Rep. George Miller, D-Calif., announce introduction of legislation to raise federal minimum wage to $10.10/hr from $7.25, then provide automatic annual increases linked to changes in cost of living, 12pm
- Agriculture Sec. Tom Vilsack among witnesses testifying on state of rural econ. at House Agriculture Cmte. hearing, 10am
- Nuclear Regulatory Commission staff meets officials from Duke Energy to discuss whether company violated license for fire protection at a South Carolina nuclear plant, 1pm
- Rep. Maxine Waters, D-Calif., FDIC Chairman Martin Gruenberg, SEC Commissioner Luis Aguilar speak at Greenlining Institute conference on diversity in financial industry, 8:30am
- Treasury Dept, OCC hold a meeting to discuss the minority depository institution industry, 8:30am
- House Fin Svcs panel holds hearing on Bernanke’s recent testimony on monetary policy, 10am
- North American Securities Administrators Assoc. releases 2013 legislative agenda, including measures to regulate crowdfunding and fiduciary duty rule for broker-dealers, 10am
- House Ways and Means panel holds hearing on tax provisions in Affordable Care Act, 11am
- U.S. Homeland Security Secretary Janet Napolitano discusses airport, airspace security at International Air Transport Assn conference in Brooklyn, N.Y., 9:30am
WHAT TO WATCH
- EU opens way for easier budgets after Italian austerity backlash
- Martha Stewart to testify today in J.C. Penney/Macy’s suit
- House budget bill would continue automatic spending cuts
- Compuware said to attract private-equity firms’ buyout interest
- Pearson CEO said to tell FT staff to brace for fewer jobs
- Commonwealth stock sales may be completed, U.S. judge rules
- Fannie Mae regulator sets securities platform for post-GSE world
- J&J, Bayer fail to win U.S. backing for expanded Xarelto use
- Heinz CEO Johnson would get $200m in post-Berkshire exit
- Rexnord said to draw Watts as suitor for water-management unit
- News Corp. said to start cable-sports challenge to ESPN
- Anadarko, Dhoot start sale of Mozambique gas stake: Reuters
- Artisan Partners Asset Mgmt IPO books close tonight, terms show
- Senate report faults JPMorgan’s “whale” disclosures: NYT
- Tribune said to aim to sell all newspapers in single deal
- Chavez health worsens with second lung infection, Venezuela says
EARNINGS:
- Bank of Nova Scotia (BNS CN) 7:30am, C$1.25
- Infinity Pharmaceuticals (INFI) 4pm, $(0.84)
- VeriFone Systems (PAY) 4:01pm, $0.49
- Smith & Wesson (SWHC) 4:05pm, $0.23
- First Quantum Minerals Ltd (FM CN) 5pm, $0.33
- Qihoo 360 Technology Co Ltd (QIHU) 5pm, $0.17
- Trilogy Energy (TET CN) 5pm, C$0.03
- Allied Properties Real Estate (AP-U CN) Aft-mkt, C$0.46
- Gibson Energy (GEI CN) Aft-mkt, C$0.34
- Uranium One (UUU CN) Aft-mkt, $0.02
- Taro Pharmaceutical Industries Ltd (TARO) Aft-mkt, NA
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Hoarders Turn Sellers as Bull Run Decays: Chart of the Day
- Rice Glut Expands With Farms Poised for Record Crop: Commodities
- Gold Rises for First Time in Five Days on Stimulus; Silver Gains
- Copper to Climb on Chinese Demand This Year, Jiangxi Copper Says
- Soybeans Reach One-Week High on Signs of Stronger Export Demand
- Sugar Rises for Second Day on Ethanol Outlook; Coffee Also Gains
- WTI Crude Rebounds From 10-Week Low; Brent Pipeline Remains Shut
- Cooparaiso Sees Brazil Reaping Record Off-Year Coffee Harvest
- Palm Oil to Trade at 1,950-2,500 Ringgit a Ton, Sauthoff Says
- CME’s Asian Business Expanding 35% Stoked by Gold to Currencies
- U.K. Natural Gas Stores May Empty in Two Weeks: Chart of the Day
- Oil Inventories Gain a Seventh Week in Survey: Energy Markets
- Scorpio Wins as U.S. Crude Curbs Spur Shale Refineries: Freight
- Copper Advances Most in a Week as China Maintains Growth Goal
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team