TODAY’S S&P 500 SET-UP – April 4, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.10% downside to 1868 and 0.54% upside to 1899.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.34 from 2.34
- VIX closed at 13.37 1 day percent change of 2.14%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Change in Nonfarm Payrolls, March, est. 200k (pr 175k)
- Unemployment Rate, March., est. 6.6% (prior 6.7%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama meets with Tunisian Prime Minister Mehdi Jomaa
- Secretary of State John Kerry on trip to Morocco
- FY15 budget panels/testimony:
- 9am: House Appropriations hears from Attorney General Eric Holder on Justice Dept. request
- 10:30am: House Armed Svcs hearing on FY15 budget request for intelligence activities
- Deadline for EPA employees to take up option to retire early, take buyout worth up to $25k
- U.S. ELECTION WRAP: Rogers, Camp Retirements to Test Boehner
WHAT TO WATCH:
- Employers probably boosted pace of U.S. hiring for 3rd month
- IMS Health prices IPO of 65m shrs at $20/shr
- GrubHub sells 7.41m shrs at $26/shr in IPO
- Meda chairman confirms prelim. Mylan contact, Direkt reports
- Lenovo-IBM deal under U.S. scrutiny over Pentagon server use
- Jennifer Lopez-Backed NuvoTV said in deal to buy MSG’s Fuse TV
- Apple loses patent-use bid in $2b Samsung Trial
- Bank of America discussing $800m settlement with CFPB: DJ
- Delta may buy as many as 50 new wide-body jets: WSJ
- Boeing considers buying supplier Mercury Systems: Reuters
- Liberty Global unit eyes German stores amid O2, E-Plus merger
- GE chooses H.K. for aircraft leasing co.’s $700m IPO: IFR
- German Feb. factory orders beat est.
- JPMorgan folds London Whale investment office into another unit
- RBS names Credit Suisse’s Stevenson CFO
- IMF Meeting, Fed, China Exports, Ally IPO: Wk Ahead April 5-12
EARNINGS:
- CarMax (KMX) 7:35am, $0.54
- Synergy Resources (SYRG) 6am, $0.09
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Aluminum Heads for Biggest Weekly Advance Since November 2012
- WTI Crude Rises a Second Day Before U.S. Data; Brent Advances
- Wheat Fields See Worst Damage in Five Years on Drought to Freeze
- Drones Portend High-Tech Future for Dangerous Mines: Commodities
- Port Hedland Iron Ore Shipments to China Reach Record on Demand
- Wheat Set for Biggest Weekly Drop Since January on Rain in U.S.
- India’s Gold Imports Said to More Than Double in March From Feb.
- Robusta Coffee Rises After 23% Stockpiles Draw; Cocoa Advances
- Rebar in Shanghai Rises for 2nd Week on Iron Ore, China Policy
- Coffee Exports From India Dropping as Rains Shrink Harvest
- World’s Biggest Coal Terminal to Review 2015 Goal on Power Cut
- Pollution Traders Bullish as Europe Squeezes Permit Glut: Energy
- Gazprom 81% Ukraine Gas Price Surge May Open Door for RWE, PGNiG
- Gold Prices Pare Weekly Decline in London Before U.S. Jobs Data
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
