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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
