TODAY’S S&P 500 SET-UP – October 8, 2013
As we look at today's setup for the S&P 500, the range is 14 points or 0.31% downside to 1671 and 0.53% upside to 1685.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.29
- VIX closed at 19.41 1 day percent change of 15.95%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Bus. Optimism Index, Sept., est. 94
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 10am: IBD/TIPP Economic Optimism, Oct., est 43.5 (prior 46)
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 12:25pm: Fed’s Pianalto speaks on economy in Pittsburgh
- 12:30pm: Fed’s Plosser speaks in Johnstown, Pa.
- 1pm: U.S. to sell $30b 3Y notes
- 7:50pm: Bank of Japan issues minutes of Sept. 4-5 meeting
- 9pm: Bank of Japan’s Nakaso holds news conference
GOVERNMENT:
- IMF issues World Economic Outlook; Chief Economist Olivier Blanchard gives press conference during annual meeting, 9am
- FDIC Board Reviews Deposit Insurance Fund
- House, Senate in session
- Senate Armed Forces Committee Hearing on Sequestration
- SEC Commissioner Michael Piwowar attends Chamber of Commerce’s Center for Capital Markets Competitiveness discussion on “Advancing and Defending the SEC’s Core Mission,” 11:30am
WHAT TO WATCH:
- U.S. default specter has Japan joining China warning on debt
- U.S. loses $1.6b from shutdown costing $160m/day
- Alcoa begins earnings season for 1st time since drop from DJIA
- Alcatel-Lucent to reduce 10,000 jobs worldwide as losses mount
- Morgan Stanley seen leading bank profit gains
- IMF to publish World Economic Outlook, 9am
- McKesson is in advanced talks to buy Celesio: DJ
- America Movil, AT&T discuss entering Europe: Telegraaf
- Vodafone plans to spend $2b on Indian mobile unit buyout: FT
- U.S. approves China co.’s takeover of Mooney Airplane: Xinhua
- North Korea has restarted Yongbyon nuclear reactor: Yonhap
- German exports gained in Aug. as euro-area economy recovered
EARNINGS:
- Alcoa (AA) 4:03pm, $0.05
- Wolverine World Wide (WWW) 6:30am, $1.03, preview
- Yum! Brands (YUM) 4:15pm, $0.92, preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Cocoa Touches 23-Month High on Shortage Outlook; Sugar Climbs
- Rubber Glut Shrinking as Car Sales Expand to Record: Commodities
- WTI Crude Advances as Impact of U.S. Shutdown Seen Limited
- Morgan Stanley Increases Iron Ore Outlook as Deficit Persists
- Soybeans Poised for Longest Rally in Four Months on U.S. Weather
- Copper Rises in London as PMI Report in China Signals Growth
- Goldman’s Currie Says Gold Is ‘Slam Dunk’ Sell After Shutdown
- Rebar Gains on Stock Market Rally as China Returns From Holiday
- Crude Supplies Increase for Third Week in Survey: Energy Markets
- Asia’s Chocolate Craving Paces Global Demand: Chart of the Day
- Battery-Stored Solar Sparks Utilities Backlash: Climate & Carbon
- Iron Ore Demand Expands 7.5%, Keeps Market in Deficit: Bull Case
- Olam Sees Smaller Arabica Coffee Surplus as Robusta Supply Gains
- Vale Sees Iron-Ore Market Oversupplied From 2015 on New Capacity
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team