TODAY’S S&P 500 SET-UP – October 15, 2013
As we look at today's setup for the S&P 500, the range is 40 points or 1.47% downside to 1685 and 0.87% upside to 1725.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.37 from 2.34
- VIX closed at 16.07 1 day percent change of 2.23%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: Empire Manufacturing, Oct., est. 7 (prior 6.29)
- 8:55am: Johnson/Redbook weekly sales
- 10am: Fed’s Dudley speaks on monetary policy in Mexico
- 11am: Fed to buy $4.75b-$5.75b notes in 2018-2019 sector
- 11:30am: U.S. to sell $35b 3M bills, $30b 6M bills
- 7:15pm: Fed’s Fisher speaks on economy in New York
GOVERNMENT:
- House canceled recess to deal with deficit, govt shutdown
- Supreme Court hears race-based college admissions case
- FERC Chairman Jon Wellinghoff speaks at Assn for Demand Response and Smart Grid event, 8:30am
- SEC Chairwoman Mary Jo White speaks at National Assn of Corporate Directors conf., 8am
WHAT TO WATCH:
- Senate deal to raise U.S. debt limit emerges as time runs short
- Burberry CEO Ahrendts leaves to head Apple retail business
- Credit card charges, delinquencies to be reported today
- Ireland return to mkt financing to be decided next month
- Swiss Re said to consider sale of U.S. life insurance assets
- Kogas to seek to sell stake in LNG Canada, CEO Jang says
- AstraZeneca to pay up to $440m for Spirogen Therapies
- BlackBerry seeks to reassure customers with newspaper ads
- Spain sells 1-yr bills to yield 0.96%, lowest since April 2010
- Perricone MD said to be near finalizing deal: WWD
- Central banks begin gaming out U.S. default before deadline
- Oct. 17 is start, not finish of debt-limit crisis endgame
AM EARNS:
- Charles Schwab (SCHW) 8:45am, $0.20
- Citigroup (C) 8am, $1.04 - Preview
- Coca-Cola (KO) 7:30am, $0.53 - Preview
- Commerce Bancshares (CBSH) 7am, $0.72
- Domino’s Pizza (DPZ) 7:30am, $0.52 - Preview
- First Republic Bank (FRC) 7am, $0.76
- JB Hunt Transport Services (JBHT) 8:30am, $0.78 - Preview
- Johnson & Johnson (JNJ) 7:45am, $1.32 - Preview
- Omnicom Group (OMC) 7am, $0.81
PM EARNS:
- CSX (CSX) 4:01pm, $0.43
- Intel (INTC) 4:01pm, $0.54 - Preview
- Linear Technology (LLTC) 5pm, $0.45
- Pinnacle Financial Partners (PNFP) 5:18pm, $0.42
- Yahoo! (YHOO) 4:05pm, $0.33 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Slides to 3-Month Low as Silver Declines on U.S. Optimism
- Record Thai Rice Hoard Expanding Global Supply Glut: Commodities
- WTI Crude Declines Amid Debt Talks, Iran Nuclear Negotiations
- Copper Falls as Dollar Rallies Amid Speculation Deadlock to End
- Rio Reports Record Iron Ore, Coal Output as China Demand Surges
- Cocoa Rises as Grindings May Indicate More Demand; Coffee Falls
- Soybeans Gain for Second Day as Rain Seen Slowing U.S. Harvest
- U.S. Natural Gas Rises for a Fourth Day on Cold Weather Outlook
- Kumba Needs New Right to Access Reserve at Biggest Iron-Ore Mine
- Coal Expected to Take Share From Gas Through 2014, Says EIA
- De Beers Squeezes Diamond Buyers Who Flip Gems: Chart of the Day
- China Steel Binge Spurs Record Hiring of Ore Carriers: Freight
- Uralkali Projects Record Potash Demand in 2014 on 3% to 4% Gain
- Brent Below $100 Seen on Prospect of Iran Accord: Energy Markets
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team