TODAY’S S&P 500 SET-UP – March 21, 2014
As we look at today's setup for the S&P 500, the range is 35 points or 1.12% downside to 1851 and 0.75% upside to 1886.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.34 from 2.35
- VIX closed at 14.52 1 day percent change of -3.97%
MACRO DATA POINTS (Bloomberg Estimates):
- 11:45am: Fed’s Bullard speaks on panel in Washington
- 1pm: Baker Hughes rig count
- 1:45pm: Fed’s Fisher speaks in London
- 4:30pm: Fed’s Kocherlakota speaks in Washington
- 7:20pm: Fed’s Stein speaks in Washington
GOVERNMENT:
- House, Senate out of session
- 8am: Moniz speaks with reporters, analysts at BGOV breakfast
- 8:30am: SEC Chairman Mary Jo White, FCC Chairman Tom Wheeler speak at Consumer Federation of America assembly
- 10am: Vice President Joe Biden speaks at National Assn of Community Health Centers’ policy forum
WHAT TO WATCH:
- Gunvor co-founder exits ownership stake as U.S. sanctions hit
- Sanctioned Bank Rossiya says MasterCard, Visa halt service
- Banks’ split with Fed on stress may risk shareholder payouts
- Volcker rule seen costing banks as much as $4.3b: OCC
- JNJ, Takeda, Roche may receive EMA decisions
- U.S. keeps AAA rating by Fitch as outlook raised on debt pact
- Malaysia jet’s steady flight has Australia scouring ocean
- No positive news yet from satellite search for jet: Malaysia
- Families seek truth after evasive responses from airline
- Netflix CEO calls for stronger rules on web traffic handling
- Nike sees weaker-than-expected sales gain after profit beat
- Macondo partner Anadarko’s e-mails seen showing role in well
- Dow, Eastman Chem. back group airing ads to protect senators
- Chrysler truck sales rise vs those of GM, Ford, WSJ says
- Obama in Europe, Stress Tests, Microsoft: Week Ahead March 22-29
EARNINGS:
- Darden Restaurants (DRI) 7am, $0.88
- Tiffany & Co. (TIF) 6:59am, $1.52 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Rises to Trim Weekly Decline as Price Drop Spurs Demand
- Palm Output in Indonesia Climbing for First Time in Six Months
- Coffee Belt in Vietnam Poised for Rains Easing Threat of Drought
- Gold Trims Weekly Decline as Ukraine Crisis Spurs Haven Demand
- Brent Set for Fourth Weekly Loss Amid Russia Clash; WTI Rises
- Canada’s Grain Backlog Seen Persisting With More Oil Shipments
- Palm Heads for Second Weekly Loss as Indonesian Output Increases
- Global Energy Thirst Threatens to Worsen Water Scarcity, UN Says
- Wheat Trims Weekly Advance as Dollar Rally Seen Curbing Demand
- Hot-Rolled Coil Futures Debut in Shanghai to Complement Rebar
- Baoshan Is Top Steel Stock on China Car Demand: Chart of the Day
- Russia Senate Clears Crimea Annexation as EU Boosts Ukraine Ties
- Copper Traders Are Bullish on Speculation Prices Slumped Too Far
- Copper Advances to Trim Weekly Decline: LME Preview
- WTI Oil Seen Dropping in Survey on Rising U.S. Crude Supplies
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
