TODAY’S S&P 500 SET-UP – March 5, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 1.38% downside to 1848 and 0.06% upside to 1875.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.37 from 2.37
- VIX VIX closed at 14.1 1 day percent change of -11.88%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Feb. 28 (prior -8.5%)
- 8:15am: ADP Employment Change, Feb., est. 155k (prior 175k)
- 8:30am: Former Fed Chairman Bernanke speaks in S. Africa
- 10am: ISM Non-Manufacturing, Feb., est. 53.5 (prior 54)
- 10:30am: DOE Energy Inventories
- 2pm: Fed releases Beige Book
- 7pm: Fed’s Fisher speaks in Mexico City
- 8:30pm: Fed’s Williams speaks in Seattle
GOVERNMENT:
- Republican Cornyn avoids Texas runoff w/Tea Party challenger
- President Obama speaks at event on raising minimum wage in
- Hartford, Conn.
- Sec. of State John Kerry, Russian Foreign Minister Sergei Lavrov visit France
- 9:30am: House Oversight Cmte holds hearing on IRS targeting of political group, fmr IRS official Lois Lerner slated to testify
- 9:30am: Senate Armed Svcs Cmte hears from Defense Sec. Chuck Hagel, Joint Chiefs Chairman Martin Dempsey on auth. request
- 10am: Senate Appropriations panel hears from Elon Musk on national security space launch programs
- 10am: Senate Budget Cmte hears from White House Budget Director Sylvia Burwell; House Appropriations panel hears from Agriculture Inspector Phyllis Fong on USDA on budget request
- 10:30am: Treasury Sec. Jack Lew at Senate Finance Cmttee re budget request
- 3pm Ruslana Lyzhychko, former Ukraine Parliament member and EuroMaiden protest leader, speaks at Natl Press Club
WHAT TO WATCH:
- Kerry makes push to ease Ukraine tension with Lavrov talks
- China keeps 7.5% growth target this yr as challenges mount
- Li says China to declare war on pollution as smog spreads
- SEC giving Markey’s Herbalife concerns “every consideration”
- Honeywell to host annual outlook mtg, discuss targets
- GM’s China sales gain 20% in Feb. on demand for Wuling vans
- Time Warner Cable, EBay present at Morgan Stanley TMT conf.
- Fed’s Lacker sees first rate increase in ‘early’ 2015
- Fast Retailing chief sees being world’s biggest retailer: WSJ
- Goldman No. 1 in equities ranking as 2014 IPO pipeline grows
- JPMorgan repeats at top in fees; bankers anticipate more deals
- S&P business at risk on Australia liability finding: lawyer
- Biogen buys rights to Eisai’s experimental Alzheimer’s drugs
- Adidas sees 2014 net income below analyst est.
- IPhone 6 likely to see late-summer introduction: Jefferies
- U.K. services expand for 14th month as confidence increases
- U.S. Supreme Court hears arguments on Halliburton securities class action suits
- Obama said to allow 2-yr renewal of extended health plans
EARNINGS:
- Boyd Gaming (BYD) 4pm, ($0.26)
- Brown-Forman (BF/B) 7:45am, $0.76
- Envision Healthcare (EVHC) 4:05pm, $0.18
- Giant Interactive Group (GA) 4:05pm, $0.24
- Hovnanian Enterprises (HOV) 9:15am, ($0.05)
- Laurentian Bank of Canada (LB CN) 8:40am, C$1.30
- Linamar (LNR CN) 4:05pm, C$0.71
- Navistar (NAV) 7am, ($1.75) - Preview
- PetSmart (PETM) 7am, $1.21
- Revlon (REV) 6:30am, $0.82
- Sanchez Energy (SN) 5:44pm, $0.35
- Semtech (SMTC) 4:30pm, $0.23
- Veresen (VSN CN) 4:22pm, C$0.06
- WuXi PharmaTech Cayman (WX) 4:30pm, $0.46
- Zogenix (ZGNX) 4:01pm, ($0.10)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Zinc Climbs to One-Year High as China Retains Economic Target
- WTI, Brent Decline After Biggest Loss in Two Months on Ukraine
- Illegal Coal Trade at Indonesian Mine Said to Widen: Commodities
- Barclays, Deutsche Bank Accused in Suit of Gold Fix Manipulation
- Gold Below Four-Month High as Palladium at Highest Since April
- Corn Drops Amid Reduced Concern About Ukraine Export Disruption
- Palm Oil May Top 3,000 Ringgit for Mistry If El Nino Occurs
- Jiangxi’s Li Sees China Copper Demand Matching Economic Growth
- Indonesians Buying Bread to Spur Wheat Imports on Egyptian Scale
- Indian Sugar Exports Jumping as Brazil Drought Fuels Rally
- Frigid U.S. Weather Means Highest Power Prices Since ’08: Energy
- Buffett’s BNSF Crude Cars Spur $5 Billion Safety Spat: Freight
- Oil Money May Urge Russia to Think Twice About Ukraine
- Brazil’s Dryness-to-Carnival Boosting Coffee Prices; Sugar Rises
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team