TODAY’S S&P 500 SET-UP – February 24, 2014
As we look at today's setup for the S&P 500, the range is 45 points or 1.81% downside to 1803 and 0.64% upside to 1848.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.42
- VIX closed at 14.68 1 day percent change of -0.74%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Act. Index, Jan. est. -0.2
- 10:30am: Dallas Fed Mfg Index, Feb. est. 3.4 (prior 3.8)
- 11am: Fed to purchase $2.5b-$3b in 2019-2021 sector
- 11:30am: U.S. to sell $50b 3M bills, $25b 6M bills
GOVERNMENT:
- House, Senate in session
- 8am: Congressional Budget Office Director Douglas Elmendorf speaks on fiscal policy at National Assn of Business Economics annual policy conf.
- 10:30am: Obama holds formal business, legislative meeting with National Governors Assn.
- Obama administration goes before Supreme Court, which will decide whether EPA misused authority from climate-change rules by imposing permit requirements on power plants, factories
- Bloomberg Link Energy 2020 event, “States and Businesses Leading Innovation,” with remarks from GE CEO Jeffrey Immelt, Govs. Jack Dalrymple, R-N.D., John Hickenlooper, D-Colo.
WHAT TO WATCH:
- Chesapeake considering sale or spinoff of oilfield service unit
- UBS said to seek immunity in EU, U.S. currency-rig probes
- Mobile World Congress begins amid new breed of mobile ads
- Microsoft targets global Internet growth w/ cheaper phones
- Nokia unveils handsets for first-time Internet users
- Nokia seeks broader Juniper sales alliance, smaller deals
- JPMorgan holds investor day, often source of shr volatility
- Netflix said to agree to pay Comcast for broadband access
- Cerberus said to be lead Safeway bidder after mos. of talks
- Ford said to drop Microsoft for BlackBerry QNX in sync units
- WhatsApp apologizes for server outage on Saturday
- Qualcomm unveils new phone chips to fend off INTC, BRCM
- Facebook, Instagram may ban social-media gun sales: Forbes
- Cinven said near deal to buy Medpace from CCMP for $900m
- China minimizes dangers as Zhou sees 7% to 8% growth
- China Communists said to demand data in yuan
- Ukraine sees $35b aid need as Yanukovych warrant issued
- Venezuela opposition agrees to talks as unrest rocks Caracas
- HSBC’s full-year profit misses estimates on cost reductions
- Euro-area Jan. consumer prices rise more than first estimated
- German business confidence climbs to 2 1/2-yr high
- Las Vegas Sands ready to invest $10b in Japan casino
- IBM boosts investment in new cloud services
AM EARNS:
- Armstrong World (AWI) 7am, $0.41
- El Paso Electric (EE) 7am, $0.11
- Kosmos Energy (KOS) 7:30am, $0.02
- Palo Alto Networks (PANW), TBD, $0.09
- Scorpio Tankers (STNG) 7:56am, $0.02
PM EARNS:
- Allied Nevada (ANV CN) 4:35pm, $0.04
- Approach Resources (AREX) 5:05pm, $0.17
- Chemtura (CHMT) 4:43pm, $0.11
- Digital Realty Trust (DLR) 5:15pm, $1.14
- EOG Resources (EOG) 5:11pm, $1.93
- Ferro (FOE) 4:35pm, $0.06
- Frontier Communications (FTR) 4:01pm, $0.06
- GT Advanced Technologies (GTAT) 4:15pm, $(0.35)
- Live Nation Entertainment (LYV) 4:03pm, $(0.39)
- Natl Bank of Canada (NA CN) 6pm, C$1.05 - Preview
- Oneok (OKE) 4:05pm, $0.53
- Rosetta Resources (ROSE) 4:15pm, $0.78
- Sina (SINA) 4:41pm, $0.46
- SolarCity (SCTY) 4:02pm, $(0.55)
- Stone Energy (SGY) 4:03pm, $0.56
- Tenet Healthcare (THC) 5:10pm, $0.32
- Texas Roadhouse (TXRH) 4pm, $0.24
- Vivus (VVUS) 4pm, $(0.33)
- Volcano (VOLC) 4:05pm, $(0.24)
- Vornado Realty Trust (VNO) 4:52pm, $(0.29)
- XPO Logistics (XPO) 4:06pm, $(0.31)
- Zulily (ZU) After-Mkt, $0.04
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI, Brent Crudes Erase Gains on Emerging Market Demand Concern
- Ecom Suspended by Ivorian Cocoa-Coffee Regulator in Auctions
- Gold to Coffee Drive Bullish Bets to 17-Month High: Commodities
- Copper Falls Most in a Month on China Real-Estate Lending Curb
- Corn Extends Decline as Record U.S. Harvest Seen Boosting Supply
- Gold Climbs to 16-Week High as U.S. Data Adds to Haven Demand
- Natural Gas Futures Jump to 5-Year High on Outlook for More Cold
- Dry Bulk Capacity Absorbed by Australia, Brazil Iron Ore Exports
- Palm Oil Declines as Prices at 17-Month High Encourage Selling
- Pilots Do Texas Chicken as Houston Channel Chokes on Oil Traffic
- Tokyo Rubber Follows Shanghai Lower Amid China Property Concerns
- Hedge Fund Natural Gas Wagers Jump on Tumbling Supplies: Energy
- Sugar Bonds at 13 Cents Draw in Bargain Hunters: Brazil Credit
- Polar Vortex to Bring More Snow on Return to U.S. This Week
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team