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TODAY’S S&P 500 SET-UP – April 3, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 1.37% downside to 1865 and 0.16% upside to 1894.                                                   

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2A

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.34 from 2.35
  • VIX closed at 13.09 1 day percent change of -0.08%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts, y/y, March (prior -24.4%)
  • 7:30am: RBC Consumer Outlook Index, April (prior 51.8)
  • 8:30am: Trade Balance, Feb., est. -$38.5b (prior -$39.1b)
  • 8:30am: Jobless Claims, March 29, est. 319k (prior 311k)
  • Continuing Claims, March 22, est. 2.843m (prior 2.823m)
  • Jobless claims benchmark revisions 2009-2013
  • 9:45am: Bloomberg Consumer Comfort, March 30 (prior -31.5)
  • 9:45am: Markit U.S. Services PMI, March final, est. 55.5 (prior 55.5)
  • Markit U.S. Composite PMI, March final (prior 55.8)
  • 10am: ISM Non-Manufacturing Index, March, est. 53.5 (prior 51.6)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • 8am: U.S. Chamber of Commerce Foundation Aviation Summit
    • Attendees incl: TSA Administrator Pistole, Delta CEO Anderson, Virgin founder Branson, Southwest CEO Kelly, Airbus Americas chairman T. Allan McArtor,W. Douglas Parker
    • 9:30am: House Ways and Means Cmte holds hearing on Obama’s trade policy w/U.S. Trade Rep. Michael Froman
    • 9:30am: CFTC to hold public roundtable to discuss Dodd-Frank
    • Budget panels/testimony:
    • 10am: House Energy and Commerce panel: Energy Sec. Ernest Moniz
    • Senate Env./Public Wks Cmte considers drinking water protection bill (S. 1961)
    • U.S. ELECTION WRAP: Donation Ruling May Aid GOP, Sunlight Says

WHAT TO WATCH:

  • Draghi seen defying deflation risk in ECB decision
  • China plans to support growth with rail spending, tax cuts
  • Fed’s Bullard says inflation slowing may prompt taper delay
  • Google trading symbols change today
  • Credit Suisse restates 4Q loss U.S. tax probe charge
  • NATO warns Russia force on Ukraine border building up
  • U.S. opens criminal inquiry into Citigroup Mexico unit: NYT
  • U.S. secretly financed social network in Cuba: AP
  • Mobius says MSCI plan to add China domestic shrs is bad idea
  • Sinopec said to pick Goldman Sachs for $30b retail sale
  • Outbrain hires Goldman, JPMorgan for IPO in U.S.: FT
  • Senate Finance Committee marks up tax extenders bill
  • Iraq veteran kills 3 soldiers, self at Fort Hood in Texas

AM EARNS:

    • Greenbrier (GBX) 6am, $0.61
    • Hudson’s Bay (HBC CN) 7am, C$0.50
    • Perry Ellis International (PERY) 7am, $0.03
    • RPM International (RPM) 7:30am, $0.09
    • Schnitzer Steel Industries (SCHN) 8:30am, $0.08

PM EARNS:

    • Global Payments (GPN) 4:01pm, $0.95
    • Micron Technology (MU) 4:05pm, $0.59 - Preview
    • Seachange International (SEAC) 4:02pm, $0.02
    • Synnex (SNX) 4:01pm, $0.94

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude’s Premium to WTI Near Six-Month Low Amid Libya Talks
  • Food Costs Jump to 10-Month High as Weather Hurts Beef to Wheat
  • Pricey Wagyu Steaks Are Abe Answer to Cheap Imports: Commodities
  • Tin Advances Most in Four Weeks as Withdrawal Orders Increase
  • Gold Trades Near Seven-Week Low as Demand Weighed Against Data
  • Wheat Extends Biggest Drop in Five Weeks as Rains May Aid Crops
  • Sugar Declines for the Fourth Session; Cocoa Rises in New York
  • Iron Ore Swaps Trading Rises to Record on Bets for China Growth
  • Yamana Poised to Best Goldcorp in Osisko Bid: Corporate Canada
  • Price War Seen as Thai Rice Glut Swamps Market: Southeast Asia
  • Foreign Frackers Now Find Comfort in Water-Hungry Spain: Energy
  • Gazprom’s $910 Billion Gaffe Shows Putin Economy Eroding Wealth
  • Asia LNG Prices May Fall as Gail, Chubu Lead Joint Purchasing
  • Rebar in Shanghai Climbs to 1-Month High on China Stimulus Plans

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team