TODAY’S S&P 500 SET-UP – April 2, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.57% downside to 1856 and 0.13% upside to 1888.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.32
- VIX closed at 13.1 1 day percent change of -5.62%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, March 28 (prior -3.5%)
- 8:15am: ADP Employment Change, March, est. 195k (prior 139k)
- 9:45am: ISM New York, March (prior 57.0)
- 10am: Factory Orders, Feb., est. 1.2% (prior -0.7%)
- 10:30am: DOE Energy Inventories
- EU finance ministers, central bankers continue Athens meeting
- 12:30pm: Fed’s Lockhart speaks in Miami
- 4pm: Fed’s Bullard meets reporters in St. Louis
GOVERNMENT:
- 10am: Supreme Court hears worker stock plans case arguments, may issue opinions
- 10am: GM CEO Mary Barra, NHTSA Acting Administrator David Friedman at Senate Commerce, Science and Transportation panel on defective ignition switch recall
- Budget panels/hearings:
- 10am: House appropriations panel: Energy Dept’s Sec. Ernest Moniz; Treasury Sec. Jack Lew
- 10am: House Energy and Commerce panel: EPA Administrator Gina McCarthy
- 10am: House Armed Services Cmte: Navy Adm. Cecil Haney, commander of the U.S. Strategic Command, Army Gen. Curtis Scaparrotti, commander of U.S. Forces Korea
- 10:30am: House appropriations panel: Labor Sec. Thomas Perez; U.S. Ambassador to United Nations Samantha Power
- 10:30am: House Energy and Commerce hearing on Obama’s plan to give up control of system for assigning website addresses
- 2:55pm: Obama speaks on minimum wage in Ann Arbor, Mich.
- U.S. Election Wrap: Camp Replacement; Scott Brown Visits Senate
WHAT TO WATCH:
- Amazon said set to debut TV-viewing device
- Netflix plans to target French mkt from Luxembourg: Les Echos
- Virtu said to delay IPO amid furor over Michael Lewis book
- GM CEO Barra, NHTSA Acting Admin Friedman at Senate on recall
- Microsoft executives speak at “Microsoft Build 2014”
- Energy Future plan said to almost wipe out owners KKR to Goldman
- House sends Ukraine aid bill to Obama rebuking Putin
- Russia pressures Ukraine to disarm “radicals” as NATO mulls response
- Greece said to plan EU2b bond sale in 1H
- British nuclear submarine joins search for missing Malaysian jet
- Malaysia sees possibility cause of MH370 loss won’t be known
- SAC asks managers to sign 2-yr deals to prevent departures: NYT
- GE to bid for part of Investec’s Australian ops: Australian
- ADM says it may seek to raise GrainCorp stake: WSJ
- Univar exploring IPO that may value co. at $6b: Reuters
- BNP Paribas sells Miami private bank to Santander: Les Echos
- Cofco to pay initial $1.5b cash for Noble Unit stake
- Bouygues says earlier offer for Vivendi’s SFR remains valid
EARNINGS:
- Acuity Brands (AYI) 8:47am, $0.83 - Preview
- Monsanto (MON) 8am, $3.06 - Preview
- Resources Connection (RECN) 4pm, $0.05
- Texas Industries (TXI) 6:21pm, ($0.58)
- UniFirst (UNF) 8am, $1.39
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Pares Gains as Chile Earthquake Leaves Mines Undamaged
- Brent Falls Below $105 for First Time in Five Months; WTI Slides
- Billionaire Amazon Bet Vindicated as Apple Buys Tin: Commodities
- Gold Rises on Speculation Drop to Seven-Week Low to Spur Demand
- Sugar Falls With Coffee as Investors Review Brazil Drought Risk
- Soybeans Climb Third Day to 9-Month High as U.S. Stocks Dwindle
- Copper Surplus Seen by Study Group Growing to 595kt in 2015
- California Mountain Snow Pack Improves While Drought Persists
- Louis Dreyfus Commodities Readies for Possible IPO or Stake Sale
- MORE: Europe Would Need $215B Capex to Cut Russia Gas: Bernstein
- U.S. Joins EU in Seeking New Gas Supplies for Europe, Ukraine
- South Africa’s Platinum-Belt Economy Crippled by 10-Week Strike
- Powder River Coal Grabs Market Share in North Asia, South Korea
- Rebar in Shanghai Falls 1st Time in 4 Days on Ore Price Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team