TODAY’S S&P 500 SET-UP – March 24, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 0.83% downside to 1851 and 0.62% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.32
- VIX closed at 15 1 day percent change of 3.31%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Activity, Feb., est. 0.10 (pr. -0.39)
- 9am: Fed’s Stein speaks in Washington
- 9:45am: Markit U.S. PMI Prelim., March, est. 56.5 (prior 57.1)
GOVERNMENT:
- President Obama attends Nuclear Security Summit in The Hague, meets with G-7 leaders to discuss Ukraine
- Senate meets to consider S.2124, its Ukraine aid bill, at 2pm, votes expected 5:30pm
- 9:30am: Supreme Court lists cases it plans to consider
- U.S. ELECTION WRAP: Chemical Group Is Third-Biggest in 2014 Ads
WHAT TO WATCH:
- Advent, Bain to buy Nordic payment firm Nets for $3.1b
- Apple said in talks with Comcast on streaming-TV service: WSJ
- Nokia says completion of Microsoft deal is delayed until April
- China manufacturing gauge unexpectedly falls in March
- Chinese jet spots objects in search area as weather worsens
- JPMorgan’s China investment banking CEO Fang Fang to leave
- CFTC issues warning of possible legal action in swaps probe: FT
- U.S., EU free trade deal to limit investor protection: FAZ
- Euro-area March PMI falls to 53.2 vs 53.3, matches est.
- Obama in Europe, Stress Tests, Microsoft: Wk Ahead March 22-29
EARNINGS:
- Sonic (SONC) 4:01pm, $0.06
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Declines on Fed as Palladium Reaches Highest Since 2011
- Korea Seeks Cut of $3 Billion Illegal Gold Trade With New Market
- Hedge Funds Defy Goldman as Gold Bears Thank Yellen: Commodities
- China to Restart Copper Recycling Tax Rebate, Metals Group Says
- Copper Drops in London as China’s Slowdown Seen Curbing Demand
- Brent Oil Slips for First Time in Three Days on China; WTI Holds
- Silver Vault for 600 Tons Starting in Singapore as Demand Climbs
- Rubber Drops to 2-Week Low as China’s Slowdown May Weaken Demand
- Corn Climbs as Demand Growing for U.S. Supplies; Soybeans Drop
- Japan’s Copper-Alloy Demand Seen Little Changed as Tax Increases
- Houston Channel Closed to Contain 4,000-Barrel Oil Spill
- Ukraine Billionaire Sought by U.S. Has Key to Putin Gas Cash
- Indonesia Commando Turns Rancher in Would-Be Path to Leader
- Tin at $24,000 Is Seen as ‘Ideal Level’ for Indonesia’s ICDX
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team