TODAY’S S&P 500 SET-UP – April 8, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 0.82% downside to 1830 and 1.19% upside to 1867.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.30 from 2.31
- VIX closed at 15.57 1 day percent change of 11.53%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Business, March, est. 92.5 (prior 91.4)
- 7:45am ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9am: IMF releases biannual world economic outlook
- 10am: JOLTs Job Openings, Feb., est. 4.020m (prior 3.974m)
- 1:30pm: Fed’s Kocherlakota speaks in Rochester, Minn.
- 2:45pm: Fed’s Plosser speaks in Philadelphia
- 4pm: Fed holds open board mtg in Washington on leverage ratios
- 4pm: Fed’s Evans speaks in Washington
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 10am: House Ways & Means hearing on supporting economic growth through “a Fairer Tax Code”
- 10am: House Armed Services Cmte hearing on Russia’s military developments, implications
- 10am: Atty Gen. Holder testifies on Justice Dept. at House Judiciary Cmte
- 10am: PPP hearing at House Transp. and Infrastructure Cmte
- Senate leaders hold news conferences after party luncheons
- FY15 budget panels/hearings:
- 9:30am: NASA Admin. Charles Bolden, House Appropriations
- 9:30am: Gen. Raymond Odierno, National Guard Bureau Chief Gen. Frank Grass, Army Reserve Chief Gen. Jeffrey Talley, Senate Armed Services Cmte
- 10am: Secretary of State John Kerry, Senate Foreign Relations
- 10:30am:Education Sec. Arne Duncan, House Appropriations
- 2pm: GSA Admin Dan Tangherlini, House Appropriations
- 2:30pm: Senate Judiciary marks up patent troll bill S. 1720
WHAT TO WATCH:
- Takeda, Lilly jury awards $9b over hiding Actos risks
- Citigroup agrees to $1.13b settlement over mortgage bonds
- Koch said to near deal for CVC’s Flint Group with Goldman Sachs
- Fed holds open board meeting in Washington on leverage ratios
- GM SUVs get top marks in insurance-industry front crash test
- U.S. Court of Appeals hears Apple/Google patent arguments
- Long-term jobless benefits stalled even with Senate passage
- China approves Microsoft, Nokia deal with conditions
- Express Scripts threatens to blackball Gilead’s Sovaldi
- Barclays settles U.K. Libor case weeks before trial to start
- BOJ refrains from boosting stimulus as recovery seen
- U.K. industrial output rises more than forecast on factories
- Weekly release of FDA warning letters
- IMAX to sell 20% stake in China business for $80m: WSJ
EARNINGS:
- Alcoa (AA) 4:03pm, $0.05 - Preview
- International Speedway (ISCA) 7:30am, $0.34
- Science Applications Intl (SAIC) 4:01pm, $0.65
- WD-40 Co (WDFC) 4pm, $0.68
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Climbs to Two-Week High as Dollar to Ukraine Spur Demand
- EU Pig Farmers Miss Out on Boom as Russian Ban Spurs WTO Case
- WTI Rebounds as Gasoline Stockpiles Seen Shrinking; Brent Gains
- China Corn Glut No Barrier to Farmers as State Buys: Commodities
- Copper Falls 0.4% to $6,648 a Ton in London; Nickel, Tin Drop
- Coffee Extends Gains in London as Arabica Climbs for 4th Day
- Soybeans Snap Two-Day Drop as USDA May Report Reduced Stockpiles
- Rebar in Shanghai Climbs to One-Month High as Stockpiles Decline
- U.S. Beef to Japan May Decline on Australia Deal, Ministry Says
- Age of Gas Seen as Sideshow to U.S. Producers Preoccupied by Oil
- Copper Producers Keep Faith in China as Rout Belies Demand
- Gold’s Open-Interest Drop Signals Rally Ending: Chart of the Day
- Ending Iran Oil Ban May Cut Refiners’ Supply Cost: Bull Case
- Turkey’s Fracking Push Won’t Be Stalled by Bribery Probe: Energy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
