TODAY’S S&P 500 SET-UP – April 10, 2014
As we look at today's setup for the S&P 500, the range is 60 points or 2.25% downside to 1830 and 0.95% upside to 1890.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.33
- VIX closed at 13.82 1 day percent change of -7.19%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Bank of England interest rate decision
- 8:30am: Initial Jobless Claims, April 5, est. 320k (prior 326k)
- Continuing Claims, March 29, est. 2.835m (prior 2.836m)
- 8:30am: Import Price Index m/m, March, est. 0.2% (prior 0.9%)
- Import Price Index y/y, March, est. -0.9% (prior -1.1%)
- 8:45am Bloomberg April U.S. Economic Survey
- 9:45am: Bloomberg Consumer Comfort, April 6
- 10:30am: DOE Energy Inventories
- 11:30am: Fed’s Evans speaks in Washington along with Reserve Bank of India’s Rajan, other central bankers
- 2pm: Monthly Budget Statement, March, est. -$36b (year ago -$106.5b)
GOVERNMENT:
- President Barack Obama speaks at LBJ Library in Texas
- House takes up Rep. Paul Ryan’s budget proposal
- 9am: House panel plans to consider whether to hold hold former IRS official Lois Lerner in contempt
- FY Budget request testimony/panels:
- 9:30am: Senate Armed Services Cmte: Air Force Sec. Deborah Lee James
- 10am: House Appropriations panel: HUD Secretary Shaun Donovan
- 10am: Senate Appropriations Cmte: Commerce Sec. Penny Pritzker
- 10am: Senate Finance Cmte: HHS Secretary Kathleen Sebelius
- 11am: Senate GOP leader Mitch McConnell, House Ways and Means Cmte Chairman Dave Camp among speakers at Americans for Tax Reform news conf.
- 11:15am: House Speaker John Boehner holds press conf.
- 1:45pm: Morgan Stanley President Gregory Fleming speaks at Sifma Private Client Conf. in NYC
- U.S. ELECTION WRAP: Sidelined Donors; Incumbent Disadvantage
WHAT TO WATCH:
- March retail sales likely hurt by weather, Easter
- Ally Financial raises $2.38b pricing IPO low end of range
- Colorado State releases Atlantic hurricane forecast 11am
- Bed Bath & Beyond drops after profit forecast trails ests.
- Dimon says banks to gain as crisis-era rules hurt cities, poor
- Merck data Show potent drug rival to Gilead’s Hepatitis C pill
- GM argues park-it order unneeded because recalled cars are safe
- Greece said to get $28b of orders in return to bond mkt
- China unveils plan to connect Shanghai and Hong Kong bourses
- BOE seen keeping key rate at record low with slack in focus
- LVMH rises on fastest fashion rev. growth in 2 yrs
- White House said to consider community bankers for Fed’s board
- New Jersey’s rating lowered to A+ by S&P amid budget imbalances
- PC unit shipments drop; corporate demand slows pace of decline
- Putin expected to sign China gas deal as crisis forces hand
- GE may sell 43% stake in Hyundai Capital: Korea Economic Daily
EARNINGS:
- Commerce Bancshares/MO (CBSH) 7am, $0.68
- Corus Entertainment (CJR/B CN) 7am, C$0.32
- Family Dollar Stores (FDO) 7am, $0.90 - Preview
- iGATE (IGTE) 6:32 am, $0.42
- Pier 1 Imports (PIR) 6am, $0.40
- Rite Aid (RAD) 7am, $0.05
- Shaw Communications (SJR/B CN) 8:15am C$0.41
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Premium to U.S. Oil Narrows to Least Since September
- Sugar Exports From India Seen Sustained Next Year on Inventories
- Iron-Ore Bear Market Deepens as Aussie Mines Expand: Commodities
- Gold Rises to Two-Week High in London as Fed Minutes Spur Demand
- Uralkali Cuts 2014 Global Potash Sales Forecast as Profit Drops
- Shanghai Clearing House Mulls Yuan-Denominated Iron Ore Swaps
- Palm Oil Drops After Malaysian Stockpiles Exceed Estimates
- Rubber Falls to Two-Month Low as China Trade Misses Estimates
- U.S. Gulf Coast Fills With Crude Oil That Few Ships Can Take Out
- Polar Politics Threaten Norway’s Deepest Drive in Arctic: Energy
- Miners Urge Chile Not to Squander Wealth in Development Efforts
- MORE: European Cocoa Grind Rose 0.4% in First Quarter
- Hedge Fund Twins Stage Campaign to Undercut Energy Regulator
- China Aluminum Exports Highest Since 2011 on Overseas Premium
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
