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 35 points or 1.47% downside to 1818 and 0.43% upside to 1853.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.38 from 2.39
- VIX closed at 13.67 1 day percent change of -3.94%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Feb. 21 (prior -4.1%)
- 10am: New Home Sales, Jan., est. 400k (prior 414k)
- 10:30am: DOE Energy Inventories
- 12pm: Fed’s Rosengren speaks in Boston
- 7:30pm: Fed’s Pianalto speaks in Wooster, Ohio
GOVERNMENT:
- 9:30am: Senate Homeland Security panel holds hearing on offshore tax evasion by multinational cos.
- 10am: FDIC releases Q4 report for insured institutions
- 10am: House Financial Svcs panel meets on allegations of improper lobbying and obstruction at HUD
- 10am: House Homeland Security Cmte hears from Homeland Security Secretary Jeh Johnson on agency priorities
- 10am: House Oversight Cmte holds hearing on surveillance at FDA
- 2pm: President Obama speaks on economy in St. Paul, Minn.
- 2:30pm: Senate Armed Svcs panel hears testimony on Defense Dept IT acquisition process
- Reid opposes wage below $10.10 as some Democrats ready to talk
WHAT TO WATCH:
- JPMorgan, Goldman, 16 others to end some analyst surveys
- Credit Suisse said to face SEC probe over accounting moves
- Credit Suisse helped clients hide billions, U.S. Senate says
- GE takes $1.7b charge in accord to end Shinsei liability
- Morgan Stanley agrees to pay $275m to resolve SEC probe
- BofA cuts deal with Buffett on preferred stake to boost capital
- J. Crew said to be talking with banks about IPO later this yr
- Facebook-WhatsApp deal risks sparking privacy probes across EU
- AB InBev sees improving beer market trends in U.S., Brazil
- Airbus predicts profit gain as it boosts A320 jet production
- Mt. Gox shutdown triggers Bitcoin industry damage control
- Trade leads U.K. economy to growth as recovery broadens
- DreamWorks Animation tumbles as "Turbo" leads to rev. drop
- Honda to end production of Insight hybrid as sales trail Prius
- Delta plans major rewrite of frequent-flier rules: WSJ
AM EARNS:
- Abercrombie & Fitch (ANF) 7am, $1.04 - Preview
- AES (AES) 6am, $0.29
- Ares Capital (ARCC) 8am, $0.41
- Barnes & Noble (BKS) 8:30am, $0.51
- Cablevision Systems (CVC) 8:30am, $0.09 - Preview
- CenterPoint Energy (CNP) 8:15am, $0.28
- Chesapeake Energy (CHK) 7:01am, $0.40 - Preview
- Dollar Tree (DLTR) 7:31am, $1.05 - Preview
- First Majestic Silver (FR CN) 7am, $0.11
- Lowe’s (LOW) 6am, $0.31 - Preview
- Royal Bank of Canada (RY CN) 6am, C$1.45 - Preview
- Target (TGT) 7:30am, $1.24 - Preview
- Taser Intl (TASR) 7:30am, $0.08
- TJX (TJX) 8:28am, $0.83 - Preview
PM EARNS:
- American Water Works (AWK) 4:05pm, $0.46
- Antero Resources (AR) 4:05pm, $0.25
- Assured Guaranty (AGO) 5:26pm, $0.65
- Autodesk (ADSK) 4:01pm, $0.34
- Continental Resources (CLR) 6:12pm, $1.31
- Darling Intl (DAR) 4:30pm, $0.28
- Gulfport Energy (GPOR) 4:05pm, $0.18
- Halcon Resources (HK) 4:15pm, $0.05
- Infoblox (BLOX) 4:05pm, $0.11
- J.C. Penney (JCP) 4pm, $(0.86) - Preview
- L Brands (LB) 4pm, $1.61
- Nektar Therapeutics (NKTR) 4:15pm, $(0.37)
- Pembina Pipeline (PPL CN) 4:05pm, C$0.30
- TiVo (TIVO) 4:01pm, $0.04
- Transocean (RIG) 4:39pm, $0.72
- Whiting Petroleum (WLL) 4pm, $0.88
- Workday (WDAY) 4:02pm, $(0.16)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Trades Near Week Low on U.S. Stockpiles; Brent Stable
- Bird Flu Brings More Pain for Feed Sellers in China Hurt by Hogs
- Soybeans Drop From Five-Month High as Global Supply Seen Ample
- Credit Agricole Says Easy Money Shorting Gold Over as China Buys
- Tin Reaches Four-Month High as Indonesian Exchange Sets Minimum
- Sugar Falls as Traders Take Profit on Rain Return; Coffee Slides
- Tin Floor Price Set by Indonesia Bourse to Help Mining Companies
- U.S. Natural Gas Poised for Biggest Three-Day Loss Since 2007
- Winter Warmth Seen Flooding Asia With Japanese Kerosene: Energy
- Oil-by-Rail Disasters Prompt U.S. Crackdown on Risky Shipments
- Investors Mount Attack on Norway in $20 Billion Oil, Gas Row
- Singapore Bids for Asia’s LNG Hub Role With Second Terminal
- Agrium Forecasts Higher U.S. Corn Cash Margin, Lower Soy in 2014
- Gold Reaches 17-Week High on U.S. Data as SPDR Holdings Expand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
