TODAY’S S&P 500 SET-UP – March 20, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.63% downside to 1849 and 0.93% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.35 from 2.35
- VIX closed at 15.12 1 day percent change of 4.13%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, March 15, est. 322k (prior 315k)
- Continuing Claims, March 8, est. 2.880m (prior 2.855m)
- 9:45am: Bloomberg Economic Expectations, March (prior -3)
- Bloomberg Consumer Comfort, March 16 (prior -27.6)
- 10am: Philadelphia Fed Business Outlook, March., est. 3.2 (prior -6.3)
- 10am: Freddie Mac mortgage rates
- 10am: Existing Home Sales, Feb., est. 4.60m (prior 4.62m)
- Existing Home Sales m/m, Feb., est. -0.4% (prior -5.1%)
- 10am: Leading Indicators, Feb., est. 0.2% (prior 0.3%)
- 10:30am: EIA natural-gas storage change
- 2:40pm: President Obama at Valencia College in Orlando, Fla. for economy event
- 4pm: Fed releases Dodd-Frank stress test results
GOVERNMENT:
- 8:25am: Marriott CEO Arne Sorenson, Hilton CEO Christopher Nassetta attend Economic Club of Washington, D.C
- 9:45am: House Democratic Leader Nancy Pelosi holds press conf.
- 10am: Federal Energy Regulatory Commission holds open meeting
- U.S. Election Wrap: Obama in Florida, FEC deadline for filings
- Obama in Fla. to deliver speech on U.S. economy 2:40pm
WHAT TO WATCH:
- Fed releases CCAR/Dodd-Frank stress test results 4pm
- Ukraine’s interim PM warns of Russian escalation in east
- U.S. cos. with Russia ops urged to update evacuation plans
- Search for Malaysia jet advances as objects spotted in ocean
- GM sued in California over ignition switch defect
- Starbucks to expand evening alcohol sales to 1,000s of stores
- Boeing oversight of 787 contractors faulted by FAA
- JAL, JetBlue to increase number of codeshare flights
- IMF says Greek banks may need more capital than ests. show
- Europe’s CHMP concludes monthly mtg
EARNINGS:
- AAR (AIR) 4:05pm, $0.48
- Cato (CATO) 7am, $0.13
- ConAgra Foods (CAG) 7am, $0.60
- dELiA*s (DLIA) 4:05pm, NA
- IHS (IHS) 6am, $1.25
- Lennar (LEN) 6am, $0.28 - Preview
- New Residential Investment (NRZ) 6am, $0.17
- NIKE (NKE) 4:15pm, $0.72 - Preview
- Silver Wheaton (SLW CN) 5:06pm, $0.24
- Wet Seal (WTSL) 4:05pm, ($0.24)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near $100 After Cushing Stockpiles Drop; Brent Steady
- El Nino Probable by July for MDA as Temperatures Warm in Pacific
- Gold Trades Near 3-Week Low as Fed Outlook Weighed With Ukraine
- Copper as Economy Sage Fails as Growth Defies Slump: Commodities
- Coffee Falls as Brazil Rains Prompt Fund Sales; Sugar Declines
- Copper Falls First Time in Five Days on Fed Rate Outlook, China
- Wheat Retreats as Advance to 10-Month High Seen Curbing Demand
- JPMorgan Ranked No. 1 in Commodities in 2013 With Goldman No. 2
- Rubber Posts Biggest Weekly Drop Since January on China Slowing
- Wildcatters Rush Spindletop in Return to East Texas Oil: Energy
- Margarita Fans Miffed as Mexican Lime Growers Squeeze Supply
- Wrong Fuel Seen Extending Worst Europe Refinery Rout Since 1980s
- Domestic Chinese Iron Ore Reaches Multi-Year Low, SGX Holds on
- Russian Asia Oil Exports to Grow at Europe Expense, Rosneft Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
