TODAY’S S&P 500 SET-UP – March 12, 2014
As we look at today's setup for the S&P 500, the range is 46 points or 1.27% downside to 1844 and 1.20% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.39 from 2.40
- VIX closed at 14.8 1 day percent change of 4.23%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, March 7 (est. 9.4%)
- 10:30am: DOE Energy Inventories
- NOTE: Monthly Budget Statement moved to March 13
GOVERNMENT:
- Florida Republican David Jolly wins special House election
- 9am: Senate Armed Svcs Cmte holds hearing on Afghanistan
- 10am: House Armed Svcs Cmte hears from Marine Corps Commandant James Amos, Navy Sec. Ray Mabus, Chief of Naval Operations Jonathan Greenert on 2015 defense authorization budget request
- 10am: Senate Health Education and Labor Cmte hears from Labor Sec. Thomas Perez on proposed minimum wage increase
- 10am: House Ways and Means Cmte hears from HHS Sec. Kathleen Sebelius on her agency’s 2015 budget request
- 10:30am: SEC to vote on proposal for new risk-management standards for clearing firms such as Depository Trust Co.
- 10:30am: House Judiciary Cmte holds hearing on the Internet sales tax
WHAT TO WATCH:
- Apple appeals rejection of Samsung smartphone sale-ban bid
- AutoTrader owners Cox, Apax said interested in Cars.com
- GM criminal probe of recalls seen complicating Barra turnaround
- Obama meeting with Ukraine’s Yatsenyuk raises stakes with Putin
- Malaysian air force denies saying plane tracked to Malacca
- Wilbur Ross says Diamond S Shipping IPO pulled on low price
- Gross sells Treasuries as Gundlach says U.S. yields will fall
- Cash abroad from largest U.S. cos. rose 11.8% last yr
- SoftBank challenge to cable won’t avoid T-Mobile deal scrutiny
- Christie appointees ban N.J. direct sales for Musk’s Tesla cars
- Bayer sees 8% growth in drug sales through 2016
- Buffett’s BNSF leads surge to ease railroad cargo jam
- VimpelCom says U.S., Dutch authorities probe Uzbekistan unit
- Intel seeks acquisitions in Europe, Morales tells Handelsblatt
- China’s Xunlei files prospectus for U.S. IPO: Securities Daily
EARNINGS:
- Abraxas Petroleum (AXAS) 6am, $0.05
- Crescent Point Energy (CPG CN) 8am, C$0.17
- Dresser-Rand (DRC) 4:45pm, $1.28
- Express (EXPR) 7am, $0.59
- Krispy Kreme Doughnuts (KKD) 4:02pm, $0.13
- Matador Resources (MTDR) 4:05pm, $0.26
- North West (NWC CN) 4:30pm, C$0.35
- Orexigen Therapeutics (OREX) 4:01pm, $(0.19)
- Raven Industries (RAVN) 9am, $0.32
- Scientific Games (SGMS) 4:12pm, $0.07
- Semafo (SMF CN) 8:23am, $(0.01)
- Vail Resorts (MTN) 4pm, $1.88
- Williams-Sonoma (WSM) 4:05pm, $1.35 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Slumps to 44-Month Low on Concern China Demand Is Slowing
- WTI Falls as U.S. Crude Stocks Rise, Widening Discount to Brent
- Soy Crop at Record in Brazil Clogging Ports as China Spurs Trade
- Iran Thaw Seen Opening $6 Billion Market for Steel: Commodities
- Palm Imports by India Slumping 30% on Prices Highest Since 2012
- Gold Advances to Six-Month High as Ukraine Spurs Haven Demand
- Soybeans Drop After 14% Rally as China May Cancel More Cargoes
- Sugar Falls Amid Commodities Retreat as Rains Return to Brazil
- Rebar Climbs From Lowest Since Shanghai Contract Started in 2009
- Copper’s China-Driven Tumble Seen Near Bottom, Tiger Says
- China on Course to Exceed 2015 Shale Target With Fuling Find
- Putin Opens Up Europe’s Energy Fault Line Along Oder-Neisse
- WTI Crude Shielded From Ukraine on U.S. Output: Chart of the Day
- Palm Oil Slumps Most This Year as Rally Seen Weakening Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team