TODAY’S S&P 500 SET-UP – March 10, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.96% downside to 1860 and 0.58% upside to 1889.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.42
- VIX closed at 14.11 1 day percent change of -0.70%
MACRO DATA POINTS (Bloomberg Estimates):
- 6:15am: Fed’s Plosser speaks on panel in Paris
- 12:40pm: Fed’s Evans to speak in Columbus, Ga.
- U.S. Rates Weekly Agenda
- FX Weekly Agenda
GOVERNMENT:
- U.S. hold fourth round of trade negotiations for a Trans-Atlantic Trade and Investment Partnership
- U.S. Election Wrap
WHAT TO WATCH:
- SEC said to probe whether forex rigging distorted options, ETFs
- Chiquita Brands to merge with Fyffes to create banana leader
- Malaysia jet investigators struggle for clues to air mystery
- China reports falling exports, drop in producer prices
- Japan economy expands less than initially estimated in 4Q
- IBM CEO Rometty says company didn’t meet expectations last yr
- Cars.com’s owners said to work with Moelis on sale of website
- Russell Investments said to lure BX, Bain for $3b sale
- United Rentals to buy National Pump, Gulfco for ~$780m
- SoftBank said to ready broadband pitch on merger resistance
- Fed’s Plosser sees high bar for change in pace of tapering
- Tesla, Dell supplier Amtek to seek out more acquisitions
- Ranbaxy falls after second recall of generic Lipitor in U.S.
EARNINGS:
- Casey’s General Stores (CASY) 4pm, $0.49
- Ferrellgas Partners (FGP) 7am, $0.85
- FuelCell Energy (FCEL) 5:50pm, $(0.04)
- Globalstar (GSAT) 4:05pm, $(0.05)
- Novavax (NVAX) 4:10pm, $(0.08)
- Perfect World (PWRD) 4:35pm, $2.98
- Resolute Energy (REN) 6am, $0.05
- United Natural Foods (UNFI) 4:01pm, $0.56
- Urban Outfitters (URBN) 4pm, $0.55
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Coutts Adds Gold as Demand in China Climbs With Ukraine Risk
- Gold Most Bullish Since 2012 as Goldman Sees Slump: Commodities
- Palm Reserves in Malaysia Shrink Most Since 2009 as Output Drops
- Ukrainian Impasse Propels Bullish Corn Trades to Record: Options
- Sugar Rallying With Cooking Oil for Merchant Fund on Less Supply
- Copper Tumbles to 8-Month Low in London on China Demand Concern
- Gold Extends Decline as U.S. Jobs Data Back Stimulus Reduction
- WTI, Brent Crude Fall as China Export Drop Signals Slower Growth
- Polar Vortex Emboldens Industry to Push Old Coal Plants: Energy
- Rubber in Tokyo Drops Most in Two Weeks; Shanghai at Five-Yr Low
- China Gold Demand Seen Falling 17% This Quarter Amid Price Rally
- Thai Sugar Premium Steady Before Result of State Tender Tomorrow
- Libya Vows to Block Tanker Attempt to Lift Oil in Rebel Port
- Corn Extends Drop From Six-Month High as Ukraine Concern Eases
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team