TODAY’S S&P 500 SET-UP – March 6, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.38% downside to 1848 and 0.28% upside to 1879.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.38 from 2.37
- VIX closed at 13.89 1 day percent change of -1.49%
MACRO DATA POINTS (Bloomberg Estimates):
• 7am: RBC Consumer Outlook Index, March (est. 50.4)
• 7:30am: Challenger Job Cuts y/y, Feb. (prior 11.6%)
• 8:15am: Fed’s Dudley at Wall St. Journal event in New York
• 8:30am: Non-Farm Productivity, 4Q final, est. 2.2% (pr 3.2%)
• 8:30am: Initial Jobless Claims, Feb 28, est. 336k (prior 348k)
• 9:45am: Bloomberg Consumer Comfort, March 2 (prior -28.6)
• 10am: Factory Orders, Jan., est. -0.5% (prior -1.5%)
• 10am: Freddie Mac mortgage rates
• 10:30am: EIA natural-gas storage change
• 12pm: Household Change in Net Worth, 4Q (prior $1.922t)
• 1pm: Fed’s Plosser speaks in London
• 6pm: Fed’s Lockhart speaks in Washington
GOVERNMENT:
- President Obama to speak on economy, healthcare
- 9am: House Foreign Affairs Cmte hears Treasury, State, USAID officials on U.S. foreign policy, Ukraine
- 9:30am Jack Lew testifies on FY15 budget at House Ways & Means Cmte
- 9:30am: Defense Sec. Chuck Hagel at House Armed Svcs Cmte
- 10am: House Small Business workforce subcommittee holds hearing, “ObamaCare and the Self-Employed: What About Us?”
- 10am: Medicare Payment Advisory Commission meets
- 12pm: Airline Pilots Assn President Lee Moak discusses state of airline industry at National Economists Club
- Election Wrap: Romney backs Ernst in Iowa, Texas Primary
WHAT TO WATCH:
- EU to consider Ukraine sanctions; Russia spurns U.S. diplomacy
- Buffett cuts bond allocation as Berkshire warns on low yields
- Bouygues offers $14.4b cash for SFR to rival Drahi’s bid
- IMF said to demand greater say on Greek banks in ECB wrangle
- GM weighs increasing South Korean car exports to Australia
- Sinclair TV ownership model said targeted for breakup by FCC
- Darden cancels analyst, investor mtg amid pressure: Reuters
- Virgin America CEO Cush sees IPO late 3Q: Reuters
- Jack Lew testifies on FY15 budget proposal
- Feb. U.S. retail sales likely “lackluster,” hurt by weather
- VTB cancels NY forum as U.S. relations over Ukraine sour
- Multi-billion dollar LNG plants at risk over fuel price tussle
- Rolls-Royce says DOJ probing bribery allegations: Telegraph
AM EARNS:
- Canadian Western Bank (CWB CN) 8:30am, C$0.65 - Preview
- Ciena (CIEN) 7am, $0.06 - Preview
- CST Brands (CST) 7am, $0.51
- Joy Global (JOY) 6am, $0.65 - Preview
- Kroger (KR) 8:45am, $0.72 - Preview
- Pinnacle Foods (PF) 8am, $0.58
- SNC-Lavalin Group (SNC CN) 8:27am, C$0.64
- Stage Stores (SSI) 6am, $0.99
- Staples (SPLS) 6am, $0.39 - Preview
PM EARNS:
- Alon USA Energy (ALJ) 6pm, ($0.14)
- Ambarella (AMBA) 4:05pm, $0.19
- Analogic (ALOG) 4:15pm, $1.20
- Checkpoint Systems (CKP) 4:02pm, $0.31
- Constellation Software/Can (CSU CN) 4:30pm, $2.50
- Cooper Cos. (COO) 4:01pm, $1.46
- Finisar (FNSR) 4pm, $0.44
- Fresh Market (TFM) 4:02pm, $0.42
- H&R Block (HRB) 4:03pm, ($0.11)
- Korn/Ferry International (KFY) 4:01pm, $0.34
- Quiksilver (ZQK) 4:01pm, ($0.06)
- Spectrum Pharmaceuticals (SPPI) 4pm, ($0.11)
- Thor Industries (THO) 4:15pm, $0.34
- W&T Offshore (WTI) 5:20pm, ($0.14)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Ukraine’s Revolutionary Farmers Back Home in Time to Plant Crops
- Chinalco’s Sun Sees Aluminum Industry ‘Shakeout’ as Prices Drop
- WTI Falls for Third Day as U.S. Oil Supplies Gain; Brent Stable
- Syrup Sours as Rules Menace World’s Oldest Branding: Commodities
- Palm Reserves in Malaysia Falling to Five-Month Low; Prices Rise
- Copper Trades Below One-Week High Amid China Growth Concern
- Gold Trades Below Four-Month High as Investors Weigh Ukraine
- Coffee Tops $2 in Surge to Two-Year High on Brazil Drought Woes
- India Mills Cut Sugar Production Estimate 4.8% to 23.8 Mln Tons
- Off-Radar Iron Ore Exports Helping Hasten Global Market Glut
- Frackers May Gain From U.S.-EU Free Trade Accord, Opponents Say
- Europe’s Russia Gas Flows Jump to Month High as Buyers Hoard
- Crude Gains Evaporate as Russia Seen Too Big to Sanction: Energy
- Sugar Mills in India Reduce Output Estimate as Rains Hurt Yields
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
