TODAY’S S&P 500 SET-UP – March 4, 2014
As we look at today's setup for the S&P 500, the range is 35 points or 1.07% downside to 1826 and 0.83% upside to 1861.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.30
- VIX closed at 16 1 day percent change of 14.29%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 9:45am: ISM New York, Feb. (prior 64.4)
- 10am: IBD/TIPP Economic Optimism, March, est 45.3 (pr 44.9)
- 4:15pm: Fed’s Lacker speaks in New York
- 4:30pm: API weekly oil inventories
GOVERNMENT
- NOTE: Weather may lead to delays, postponements
- President Obama formally submits budget request for FY2015
- Texas kicks off primary season, including Senate vote
- 8:45am: Federation of American Hospitals holds public policy conf., with Senate Finance Cmte Chairman Ron Wyden, House Budget Cmte Chai Paul Ryan, CMS Administrator Marilyn Tavenner
- 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
WHAT TO WATCH:
- Russia stays in Ukraine, says intervention is legitimate
- Putin scheduled to speak on Ukraine
- Secretary Kerry due to arrive in Kiev today
- Ukraine crisis seen building support for U.S. natgas export
- BOE seeks derivs pact to prevent repeat of Lehman cascade
- Dish gains Web rights to Disney TV shows in multiyear pact
- President Obama formally submits budget request for FY2015
- Pentagon seeks weapons spending $25b less than planned
- Senate banking committee hearing on Fed nominees postponed
- JPMorgan pays $400m to settle Syncora mortgage-bond suits
- Jeep debuting at Geneva auto show is test for Fiat Chrysler
- Rock-Tenn to buy Simpson Tacoma paper mill for $343m
- Patton Boggs hires advisers, says not cutting jobs: WSJ
- Bridgepoint said to seek up to $5.5b for European buyouts
- Alexion’s $569k drug draws data demand from U.K. cost agency
- Glencore CEO sees no roadblock in talks for $5b mine sale
- Facebook said in talks to buy Titan Aerospace: TechCrunch
- Los Angeles poised to restrict $1.5b e-cigarette industry
- Human traders squeezed in Europe as fees dwindle, Tabb says
EARNINGS:
- ABM Industries (ABM) 5pm, $0.25
- AutoZone (AZO) 7am, $5.56
- Bank of Nova Scotia (BNS CN) 6am, $1.34 - Preview
- Bob Evans Farms/DE (BOBE) 4:02pm, $0.53
- EW Scripps Co (SSP) 7:30am, $0.13
- Insys Therapeutics (INSY) 7am, $0.55
- Smith & Wesson Holding (SWHC) 4:05pm, $0.29
- Veeva Systems (VEEV) 4:02pm, $0.06
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Slide From Six-Month High as Ukraine Concern Recedes
- Gold Drops From Four-Month High After Russia Military Drill Ends
- Grain Boom Busting Canada Farmers on Clogged Rails: Commodities
- WTI Falls From Four-Month High With Brent as Ukraine Risk Ebbs
- Gold Bulls Run for $1,400 as Ukraine Turmoil Spurs Haven Demand
- Wheat Drops After Surging Most Since 2012 as Russian Drill Ends
- Copper Rises From Three-Month Low on Signs Ukraine Tension Eased
- Ukraine Grain Growers See Threat to Planting as Troops Mobilize
- Iron Ore Cost Curve Shows 98% of World Output Profitable at $118
- Ukraine Crisis Seen Building Support for U.S. Natural Gas Export
- Europe Gas Storage Seen Enough for 45-Day Ukraine Supply Cut
- WTI May Fall to $95 in 2015 as Supply Pace Remains Buoyant
- Platinum Strike Union Softens Pay Demands at Biggest Mines
- Demon Oil Back in Colombian Rebels’ Crosshairs: Chart of the Day
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
