TODAY’S S&P 500 SET-UP – April 1, 2014
As we look at today's setup for the S&P 500, the range is 24 points or 0.98% downside to 1854 and 0.30% upside to 1878.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.30
- VIX closed at 13.88 1 day percent change of -3.68%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly retail sales
- 8:55am Redbook weekly sales
- 9:45am: Markit U.S. Manufacturing PMI, March final, est. 56 (prior 55.5)
- 10am: ISM Manufacturing Index, March, est. 54 (prior 53.2)
- ISM Prices Paid, March., est. 59.5 (prior 60)
- 10am: Construction Spending, m/m, Feb., est. 0% (prior 0.1%)
- 10am: IBD/TIPP Economic Optimism, April, est. 46.0 (prior 45.1
- TBA: Domestic Vehicle Sales, March., est. 12.4m (prior 11.98m)
- Total Vehicle Sales, March., est. 15.8m (prior 15.27m)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House may take up Senate-passed measure w/Ukraine aid, Russia sanctions
- 9:30am: Caterpillar’s Chief Tax Officer Robin Beran, Financial Svcs Division VP Julie Lagacy, former Senior Intl Tax Manager Rodney Perkins scheduled to testify before Senate Homeland Security and Govt Affairs panel on offshore tax strategy
- 10am: Supreme Court may issue opinions
- 12pm: FCC Commissioner Michael O’Rielly delivers remarks at Federal Communications Bar Assn
- Budget panels/hearings
- House Budget Cmte’s Ryan plans FY15 budget resolution release
- 3pm: House Appropriations panel on financial services with Chairman Mary Jo White
- U.S. Election Wrap: Obama Backs Schatz in Hawaii
WHAT TO WATCH:
- GM CEO Mary Barra testifies before House Energy panel on recalls
- FBI probes high-frequency traders for abuse of nonpublic information
- NATO ministers meet on Ukraine as Russia starts troop pullback
- Automakers incl. Chrysler, Ford, GM report March auto sales
- HP reaches $57m settlement in shareholder lawsuit
- Yahoo said to be in talks for News Distribution Network: WSJ
- OCBC bids $5b in biggest Hong Kong bank offer since 2001
- Obamacare sign-up ends as it began with crashes, new challenges
- Euro-area manufacturing stays near 3-year high
- Euro-area unemployment stays at 11.9%, Italy jobless at record
- China HSBC March manufacturing PMI 48.0; est. 48.1
- Macau March casino rev. climbs 13.1%, est. 13%
- CAT’s Robin Beran at Senate panel on offshore tax strategy
- House Budget Cmte Chairman Paul Ryan releases budget plan
- North Korea shows no signs of missile launch, South says
- Bouygues extends its offer for SFR by two weeks
- Malaysia plane hunt may take long as start point uncertain
EARNINGS:
- Apollo Education Group (APOL) 4:01pm, $0.19
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Defy Citigroup ‘Death Bells’ With Quarter’s Best
- China Milk Thirst Hands U.S. Dairies Record Profits: Commodities
- WTI Drops for Second Day on China Economy Concern; Brent Steady
- Japan Traders Seen Returning $3 Billion on Commodities Fall
- Soybeans Rise to Nine-Month High as U.S. Reserves at 10-Year Low
- Gold Trades Near 7-Week Low as Investors Weigh Stimulus Outlook
- Copper Trades Near Three-Week High on China Stimulus Speculation
- Rebar in Shanghai Advances as Iron Ore Surges Most Since August
- Sugar Exports From Pakistan Seen Dropping as Inventories Shrink
- Pecora Sees Gold Bottom This Year Before Rebound Toward Record
- Gazprom Raises Ukraine Gas Price as Government Seeks Cash
- Hong Kong Property Tycoon Making $533 Million Solar Bet: Energy
- European Gas Prices Plunge on High Storage Levels, Mild Weather
- Iron Ore Trims Quarterly Loss as China Seen Countering Slowdown
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
