TODAY’S S&P 500 SET-UP – April 9, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.19% downside to 1830 and 0.81% upside to 1867.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.29
- VIX closed at 14.89 1 day percent change of -4.37%
MACRO DATA POINTS (Bloomberg Estimates)
- 7am: MBA Mortgage Applications, April 4 (prior -1.2%)
- 10am: Wholesale Inventories, Feb, est 0.5% (pr 0.6%, rev 0.7%)
- Wholesale Sales m/m, Feb., est. 1% (pr -1.9%, rev -1.8%)
- 10:30am: DOE Energy Inventories
- 2pm: Fed issues March 18-19 FOMC minutes
- 3:30pm: Fed’s Evans speaks in Washington
- 7:30pm: Fed’s Tarullo speaks in Washington
GOVERNMENT:
- President Obama speaks at Fort Hood memorial service, then attends DCCC, DSCC fundraisers in Houston
- House Financial Services Cmte panel holds hearing on capital formation for growth cos, 10am
- Senate Judiciary Cmte hears from Comcast exec. VP David Cohen on proposed $45b purchase of Time Warner Cable, 10am
- House Armed Services Cmte holds hearing on natl defense priorities, 10am
- House Ways and Means trade subcmte holds hearing on trade implications of U.S energy policy, LNG exports; 1:15pm
- Budget (Senate Appropriations):
- EPA Administrator Gina McCarthy testifies, 9:15am
- Labor Sec. Thomas Perez, 10am
- Clinton says no imminent decision on presidential run
WHAT TO WATCH:
- Toyota recalls more than 6m vehicles globally
- Alcoa sees almost decade-long aluminum surplus ending on cuts
- La Quinta raises $650m pricing IPO below marketed range
- GM fined by U.S. safety agency for incomplete recall answers
- Comcast to pitch its Time Warner deal as boost to innovation
- Tougher leverage limits for U.S. banks approved by regulators
- Tesla plans to find more financing for new Model S leasing unit
- Weather Channel returns with less reality after DirecTV blackout
- SAC Capital judge seeks profit info before approving plea
- Greece said to plan opening book for 5-yr note sale tomorrow
- Goldman Sachs considers closing Sigma X dark pool, WSJ reports
- Goldman, Warburg in next round for Huarong stake: Reuters
- Zayo explores IPO that values co. at $7b: Reuters
- Detroit said near deal with some bond insurers: WSJ
- Microsoft issues final security update for XP: Reuters
EARNINGS:
- AngioDynamics (ANGO) 4:01 pm, $0.09
- Apogee Enterprises (APOG) 4:30 pm, $0.29
- Bed Bath & Beyond (BBBY) 4:15 pm, $1.60 - Preview
- Cogeco Cable (CCA CN) Aft-Mkt, C$1.11 - Preview
- Constellation Brands (STZ) 7:30 am, $0.76 - Preview
- Dollarama (DOL CN) 7:30 am, C$1.10
- MSC Industrial (MSM) 7:30 am, $0.85
- PriceSmart (PSMT) 4:10 pm, $0.87
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Retreats From Month-High as Crude Supplies Gain; Brent Slips
- World’s $8.9 Billion Banana Trade Threatened by Deadly Fungus
- Texas Cotton Desert Boosts Cost for Clothing Makers: Commodities
- Gold Trades Near Two-Week High as Investors Await Fed Minutes
- Raw Sugar Rises as Brazil Seen Delaying Sales; Coffee Declines
- Soybeans Climb to 10-Month High as U.S. Reserves Seen Declining
- Grandfather’s Utility Threatened by Renewable Islands of Profits
- Codelco Sees Copper Glut Imperiled by Project Lags: Commodities
- OPEC Plans to Make Room for Extra Oil From Iran, Iraq, Libya
- MORE: Iraq to Soon Reach Oil-Export Deal With Kurds, Luaibi Says
- Copper Falls Amid Concern About Potential China Debt Defaults
- Morgan Stanley Raises 2014 Brent Crude Forecast to $105/Barrel
- Aluminum Surplus Seen Ending by Alcoa as Producers Pare Supplies
- Renewables Replace Declining Nuclear, Coal in Northwest Europe
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
