TODAY’S S&P 500 SET-UP – February 25, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.71% downside to 1816 and 0.29% upside to 1853.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.42
- VIX closed at 14.23 1 day percent change of -3.07%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am/8:55am: ICSC/Redbook weekly sales
- 9am: FHFA House Price Index m/m, Dec., est. 0.4% (pr 0.1%)
- 9am: S&P/CS Home Price Index 20-City m/m, Dec., est. 0.6%
- 10am: Consumer Confidence Index, Feb., est. 80 (prior 80.7)
- 10am: Richmond Fed Manuf Index, Feb., est. 5 (prior 12)
- 10:10am: Fed’s Tarullo speaks in Arlington, Va.
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 10am: Senate Banking Cmte holds hearing on Terrorism Risk Insurance Act
- 12pm: Breitling Energy CEO Chris Faulkner speaks at Natural Gas Roundtable lunch
- Obama delivers remarks/holds event on economy at White House, Organizing for Action event in evening
WHAT TO WATCH:
- JPMorgan holds investor mtg today; may mean shr volatility
- JPMorgan may announce more mortgage unit job cuts today: FT
- Boeing said to struggle to sell $1.1b of early 787s
- Chevron said to be exploring options for U.S. midstream unit
- Deutsche Telekom seeks WhatsApp alliance after Facebook deal
- AT&T offers unlimited intl texts to challenge T-Mobile
- Samsung shows Galaxy S5 reading fingerprints to fight iPhone
- Credit Suisse said to be faulted by Senate over tax dodgers
- Softbank said to seek stake in Naver’s Line messaging unit
- Vivendi 4Q sales trail ests. on mobile price war
- LinkedIn expands in China with local site limiting content
- Microsoft CEO moves Larson-Green to software and services role
- IBM pledges New York job retention a yr after firing workers
- Mt. Gox Bitcoin exchange goes offline as peers lash out
- Ukraine delays picking govt. to Feb. 27, acting leader says
- KKR gets bids of ~$800m for Ipreo from Blackstone, Carlyle: FT
AM EARNS:
- American Tower (AMT) 7am, $0.47 - Preview
- ARIAD Pharmaceuticals (ARIA) 7:35am, $(0.46)
- Bank of Montreal (BMO CN) 6:30am, C$1.52 - Preview
- Carrizo Oil & Gas (CRZO) 6:30am, $0.37
- DiamondRock Hospitality Co (DRH) 7:30am, $0.06
- Fifth & Pacific Cos (FNP) 7:34am, $0.28
- FirstEnergy (FE) 8:30am, $0.70
- HollyFrontier (HFC) 7am, $0.21
- Home Depot (HD) 6am, $0.71 - Preview
- Macy’s (M) 8am, $2.17 - Preview
- Office Depot (ODP) 7am, $0.03 - Preview
- OGE Energy (OGE) 7am, $0.25
- OGE Energy (OGE) 7am, $0.25
- Realogy Holdings (RLGY) 6:35am, $0.27
- Steve Madden (SHOO) 7am, $0.53
- T-Mobile (TMUS) 7am, $(0.13) - Preview
- United Therapeutics (UTHR) 6am, $1.50
PM EARNS:
- Annaly Capital Management (NLY) 4:05pm, $0.26
- Avago Technologies (AVGO) 4:05pm, $0.79
- Chicago Bridge & Iron (CBI) 4:01pm, $1.16
- Dreamworks Animation (DWA) 4:02pm, $0.32
- Edison International (EIX) 4pm, $0.68
- EXCO Resources (XCO) 4:01pm, $0.07
- First Solar (FSLR) 4:02pm, $1.02
- Jazz Pharmaceuticals Plc (JAZZ) 4:05pm, $1.78
- Oasis Petroleum (OAS) 4:15pm, $0.63
- QEP Resources (QEP) 4:05pm, $0.40
- Questcor Pharmaceuticals (QCOR) 4:01pm, $1.66
- Range Resources (RRC) 5:01pm, $0.39
- RR Donnelley & Sons (RRD) 4pm, $0.38
- SBA Communications (SBAC) 4:01pm, $(0.03)
- Superior Energy Services (SPN) 4:05pm, $0.31
- US Silica Holdings (SLCA) 4:30pm, $0.32
- Verisk Analytics (VRSK) 4:10pm, $0.55
- Weatherford International (WFT) 4:40pm, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Exceeding $20,000 for Vale on Indonesian Ore Export Ban
- WTI Crude Falls Amid Rising U.S. Inventories; Brent Declines
- Almond Drought Boosts India Sweets to Aussie Farms: Commodities
- Copper Declines for a Second Day as China’s Currency Weakens
- Gold Trades Near 16-Week High as Ukraine Weighed Against Demand
- Sugar Extends Gains as Copersucar Cuts Brazil Area Crop Forecast
- Wheat Holds Near 2-Month High as Cold Leaves Conditions in Focus
- Sugar Rising to 20 Cents for F.O. Licht as Global Deficit Looms
- Winter Natural Gas Price Swings Seen Threatening U.S. LNG Edge
- China Copper Demand to Advance as Much as 7%, Jiangxi’s Wu Says
- ICE Dumps Pepper in Singapore to Pave Way for Asia Expansion
- Rolls-Royce Drone Ships Challenge $375 Billion Industry: Freight
- Global Coal Output Triples Growth Rates of 1980s, 1990s
- Rebar Drops to Lowest Since 2012 Amid Property Loan Curbs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team