TODAY’S S&P 500 SET-UP – March 27, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 0.57% downside to 1842 and 1.37% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.25 from 2.25
- VIX closed at 14.93 1 day percent change of 6.49%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: GDP q/q, 4Q final, est. 2.7% (prior 2.4%)
- Personal Consumption, 4Q, est. 2.7% (prior 2.6%)
- GDP Price Index, 4Q, est. 1.6% (prior 1.6%)
- Core PCE q/q, 4Q, est. 1.3% (prior 1.3%)
- 8:30am: Fed’s Pianalto speaks in Dayton, Ohio
- 8:30am: Jobless Claims, March 21, est. 323k (prior 320k)
- Continuing Claims, March 14, est. 2.882m (prior 2.889m)
- 9:45am: Bloomberg Consumer Comfort, March 23 (prior -29.0)
- 10am: Pending Home Sales m/m, Feb., est. 0.2% (prior 0.1%)
- Pending Home Sales y/y, Feb., est. -9% (prior -9.1%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City Fed Manufacturing, March, est. 5 (prior 4)
- 9:30pm: Fed’s Evans speaks in Hong Kong
GOVERNMENT:
- FY2015 budget hearings/panels:
- 10am: House Appropriations panel: Army Sec. John McHugh, Army Chief of Staff Raymond Odierno
- 10am: House Appropriations panel EPA Administrator Gina McCarthy
- 10am:House Appropriations panel: FDA Commissioner Margaret Hamburg
- 1:30pm: House Appropriations panel:VA Sec. Eric Shinseki
- 10am: Senate Judiciary Cmte marks up S. 1720, Patent Transparency and Improvements Act
- 12:30pm: Zillow CEO Spencer Rascoff at Advisory Cmte to the Congressional Internet Caucus
- Obama meets Pope Francis in Vatican City, President Giorgio Napolitano, Prime Minister Matteo Renzi of Italy in Rome
- *U.S. ELECTION WRAP: Democrats’ Senate Playbook; GOP Strategy
WHAT TO WATCH:
- Citigroup fails Fed’s stress test as BofA gets div. boost
- Fed Capital Wrap: Who boosted dividends?
- RBS stress test failure may hinder sale of U.S. unit
- UBS said to suspend FX traders in New York, Zurich, Singapore
- Yahoo Japan to buy EAccess from SoftBank for $3.17b
- IMF announces staff level pact on Ukraine bailout loan
- Malaysian air tragedy families seeking data from airline, Boeing
- Babcock to buy helicopter provider Avincis for $1.52b
- Facebook seen struggling to win developers for virtual plans
- Sprint planning to offer low-cost airwaves to rural users
- Boeing splits new ANA plane order with Airbus
- Twitter preparing new music strategy, WSJ says
- Tencent leads Asian internet shr drop; off most since 2011
- Essex Property to replace Cliffs Natural in S&P 500
- Microsoft to unveil Office for iPad program today
- ProSiebenSat.1 buys 20% of YouTube video maker for web growth
AM EARNS:
- Accenture PLC (ACN) 7am, $1.04
- Commercial Metals Co (CMC) 7am, $0.10
- Conn’s (CONN) 7am, $0.78
- Fred’s (FRED) 7:45am, $0.15
- GameStop (GME) 8:30am, $1.93 - Preview
- Leidos Holdings (LDOS) 6am, $0.45
- Lululemon Athletica (LULU) 7:15am, $0.72 - Preview
- Signet Jewelers (SIG) 6:30am, $2.15
- Winnebago Industries (WGO) 7am, $0.30
- Worthington Industries (WOR) 8:30am, $0.58
PM EARNS:
- Oxford Industries (OXM) 5:30pm, $0.86
- Progress Software (PRGS) 4:15pm, $0.28
- Red Hat (RHT) 4:04pm, $0.37 - Preview
- Restoration Hardware Holdings (RH) 4:02pm, $0.83
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Declines to Six-Week Low on Outlook for Less U.S. Stimulus
- Top Emerald Miner Targets Colombia Grappling With Gemstone Mafia
- Chinese Pigs Eating Soy Cut U.S. Supply to 1965 Low: Commodities
- WTI Near One-Week High as Cushing Inventories Fall; Brent Steady
- Sugar Output in India Seen Jumping as Subsidy Boosts Exports
- Copper Rises as Investors Unwinding Quarterly Bets: LME Preview
- Sugar Rises for Fourth Session on El Nino Worries; Cocoa Falls
- Rusal Wins U.K. Lawsuit Challenging LME Warehousing Rules
- Soybeans Climb to One-Week High as U.S. Reserves Seen Declining
- Gold Imports by India Seen Rebounding by Billionaire Jeweler
- Soros-Endorsed Sale of U.S. Oil Reserves Seen as Russian Penalty
- Oil-Price Gains Seen by Investors Shifting Cash Into Energy ETFs
- Iraq Oil Income to Jump on Decades-High Output: Chart of the Day
- Singapore Exchange Said to Plan Starting Physical Gold Trade
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team