TODAY’S S&P 500 SET-UP – April 3, 2013
As we look at today's setup for the S&P 500, the range is 17 points or 0.72% downside to 1559 and 0.37% upside to 1576.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.62 from 1.62
- VIX closed at 12.78 1 day percent change of -5.89%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, March 29 (prior 7.7%)
- 8:15am: ADP Employment Change, March, est. 200k (prior 198k)
- 10am: ISM Non-Manuf Composite, March, est. 55.5 (prior 56)
- 10:30am: DoE inventory reports
- 11am: Fed to buy $3b-$3.75b in 2019-2020 sector
- 3:30pm: Fed’s Williams speaks in Los Angeles
- 5pm: Fed’s Bullard to introduce lecture in St. Louis
GOVERNMENT:
- Senate, House not in session
- President Obama speaks on gun control in Denver
- FDIC holds discussion about community banks, 8:30am
- Hagel speaks on consequences of fiscal constraints
- NRC staff meets w/ officials from Edison Intl, which is seeking to resume operations at its San Onofre plant. 1pm
- House Energy and Commerce panel holds hearing on ACA’s Pre-Existing Condition Insurance Program, 1pm
WHAT TO WATCH
- News Corp. is said to consider sale of its community newspapers
- Verizon denies report that it’s considering a bid for Vodafone
- SEC approves using Facebook, Twitter for company disclosures
- Lagarde says IMF to contribute ~EU1b to Cyprus Deal
- Cyprus swears in new finance minister as bank controls eased
- Adelson’s Sands faces $328m trial over Macau license
- MBIA wins ruling on loan buybacks in Bank of America lawsuit
- S&P says U.S. didn’t disclose role with states to court
- Related said to sell NYC’s Monterey Apartments for $250m
- Euro-Area March inflation slows less than economists Eetimated
- China’s service industries expanded at faster pace in March
- BOJ’s Kuroda faces 1-yr window on ending deflation
- U.K. Banks try to dodge EU bonus caps by defining risk-taker
- Rio Tinto seeks buyers for Australian coal mine stakes: WSJ
- CNPC, Petronas eye Marathon Oil’s Angola fields: Reuters
EARNINGS:
- Conn’s (CONN) 7am, $0.56
- ConAgra Foods (CAG) 7:30am, $0.56
- Monsanto (MON) 8am, $2.57
- Schnitzer Steel (SCHN) 8:30am, $0.25
- Acuity Brands (AYI) 8:32am, $0.63
- Dominion Diamond (DDC CN) 5pm, $0.18
- Harry Winston (HW CN) 5pm, $0.18
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn Joins Bear Market for Crops as Demand Slows, Planting Gains
- Lonmin New CEO Shoulders Output Push as Costs Soar: Commodities
- WTI Drops as U.S. Crude Stockpiles Increase Most in Four Weeks
- Copper Falls for Fourth Day on Concern Demand Has Yet to Rebound
- Silver Drops to 8-Month Low in Bear Market in London; Gold Falls
- Rice Gains to Highest in a Month as U.S. Farmers Cut Planting
- Asian Palm-Oil Planters Head to Africa to Meet World Demand
- Wheat From India Seen Shunned as State-Set Price Deters Buyers
- Corn-Price Drop Won’t Deter Sugar Buys for Ethanol, Vilsack Says
- Canada Seen Beating U.S. in $150 Billion Asia LNG Race: Energy
- Rebar Rises for Second Day on Expectations for Spring Demand
- Nestle to Spend $16 Million on China Coffee Center on Sales View
- Silver Seen Extending Losses to $26 an Ounce: Technical Analysis
- Palm Oil in Malaysia Climbs as Much as 0.5%, Erasing Losses
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
