TODAY’S S&P 500 SET-UP – March 28, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 0.38% downside to 1842 and 1.57% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.24 from 2.24
- VIX closed at 14.62 1 day percent change of -2.08%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, Feb., est. 0.3% (prior 0.3%)
- 8:30am: Personal Spending, Feb., est. 0.3% (prior 0.4%)
- 9:55am: UMich Consumer, March final, est. 80.5 (prior 79.9)
- 12pm: Industrial Production Benchmark Revisions
- 12:45pm: Fed’s George speaks in Kansas City, Mo.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama meets Saudi Arabia’s King Abdullah in Riyadh; Sec. of State John Kerry attends
- 4pm: House Homeland Security subcmte holds hearing on LAX shooting with testimony from TSA Administrator John Pistole
- U.S. ELECTION WRAP: Democratic Senators Seek Obamacare Changes
WHAT TO WATCH:
- BlackBerry results: analysts keep an eye on cash levels
- GM to end Opel vehicle sales in China by 2015
- Amazon denies plans for free streaming video service: AP
- CBS Outdoor seeks to buy smaller rivals after $560m IPO
- Evans sees Fed raising interest rates in second half of 2015
- BofA heading to possible victory over U.S. in mortgage lawsuit
- Obamacare’s 6m target hit as exchange sees visits surge
- Alibaba to pay underwriters 1% of U.S. IPO as base fee: WSJ
- JPMorgan aims for top 3 stock brokerage after lagging behind
- Intesa Sanpaolo posts $7.1b 4Q loss on goodwill writedowns
- Euro-area economic confidence may rise for 11th month
EARNINGS:
- BlackBerry (BB CN) 7am, $(0.57) - Preview
- BRP (DOO CN) 6am, C$0.44
- Finish Line (FINL) 7:05am, $0.85
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Oil Set for Weekly Gain on Cushing Stockpiles; Brent Rises
- Metal Warehouse Delays Get Extended as Judge Halts LME Fix Plan
- Gold Advances in London as Decline Below $1,300 May Spur Demand
- Rebar Posts Biggest Weekly Gain Since 2012 as Ore, Coke Climb
- Copper Rises to Extend Weekly Gain on China Stimulus Speculation
- Rubber Set for Biggest Quarterly Drop Since ’12 on China Economy
- MORE: Shanghai Exchange Copper Stockpiles Fall to One-Month Low
- Coca-Cola to Suzuki Myanmar Factory Rush Spurs Shipping: Freight
- Europe Seen Paying Twice as Much to Replace Russian Gas: Energy
- Aluminum Shipments by Japan May Reach 4-Year High on Weak Yen
- Wheat Trims Weekly Climb as Rains Seen Aiding Parched U.S. Crops
- Gunvor Billionaire Seeks Investors After Co-Founder Squeezed Out
- Gold Traders Bearish a Second Week on Outlook for Less Stimulus
- Tepco Says Worker Dies After Accident at Fukushima Nuclear Plant
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
