TODAY’S S&P 500 SET-UP – October 17, 2013
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.32 from 2.33
- VIX closed at 14.71 1 day percent change of -21.17%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: Fed’s Fisher speaks to Economic Club of New York
- 8:30am: Init. Jobless Claims, Oct. 11, est. 335k (prior 374k)
- 9:45am: Bloomberg Economic Expectations, Oct. (prior -9)
- 9:45am: Bloomberg Consumer Comfort, Oct. (prior -29.7)
- 10am: Philly Fed Business Outlook, Oct., est. 15 (pr 22.3)
- 10am: Freddie Mac mortgage rates
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
- 11am: U.S. announces offering size for auction of 30Y TIPS
- 12:45pm: Fed’s Evans speaks on economy in Wisconsin
- 12:45pm: Fed’s George speaks on economy in Oklahoma City
- 2:45pm: Fed’s Kocherlakota speaks on monetary policy in Mont.
GOVERNMENT:
- Parts of the federal govt may reopen as soon as today following 16-day shutdown
- FTC Commissioner Julie Brill delivers remarks on “Removing the Roadblocks to Affordability” at America’s Health Insurance Plans’ State Issues Conference, 4pm
- Booker beats Lonegan for New Jersey U.S. Senate seat
- Kentucky’s $1.2b public works pork included in debt deal
WHAT TO WATCH:
- Congress vote ends fiscal impasse; Obama signed measure
- S&P cuts U.S. 4Q GDP growth outlook on fiscal impasse
- Restarting government seen harder than shutting down
- IBM 3Q EPS beats, rev. misses; reiterates yr EPS view
- EBay holiday-quarter forecast misses analyst ests.
- American Express 3Q EPS, rev. beat ests. on member spending
- Facebook loosening rules to let teens share content publicly
- J.C. Penney, Home Depot defeat $250m gift-card patent case
- Barington Capital calls for breakup of Darden Restaurants: NYT
- Twitter hires Google ad exec. Hirschle ahead of IPO
- Ford to expand 2014 F-150 line to widen lead in pickup market
- Jos. A. Bank won’t rule out hostile bid for Men’s Wearhouse
- Tesla led Calif. zero-emission vehicle credit sales last yr
- CEO funding Chevron lawsuit says he regrets supporting case
- Beechcraft said to revive possible $1.5b sale
AM EARNS:
- Alliance Data Systems (ADS) 7am, $2.66
- Amphenol (APH) 8am, $0.97
- B&G Foods (BGS) 7:35am, $0.40
- Baxter Intl (BAX) 7am, $1.19 - Preview
- BB&T (BBT) 5:45am, $0.70
- Blackstone Group (BX) 8am, $0.56
- Cypress Semiconductor (CY) 7:41am, $0.12
- Danaher (DHR) 6am, $0.83
- Dover (DOV) 7am, $1.50
- Fairchild Semiconductor (FCS) 7:25am, $0.12
- Fifth Third Bancorp (FITB) 6:30am, $0.42
- Goldman Sachs Group (GS) 7:30am, $2.47 - Preview
- Hubbell (HUB/B) 7:20am, $1.60
- Huntington Bancshares (HBAN) 5:55am, $0.17
- M&T Bank (MTB) 8:03am, $2.09
- Nucor (NUE) 9am, $0.39 - Preview
- Peabody Energy (BTU) 8am, $(0.04) - Preview
- Penn National Gaming (PENN) 7am, $0.46
- Philip Morris Intl (PM) 6:59am, $1.43 - Preview
- PPG Industries (PPG) 8:11am, $2.34
- Quest Diagnostics (DGX) 7am, $1.02
- Snap-on (SNA) 7am, $1.42
- Sonoco Products (SON) 7:30am, $0.61
- Supervalu (SVU) 8am, $0.11 - Preview
- Union Pacific (UNP) 8am, $2.47 - Preview
- UnitedHealth Group (UNH) 6am, $1.53
- Verizon Communications (VZ) 7:30am, $0.74 - Preview
PM EARNS:
- Advanced Micro Devices (AMD) 4:15pm, $0.02 - Preview
- Align Technology (ALGN) 4pm, $0.30
- Associated Banc (ASBC) 4:05pm, $0.26
- Athenahealth (ATHN) 4:01pm, $0.31 - Preview
- Capital One Financial (COF) 4:05pm, $1.81
- Chipotle Mexican Grill (CMG) 4:01pm, $2.78 - Preview
- Cytec Industries (CYT) 4:06pm, $1.31
- Google (GOOG) 4pm, $10.36 - Preview
- Intuitive Surgical (ISRG) 4:05pm, $3.40 - Preview
- Las Vegas Sands (LVS) 4:01pm, $0.76 - Preview
- People’s United Financial (PBCT) 4:02pm, $0.21
- Rambus (RMBS) 4:05pm, $0.11
- Stryker (SYK) 4pm, $0.99 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Cocoa Nears 25-Month High in New York on Dollar; Sugar Retreats
- Gold Slumping to Four-Year Low for Best Forecasters: Commodities
- WTI Crude Slips After Biggest Gain in a Week as Stockpiles Rise
- Gold Jumps Most in Four Weeks on Dollar, Dagong U.S. Downgrade
- Copper Falls as Investors Shift Focus to Prospects for Surplus
- Wheat Gains on Concerns Argentina Needs More Rain to Boost Crops
- Record Copper Output in China Seen by Antaike on Smelter Fees
- Shanghai Rebar Falls as Inventory Gain Stokes Supply Concern
- Gold-Silver Ratio May Rise to Two-Month High: Technical Analysis
- Gasoline Refiners Lose in Europe as U.S. Exports: Energy Markets
- Chocolate Prices Fueled by Cocoa Butter’s Gain: Chart of the Day
- China Railways Trailing 1880 U.S. Show Spending Scope: Economy
- Alcoa Doesn’t Know Impact of Saudi Outage on Aluminum Production
- China Steel Production Outlook Raised as Supercycle Continues
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
