TODAY’S S&P 500 SET-UP – October 10, 2013
As we look at today's setup for the S&P 500, the range is 28 points or 0.33% downside to 1651 and 1.36% upside to 1679.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.35 from 2.31
- VIX closed at 19.6 1 day percent change of -3.64%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Bank of England seen maintaining 0.50% bank rate
- 7:45am: BoJ’s Kuroda speaks at Council on Foreign Relations
- 8:30am: Initial Jobless Claims, Oct. 5, est. 310k (prior 308k)
- 9:45am: Bloomberg Consumer Comfort, Oct. 6 (prior -29.4)
- 9:45am: Fed’s Bullard speaks on monetary policy in St. Louis
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $1b-$1.5b TIPS in 2018-2043 sector
- 12:20pm: ECB’s Draghi speaks in New York
- 1pm: U.S. to sell $13b 30Y bonds in re-opening
- 1:45pm: Fed’s Tarullo speaks on regulatory reform in D.C.
- 2:30pm: Fed’s Williams speaks on economy in Boise, Idaho
GOVERNMENT:
- Sec. of State John Kerry in Bandar Seri Begawan, Brunei, for U.S.-ASEAN Summit and East Asia Summit; leaves for Malaysia to meet officials, attend Global Entrepreneurship Summit
- 8am: Treasury Sec. Jack Lew testifies at Senate Finance Committee on debt limit
- 8:45am: World Bank President Jim Yong Kim holds press briefing
- 9:30am: IMF M.D. Christine Lagarde speaks to press
- 10am: Senate Banking, Housing and Urban Affairs Committee holds hearing on consequences of default on financial stability, economic growth, with American Bankers Association CEO Frank Keating, Sifma present Kenneth Bentsen Jr.
- 1pm: House Natural Resources panel holds hearing on EPA and mining jobs
WHAT TO WATCH:
- Sept. U.S. same-store sales seen slowing from Aug.
- Debt-limit prospects gain as both sides open to short-term deal
- Hong Kong raises haircut on U.S. bills for margin cover
- Samsung set for $1.4b windfall after Seagate stock sale
- Microsoft’s board said to work on hiring new CEO this year
- Jarden’s Franklin close to buying MacDermid to add chemicals
- Blackstone receives first-round bids for La Quinta: WSJ
- KKR to pay $1b for industrial-products makers Crosby, Acco
- Manhattan apartment rents fall for the first time in 2 years
- ECB agrees to bilateral currency swap agreement with PBOC
- Telecom Italia is said to value Brazil stake at $12b
- Libyan PM seized from hotel by revolutionary group in Tripoli
EARNINGS:
- Angiodynamics (ANGO) 4:01pm, $0.03
- Bank of the Ozarks (OZRK) 6pm, $0.60
- Blackhawk Network (HAWK) 9am, $0.05
- E2Open (EOPN) 4:05pm, $(0.15)
- iGATE (IGTE) 6:45am, $0.43
- Lindsay (LNN) 7am, $0.91
- Marriott Vacations Worldwide (VAC) 8am, $0.39
- Micron Technology (MU) 4:04pm, $0.23 - Preview
- Safeway (SWY) Aft-mkt, $0.16 – Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Rises as Libya Prime Minister Freed From Detention
- Soybean Reserves Reach Record as Goldman Sees Slump: Commodities
- Cocoa Reaches 21-Month High on Demand Indications; Robusta Rises
- Copper Rises on Speculation U.S. Will Avoid Defaulting on Debt
- Gold Falls as Investors Weigh Prospects for Debt Deal, Tapering
- Tin Membership Increases at ICDX as Indonesia Targets Benchmark
- Gold Seen Lower by Morgan Stanley in 2014 as Goldman Says Sell
- Soybeans Climb on Supply Outlook Before South American Harvests
- Japan Buys Least Milling Wheat in 3 Months in Regular Tender
- Refiner Gains in Asia to Rebound as Units Shut: Energy Markets
- Cold European Winter Could Create Energy Crisis, Cap Gemini Says
- Costlier CO2 Permits Boost Long-Term EU Gas Demand: Bull Case
- Apple to Toyota Seen Gaining From Thailand’s Upgrade: Freight
- Rebar Rises on Bets Chinese Economic Growth to Support Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team