TODAY’S S&P 500 SET-UP – February 28, 2014
As we look at today's setup for the S&P 500, the range is 30 points or 1.47% downside to 1827 and 0.15% upside to 1857.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.32
- VIX closed at 14.04 1 day percent change of -2.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Revised GDP q/q, 4Q, est. 2.5% (prior 3.2%)
- 9:45am: Chicago Purchasing Mgrs, Feb., est. 56.4 (pr 59.6)
- 9:55am: UofMich. Conf, Feb. final, est. 81.2 (prior 81.2)
- 10am: Pending Home Sales m/m, Jan., est. 1.8% (prior -8.7%)
- 10:15am: Fed’s Stein, Kocherlakota, Evans, Plosser speak
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 4:45pm Obama DNC speech topics may incl mid-term elections, Affordable Care Act, immigration laws
WHAT TO WATCH:
- Mt. Gox files for bankruptcy in Tokyo with 6.5b yen debt
- Euro-area February inflation exceeds economists’ forecasts
- Yuan drops most on record amid band widening speculation
- Apple wins dismissal of $2.2b patent suit in Germany
- AT&T said to build Europe case amid silence on Vodafone
- Jos. A. Bank seeks talks with Men’s Wearhouse on deal
- Berkshire Hathaway annual report to be posted Saturday
- United sees rev. cut after 22,500 flights erased by storms
- IBM begins cutting U.S. jobs in $1b restructuring plan
- Salesforce projects 1Q rev. that may top ests.
- Gap profit exceeds estimates as deep discounts draw shoppers
- Gunmen occupy Crimea airports, Ukraine seeks IMF financial aid
- U.S. Jobs, Obama’s Budget, Buffett, ECB: Week Ahead March 1-8
AM EARNS:
- 3D Systems (DDD) 8am, $0.19
- Auxilium Pharmaceuticals (AUXL) 7am, $0.21
- BroadSoft (BSFT) 7am, $0.41
- Endo Health Solutions (ENDP) 6:32am, $0.93
- Exelis (XLS) 6:15am, $0.45
- Golar LNG (GLNG) premkt, ($0.07)
- Iron Mountain (IRM) 6am, $0.22
- Isis Pharmaceuticals (ISIS) 8:30am, ($0.16)
- Lexicon Pharmaceuticals (LXRX) 6am, ($0.05)
- Liberty Interactive (LINTA) 7:30am, $0.46
- Liberty Media (LMCA) 7:30am, $0.60
- Northwest Natural Gas Co (NWN) 6am, $1.03
- NRG Energy (NRG) 6:49am, $0.23
- Pepco Holdings (POM) 6:03am, $0.21
- Vantage Drilling Co (VTG) 7am, $0.08
PM EARNS:
- Dyax (DYAX) 4:01pm, ($0.04)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trims Monthly Gain on U.S. Demand, Discount to Brent Narrows
- Drought Threatens Southeast Asia Food Prices as Haze Worsens
- Nickel Reaches One-Week High on Speculation Supply to Tighten
- Gold Declines in London as Traders Book Profits Following Climb
- Natural Gas Heads for Biggest Weekly Drop in New York Since 1996
- Wheat Heads for Biggest Monthly Gain Since 2012 on U.S. Concern
- Coffee Declines as Rally Prompts Brazilian Sales; Cocoa Advances
- EU Sugar Plans Pit Growers Against Food Makers After Prices Fall
- Freeport May Declare Force Majeure at Grasberg Mine on New Rules
- London Gold Fix Study Indicates Decade of Bank Manipulation
- Afghanistan $3 Trillion Minerals Won’t Go Anywhere Without Rails
- Frozen East Coast Pays as Law Blocks Cheaper Fuel Flows: Energy
- Cosan Seeks $4.7 Billion Deal to Streamline Sugar Transportation
- Rebar in Shanghai Falls a Third Month as China Demand Weakens
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team