TODAY’S S&P 500 SET-UP – March 26, 2014
As we look at today's setup for the S&P 500, the range is 24 points or 0.62% downside to 1854 and 0.66% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.28 from 2.32
- VIX closed at 14.02 1 day percent change of -7.09%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, March 21 (prior -1.2%)
- 8:30am: Durable Goods Orders, Feb., est. 0.8% (prior -1%)
- 9:45am: Markit U.S. Services PMI, March (p), est. 54.0 (prior 53.3)
- 9:45am: Markit U.S. Composite PMI, March (p) (prior 54.1)
- 10:30am: DOE Energy Inventories
- 4pm: Fed releases capital analysis and review results
- 8:20pm: Fed’s Bullard speaks in Hong Kong
GOVERNMENT:
- President Obama attends U.S.-EU summit in Belgium, holds press conference, speaks at Palais des Beaux-Arts in Brussels
- Senate may continue consideration of Ukraine aid bill
- FY2015 budget hearings/panels:
- House Appropriations hears from FBI Director James Comey; Air Force Sec. Deborah Lee James, Air Force Chief of Staff Mark Welsh; FEMA Administrator Craig Fugate
- House Education and Workforce Cmte hears from Labor Sec. Thomas Perez
- 10am: Supreme Court may issue opinions, hears Secret Service free speech case
- 10am: House Natural Resources Cmte hears from U.S. Fish and Wildlife Director Dan Ashe on effect of wildlife laws on domestic energy
- 10:30am: Senator John Hoeven, R-N.D., Rep. Lee Terry, R-Neb., Canadian Ambassador to U.S. Gary Doer, API, others hold press conf. on Keystone XL pipeline
- 11am: House Speaker John Boehner holds press briefing
- U.S. ELECTION WRAP: Ricketts Expanding Fund to Reduce Govt
WHAT TO WATCH:
- Fed to release results from latest supervisory stress tests
- Facebook to buy Oculus for ~$2b in cash, stock
- King Digital raises $500m in Candy Crush maker’s U.S. IPO
- Blackstone said close to Gates Global takeover: Reuters
- Fed’s Bullard sees ‘bit of ambiguity’ on end date of QE
- U.K. starts selling GBP4.23b stake in Lloyds Banking
- Carlyle’s PQ Holdings said to draw offers From Blackstone, KKR
- Target to tell Congress it’s probing slow response to hackers
- Ukraine awaits IMF finding as Obama warns of consequences
- Citic Pacific said planning to buy parent assets in $40b deal
- Obamacare deadline extended for last-minute enrollees
- News Corp. names Lachlan Murdoch non-executive chairman
- HSBC accused of predatory lending in Cook County, Illinois
- Toyota to repurchase up to 1.9% of shares
- BlackRock’s Fink says activists hurting L-T outlook: WSJ
EARNINGS:
- AGF Management (AGF/B CN) 8am, C$0.12
- Francesca’s Holdings (FRAN) 7:30am, $0.28
- HB Fuller (FUL) 6:01pm, $0.50
- Lindsay (LNN) 7am, $1.13
- Movado Group (MOV) 7am, $0.30
- Paychex (PAYX) 4:01pm, $0.42
- World Point Terminals (WPT) Aft-Mkt, $0.25
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Near One-Week Low as Crude Stockpiles Gain; Brent Steady
- Copper Declines on Selling Following Biggest Jump in Six Months
- U.S. Farmers Sow GMO Corn Banned From China Markets: Commodities
- Gold Trades Above Five-Week Low as Ukraine Weighed Against Rates
- Iron Ore Forecast Cut by Australia as Miners Increase Output
- Japan Raises Wheat Import Plan From 4-Year Low as Output Falls
- Coffee Drops With ‘Excessive Volatility’ on Drought; Cocoa Gains
- Rebar in Shanghai Retreats on Demand Outlook, Iron Ore Decline
- Raise a Glass of Scottish Wine to Climate That Made It Possible
- Palladium Funds Adding Demand Amid Supply Woes: Chart of the Day
- Rising Utility Costs Linger After Winter’s Chill Fades: Energy
- China Gets Gas Bargain as Russia Hit by EU Sanctions: Bull Case
- Pemex Bids to Keep All of Mexico’s Proven Oil Reserves, CEO Says
- Wheat Climbs as U.S. Crop Conditions Deteriorate on Dry Weather
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
