TODAY’S S&P 500 SET-UP – March 31, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 0.63% downside to 1846 and 1.10% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.27
- VIX closed at 14.41 1 day percent change of -1.44%
MACRO DATA POINTS (Bloomberg Estimates):
- 9am: ISM Milwaukee, March (prior 48.59)
- 9:45am: Chicago Purchasing Mgr, March., est. 59.0 (prior 59.8)
- 9:55am: Fed’s Yellen speaks in Chicago
- 10:am: Annual Wholesale Inventory and Sales Revisions
- 10:30am: Dallas Fed Manufacturing, March, est. 3.0 (prior 0.3)
- Noon: USDA quarterly grain stocks report
- 8pm: St Louis Fed VP David Andolfatto on virtual currencies
GOVERNMENT:
- Obamacare reaches March 31 deadline
- Senate to vote on House-passed doc-fix legislation w/60-vote threshold to send to Obama for signature
- Senate vote on whether to take up HR2979, incl. extension of jobless benefits
- Senate Finance Cmte will likely vote during this week to revive dozens of tax breaks that expired Dec. 31
- IMF releases parts of Global Financial Stability Report
- 10am: Supreme Court releases case list, hears arguments in software patenting case
- 10:30am: FCC holds monthly open commission mtg; to consider Chairman Tom Wheeler’s multiple tv station mkt control proposal, Wi-fi use
WHAT TO WATCH:
- Kerry demands Russian retreat, Lavrov seeks federal Ukraine
- Putin calls Obama to discuss resolution to Ukraine
- World ill-prepared for global warming impact, UN panel says
- Obamacare deadline for some private insurance sign ups
- Banks including Citi, JPMorgan in Swiss regulator focus on FX
- GM air bag defect investigation considered by U.S. in 2007
- MH370 searchers operating on guesstimates, Abbott says
- Paramount’s “Noah” rises to top box office in weekend debut
- High-frequency traders ripping off investors: Michael Lewis
- Supreme Court releases case list, hears software patenting case arguments
- Apple-Samsung patents trial begins in San Jose
- Port Authority’s Samson resigns after report blasts agency
- Medtronic ends symplicity HTN-4 trial, mulls IDE path forward
- Medtronic novel aortic valve reduces deaths vs surgery
- Tesla says China general manager Kingston Chang left co.
- Blucora said to plan all-cash offer for Brookstone: WSJ
- Japan Feb. industrial production falls 2.3% m/m; est. up 0.3%
- Euro-area inflation lowest in more than 4 years, misses ests.
- Samsung SDI agrees to buy Cheil Industries for $3.3b
- Erdogan’s party wins Turkish municipal vote; lira rises
- Alibaba to spend $692m to partner with Intime Retail
- Daylight saving change takes place in U.K., most of Europe
EARNINGS:
- Cal-Maine Foods (CALM) 6:30am, $1.59
- Gas Natural (EGAS) 4:14pm, $0.30
- InterOil (IOC) 6am, $0.04
- Tribune (TRBAA) pre-mkt, $0.99
- UTi Worldwide (UTIW) 8am, ($0.12)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Set for Biggest Quarterly Gain Since 2010 on Supply View
- Shanghai Gold Cheapest to London Since 2012 on Weak Demand
- Grain Bulls Proved Right With Best Rally Since 2010: Commodities
- WTI Trades Near 3-Week High on U.S.-Russia Talks; Brent Steady
- Nickel-Ore Supply in China Seen Lasting Five More Months on Ban
- Gold Trades Near 6-Week Low for Monthly Drop on Stimulus Outlook
- Wheat Pares Biggest Monthly Gain Since 2012 on Rains; Corn Falls
- Sugar Falls After Wk-Long Rally on Weather Doubts; Arabica Drops
- World Ill-Prepared for Global Warming Impacts, UN Panel Says
- Rebar Pares Biggest Quarterly Drop in 9 Months as Output Falls
- Record Natural-Gas Need Keeps Bulls Betting on Advances: Energy
- Former Xstrata CEO Davis Raises About $3.75 Billion to Buy Mines
- U.S. Thermal Coal Faces Tough Road on Retirements, Clean Energy
- Gold Sales by Japanese Retailer Jump Fivefold Before Tax Change
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team