TODAY’S S&P 500 SET-UP – March 3, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 1.85% downside to 1825 and 0.08% upside to 1861.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.30 from 2.33
- VIX closed at 14 1 day percent change of -0.28%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, Jan., est. 0.2% (prior 0.0%)
- 8:30am: Personal Spending, Jan., est. 0.1% (prior 0.4%)
- 8:58am: Markit U.S. PMI Final, Feb., est. 56.7
- 10am: ISM Manufacturing, Feb., est. 52 (prior 51.3)
- 10am: Construction Spending m/m, Jan., est. -0.5% (prior 0.1%)
GOVERNMENT:
- U.S. government to close D.C. offices on weather. Events may be delayed or postponed.
- Obama urges Netanyahu to make Mideast peace now
- Xi seeks terrorism crackdown after deadly China knife attack
- N. Korea fires 2 short-range missiles off E. Coast: South
- 8:30am: Netanyahu, Senate Foreign Relations Cmte Chairman Robert Menendez deliver remarks during morning session of American Israeli Political Action Cmte policy conf.
- 11am: House Ways and Means Chairman Dave Camp attends briefing on tax code changes hosted by Institute for Policy Innovation
- 3:30pm Energy Dept holds FY 2015 budget briefing
- Obama, Netanyahu meet to discuss Israeli-Palestinian peace talks, Iran
WHAT TO WATCH:
- Kerry heads to Ukraine as U.S. considering Russia sanctions
- PepsiCo, Gazprom face sales threat on Ukraine standoff
- Putin grab for Crimea shows trail of signs West ignored
- Ukraine tension seen stoking energy costs on supply concern
- Riverbed said to get buyout interest above Elliott’s offer
- Banks’ corporate-bond sales said to face SEC favoritism probe
- Google, Samsung said to express MSFT-Nokia concern to China
- J. Crew said to hold sale talks with Fast Retailing
- Uniqlo billionaire push for global crown fuels J. Crew talks
- Buffett sets fresh goal as Berkshire misses 5-yr target
- Roche to halt MetMab lung cancer trial after study failure
- Obama said to trim budget request for struggling CFTC
- Sbarro said to ready bankruptcy filing as mall traffic slows
- Mexico said to question Citi workers in Oceanografia probe
- Home Depot’s new president said to be groomed as CEO successor
- Microsoft’s Nadella said to shake up staff with Penn role
- Gap plans to expand in China w/up to 35 new stores: WSJ
- Tablet sales rise 68% in 2013, Apple mkt share falls: Gartner
- EPA said poised to lower U.S. sulfur limits on fuel
- HSBC China Feb. manufacturing PMI 48.5, matching estimate
- Macau casino rev. jumps to record after Chinese new year
- Neeson’s ‘Non-Stop’ tops Lego film for N.A. box office lead
- ‘12 Years a Slave’ Wins Academy Award for 2013 Best Picture
- Winter storm missing New York set to bring worst to Washington
- Feb. U.S. auto sales: Chrysler ~8am, Ford ~9:30am, GM ~10am
AM EARNS:
- Akorn (AKRX) 6am, $0.14
- Celldex Therapeutics (CLDX) 8:03am, ($0.28)
- Rockwood Holdings (ROC) 6:30am, $0.32
- Stillwater Mining Co (SWC) 8am, $0.06
- Stratasys (SSYS) 6:30am, $0.49
- WP Carey (WPC) 8am, $0.57
PM EARNS:
- Ascena Retail Group (ASNA) 4:02pm, $0.21
- AuRico Gold (AUQ CN) 4:37pm, break-even
- Guidewire Software (GWRE) 4:01pm, $0.02
- MBIA (MBI) 4:01pm, $0.17
- McDermott International (MDR) 4:10pm, $0.16
- PDL BioPharma (PDLI) 4:02pm, $0.41
- URS (URS) 4:05pm, $0.18
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Climb to Six-Month High as Oil, Corn Rise on Ukraine
- Brent Crude Surges as Ukraine Tension Escalates; WTI Advances
- Hedge Funds Most Bullish on Gold Rally in 14 Months: Commodities
- Copper Reaches Three-Month Low as Manufacturing Slows in China
- Palm Oil Export Growth Stalling in Indonesia on Biodiesel Surge
- Gold Climbs to Four-Month High as Ukraine Tension Boosts Demand
- Sugar Falls as Delivery Seen Showing ‘Dire’ Demand; Coffee Rises
- Wheat Advances With Corn as Ukraine Crisis Threatens Shipments
- Rebar in Shanghai Rises as Chinese Lawmakers Meet on Policies
- U.S. Natural Gas Rises a Second Day on Storm, Ukraine Escalation
- Ukraine Tension Seen Stoking Oil, Gas Prices on Supply Risk
- Gold Miners See Looming Output Drop After Cut in Spending
- Oil at $100 Loss Warning Rejected by Norges Bank: Nordic Credit
- Iron Ore Supply May Increase 50% by 2018, Model Shows
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
