TODAY’S S&P 500 SET-UP – October 25, 2013
As we look at today's setup for the S&P 500, the range is 21 points or 1.09% downside to 1733 and 0.11% upside to 1754.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.21 from 2.22
- VIX closed at 13.2 1 day percent change of -1.64%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods Orders, Sept., est. 2.2% (prior 0.1%)
- 9:55am: U Mich Consumer Sentiment, Oct. final, est. 75.0 (prior 75.2)
- 10am: Wholesale Inventories, Aug., est. 0.3% (prior 0.1%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama speaks in N.Y. on importance of education, entrepreneurship, middle class competitiveness
- Senate, House out of session
- U.S. Customs and Border Protection holds final day of East Coast Trade Symposium on “Increasing Economic Competitiveness through Global Partnerships and Innovation”
WHAT TO WATCH:
- Twitter seeks $1.4b in biggest Web IPO since Facebook
- Twitter insiders hold on to shrs in IPO amid growth prospects
- JPMorgan said to see possible U.S. accord on Madoff scheme role
- Microsoft 1Q sales, profit top analyst ests.
- Amazon reports jump in 3Q rev. ahead of holiday shopping season
- DuPont says it will spin off performance chemicals subsidiary
- Fed said to issue warning about lax loan underwriting practices
- U.K. eco. grew in 3Q at strongest pace since 2010 on services
- German business confidence unexpectedly decreased in Oct.
- Samsung’s record earnings fueled by demand for handsets to chips
- Toyota loses $3m verdict in Oklahoma fatal crash lawsuit
- Ares Capital Management planning IPO, hires JPM: N.Y. Post
- Boeing gets China commitment for $20.7b of 737s: Reuters
- Europe clocks go back 1 hour as daylight savings time ends
- Fed Meeting, BOJ, Iran Talks, Apple: Week Ahead Oct. 26-Nov. 2
EARNINGS:
- AbbVie (ABBV) 7:51am, $0.78 - Preview
- Aon (AON) 6:30am, $1.04
- Avery Dennison (AVY) 8:30am, $0.64
- Brookfield Office Properties (BPO CN) 7:20am, $0.25
- DTE Energy (DTE) 7:10am, $1.22
- Eaton (ETN) 6:30am, $1.12
- ImmunoGen (IMGN) 6:30am, $(0.22)
- Lear (LEA) 7am, $1.33
- Legg Mason (LM) 6:59am, $0.62
- Moody’s (MCO) 7am, $0.81
- National Oilwell Varco (NOV) 7am, $1.32 - Preview
- Newell Rubbermaid (NWL) 6:30am, $0.49 - Preview
- Procter & Gamble (PG) 6:58am, $1.05 - Preview
- Rockwell Collins (COL) 7:25am, $1.31
- Sherwin-Williams (SHW) 8am, $2.64
- Simon Property (SPG) 7am, $2.16 - Preview
- TCF Financial (TCB) 8am, $0.23
- United Parcel Service (UPS) 7:45am, $1.15 - Preview
- Ventas (VTR) 7:03am, $1.02
- WisdomTree Investments (WETF) 7am, $0.09
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Abe’s Farmers Fight Fat as Trade Talks Mean Tariff Cuts in Japan
- Gold Bulls Persist on Dollar Drop as Stimulus Kept: Commodities
- Gold Trades Below Three-Week High as Demand May Slow After Rally
- Copper Heads for Weekly Drop on Concern China May Tighten Credit
- Wheat Gains as Australia Dry Weather Adds to Crop Damage Concern
- WTI Oil Fluctuates on the Way to Biggest Weekly Loss Since June
- Cocoa Butter Falls as Chocolate Makers End Christmas Buying
- Crude May Decline Next Week as Weak Demand Boosts U.S. Supplies
- Palm Oil Declines Most in Four Weeks as Malaysian Exports Slow
- Rubber in Tokyo Has First Weekly Loss in Three as Yen Climbs
- Aluminum Shipments by Japan Expand as Auto Demand Improves
- Anglo American CEO Cools on Minas-Rio Stake Sale as Prices Climb
- European Coal Rallying From Record Low on Growth: Energy Markets
- Copper Set for Weekly Drop on China Credit Concern: LME Preview
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
