TODAY’S S&P 500 SET-UP – October 16, 2013
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.37 from 2.33
- VIX closed at 18.66 1 day percent change of 16.12%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Mortgage Applications, Oct. 11 (prior 1.3%)
- 10am: NAHB Housing Market Index, Oct., est. 57 (prior 58)
- 11am: Fed to purchase $1.25b-$1.75b notes 2036-2043 sector
- 11:30: U.S. to sell $22b 1Y bills; also 4W bills
- 2pm: Federal Reserve issues Beige Book
- 4:30pm: API weekly oil inventory
- 5:30pm: Fed’s George speaks on Fed’s centennial Oklahoma City
- 6:45pm: Fed’s Fisher speaks in banking in New York
GOVERNMENT:
- Diplomats from China, France, Germany, Russia, U.S., U.K. meet with Iranian counterparts in Geneva for P5+1 nuclear talks
- 9:30am: House Oversight and Government Reform Cmte, House Natural Resources Cmte joint hearing on National Park Service’s implementation of govt shutdown
- 2pm: Campaign to Fix the Debt news conference to urge Congress, President Obama to put in place long-term agreement to address the national debt, with former Defense Secretary Leon Panetta, former OMB Director Jim Nussel
WHAT TO WATCH:
- Senate leaders press toward debt-ceiling deal with U.S. House in disarray
- IMI sells dispenser business to Berkshire Hathaway for $1.1b
- Advance Auto Parts may buy General Parts Intl., WSJ says
- Goldman must disclose gender-bias complaints, judge rules
- Twitter picks NYSE for IPO; 3Q revenue more than doubles
- Teva, Celgene bidding >$700m for Receptos, Calcalist says
- Herbalife loses bid to have class-action lawsuit dismissed
- Alibaba profit jumps ahead of biggest IPO since Facebook
- Yahoo’s forecasts missing ests. as Google takes market share
- Samsung loses bid to block license order in Apple patent case
- Samsung SDI says in talks with Tesla to supply batteries
- Apple said to cut low-cost iPhone 5C orders in 4Q, WSJ says
- Fiat trial on UAW’s Chrysler shares to begin Sept. 2014
- Suntrust to eliminate 800 mortgage employees, WSJ says
- Boeing says it’s aware of Air India 787 panel event
- NXP says Broadcom chips in WiiU infringe upon patents
- Plains GP’s dividend vehicle LP raises $2.8b in IPO
AM EARNS:
- Abbott Laboratories (ABT) 7:44am, $0.51 - Preview
- Bank of America (BAC) 7am, $0.21 - Preview
- Bank of New York Mellon (BK) 6:30am, $0.58
- BlackRock (BLK) 6:30am, $3.88
- Comerica (CMA) 6:40am, $0.71
- KeyCorp (KEY) 6:14am, $0.22
- Mattel (MAT) 6am, $1.11 - Preview
- MGIC Investment (MTG) 7am, $(0.11) - Preview
- Northern Trust (NTRS) 7:30am, $0.77
- PepsiCo (PEP) 7am, $1.17 - Preview
- Piper Jaffray (PJC) 8am, $0.48
- PNC Financial Services (PNC) 6:24am, $1.62
- St Jude Medical (STJ) 7:30am, $0.90 - Preview
- Stanley Black & Decker (SWK) 6am, $1.38
- US Bancorp (USB) 6:45am, $0.76
- Watsco (WSO) 7:30am, $1.34
- WW Grainger (GWW) 8am, $3.04 - Preview
PM EARNS:
- Albemarle (ALB) 4:03pm, $1.07
- American Express (AXP) 4:04pm, $1.22
- Core Laboratories (CLB) 4:07pm, $1.34
- Crown Holdings (CCK) 5:02pm, $1.08
- CYS Investments (CYS) 4:01pm, $0.32
- East West Bancorp (EWBC) 5:30pm, $0.54
- Ebay (EBAY) 4:15pm, $0.63 - Preview
- El Paso Pipeline Partners (EPB) 4:05pm, $0.47
- International Business Machines (IBM) 4:05pm, $3.96 -Preview
- Kinder Morgan (KMI) 4:05pm, $0.31
- Kinder Morgan Energy Partners (KMP) 4:06pm, $0.60
- LaSalle Hotel Properties (LHO) 4:04pm, $1.44
- Noble (NE) 5pm, $0.70
- SanDisk (SNDK) 4:05pm, $1.33 - Preview
- Select Comfort (SCSS) 4:01pm, $0.43
- SLM (SLM) 4:15pm, $0.59
- Steel Dynamics (STLD) 6pm, $0.24
- Umpqua Holdings (UMPQ) 4:05pm, $0.26
- United Rentals (URI) 4:20pm, $1.59
- Xilinx (XLNX) 4:20pm, $0.53
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Slides for Second Day as U.S. Fiscal Standoff Continues
- WTI Fluctuates Near Three-Month Low on U.S. Debt, Iran Talks
- Crop Futures Gain as Cold and Wet U.S. Weather May Delay Harvest
- Gold Swings Above 3-Month Low as Talks Resume on Debt Impasse
- Robusta Coffee Rises Before Options Expiration; Sugar Declines
- U.K.’s Oat Harvest Seen at 40-Year High on Spring Planting Gain
- Rebar Falls to 3-Month Low in Shanghai as China’s Stocks Slump
- China Metals Usage Seen Exceeding Rest of the World in 2017
- Next-Year Copper Forecast at Low on Oversupply Outlook: BI Chart
- Cocoa Deliveries in Brazil’s Bahia Drop 3.3%, Hartmann Reports
- Palm Oil Is Seen Rallying on Moving Average: Technical Analysis
- Gas Buyers Poised to Commit on South Korea Atomic Shift: Energy
- Putin Builds North Korea Rail Link to Circumvent Suez: Freight
- Iron Ore Prices Seen by UBS at Risk of Declining on Steel Output
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team