TODAY’S S&P 500 SET-UP – March 7, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 1.55% downside to 1848 and 0.37% upside to 1884.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.39 from 2.40
- VIX closed at 14.21 1 day percent change of 2.30%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Trade Balance, Jan., est. -$38.5b (prior $38.7b)
- 8:30am: Nonfarm Payrolls, Feb., est. 147k (pr 113k)
- 12pm: Fed’s Dudley speaks in New York
- 12:30pm: Former Fed Chairman Bernanke speaks in Houston
- 1pm: Baker Hughes rig count
- 3pm: Consumer Credit, Jan., est. $14b (prior $18.756b)
GOVERNMENT:
- 8:30am: Medicare Payment Advisory Commission meets on synchronizing benchmarks across payment models
WHAT TO WATCH:
- Employers in U.S. seen adding 149k jobs in Feb.
- Safeway to be bought by Cerberus’s Albertsons for $9.2b
- Putin pressed to ease Ukraine standoff under sanction threat
- Chaori Solar is first bond default in China onshore market
- Keystone XL public comment period ends today
- Cliffs postpones mtg record date to accommodate Casablanca
- Merrill Lynch seeing management turnover, WSJ reports
- Twitter paid $36m for 900 IBM patents to build portfolio
- Ford to move pickup production from Mexico to Ohio van plant
- Judge orders Duke to clean up North Carolina coal ash: Reuters
- BP says Asian regulators join price-manipulation probe: WSJ
- Mexico said to look for Oceanografia CEO as contracts reviewed
- Amcol says new Minerals buyout proposal superior to Imerys’s
- U.S. Retail Sales, Budget Hearings, China: Wk Ahead March 8-15
EARNINGS:
- Big Lots (BIG) 6am, $1.39
- Foot Locker (FL) 7am, $0.76 - Preview
- Genesco (GCO) 7:22am, $2.18
- Penn West Petroleum (PWT CN) 6:31am, C$(0.04)
- Peregrine Pharmaceuticals (PPHM) 8am, $(0.06)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn Set for Bull Market as U.S. Exports Gain Amid Ukraine Woes
- WTI Crude Set for First Weekly Loss Since January; Brent Stable
- Gold Defying Goldman Sachs With Coffee Percolating: Commodities
- Copper Reaches 15-Week Low as China Default Fuels Demand Concern
- Aluminum Buyers in Japan Said to Agree to Pay Record Fee
- China Says It Has No Time Line for Decision on Syngenta GMO Corn
- Gold Trades Below 4-Month High as Palladium Near Highest in Year
- Arabica Coffee Rebounds Amid Slowing Sales in Top Grower Brazil
- Years Needed for U.S. Gas Exports to Blunt Russian Energy Sales
- Duo Who Built Trading Empire Set Sights on JPMorgan Unit: Energy
- Aging El Nino Buoys Get Fixed as Weather Forecasts at Risk
- South Africa Takes No Sides in Platinum Strike, President Says
- LNG, Shale Among Risks for European Gas Shipments, Gazprom Says
- Rebar Falls to Post Weekly Loss Amid Chaori Solar Bond Default
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team