TODAY’S S&P 500 SET-UP – April 7, 2014
As we look at today's setup for the S&P 500, the range is 50 points or 1.35% downside to 1840 and 1.34% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.31
- VIX closed at 13.96 1 day percent change of 4.41%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: U.S. to announce plans for auction of 4wk bills
- 11:45am: Fed’s Bullard speaks in Los Angeles
- 3pm: Consumer Credit, Feb., est. $14b (prior $13.698b)
GOVERNMENT:
- Obama speaks on economy in Prince George’s County, Md.
- Senate plans vote on unemployment insurance extension
- IRS Commissioner John Koskinen to testify on FY15 budget request before House Appropriations panel
- Senate Finance Cmte Chairman Ron Wyden, D-Ore., gives keynote address at BNEF conference on Future of Energy; 1:10pm
WHAT TO WATCH:
- Tech stocks drop; puts trade most since 2010 flash crash
- Lawsky said to probe alleged Credit Suisse role in tax shelters
- Holcim to merge with Lafarge to create biggest cement maker
- India’s Sun to acquire Ranbaxy in $3.2b stock deal
- BlackRock boosts top ranks in 2nd reorganization in 2 yrs
- Wesfarmers to sell insurance broking to Arthur J. Gallagher
- Billionaire Drahi to buy Vivendi’s SFR in $23b deal
- Potash Corp. brings Doyle era to a close as Tilk named next CEO
- Pfizer’s Palbociclib shows trend for improved survival
- Bogus private-equity fees said found at most firms in SEC exam
- ’Captain America’ Opens With $96.2m, an April Record
- German industrial output rose more than forecast in Feb.
- Global ad spending to rally, grow 5.5% in 2014: ZenithOptimedia
EARNINGS:
- A Schulman (SHLM) 4:01pm, $0.33
- Novagold Resources (NG CN) 4:30pm, C$(0.03)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Oil Drops as Libyan Rebels Agree to Open Ports; WTI Slides
- Copper Titans Gather as Decade-High Glut Overshadows Quakes
- Speculators Mistime Bearish Gold Bets Before Rally: Commodities
- Nickel Rises as Biggest Producer Says Supplies Might Run Short
- Potash Corp. Brings Doyle Era to a Close as Tilk Named Next CEO
- Palm Oil Reserves in Malaysia Dropping to Lowest in Three Years
- Coffee Advances on Concern Drought to Curb Supplies; Sugar Drops
- Gold Trades Below One-Week High as Investors Weigh Fed Outlook
- Wheat Rises as Report May Show U.S. Dryness Damaging Plains Crop
- U.S. Gasoline Prices Rise to Eight-Month High in Lundberg Survey
- Hedge Funds Buy Crude as U.S. Gasoline Pump Prices Jump: Energy
- Libya Crude Oil Sales to Rise as Rebels Surrender Two Ports
- China Demand Weighs on Iron Ore Prices, Estimates Mostly Flat
- JPMorgan’s Ouyang Said to Quit as Head of Asia Commodity Trade
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team