TODAY’S S&P 500 SET-UP – November 1, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 0.94% downside to 1740 and 0.82% upside to 1771.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.25
- VIX closed at 13.75 1 day percent change of 0.73%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:58am: Markit U.S. PMI Final, Oct., est. 51.1
- 9:10am: Fed’s Bullard speaks on monetary policy in St. Louis
- 10am: ISM Manufacturing, Oct., est. 55 (prior 56.2)
- 11:15am: Fed’s Kocherlakota speaks on health care in Minn.
- 12pm: Fed’s Lacker speaks in Philadelphia
- 1pm: Baker Hughes rig count
- 5pm: Total Vehicle Sales, Oct., est. 15.43m (prior 15.21m)
GOVERNMENT:
- Commerce Dept holds Day 2 of SelectUSA Summit with speakers incl. Commerce Sec. Penny Pritzker, Sec. of State John Kerry, Caterpillar CEO Doug Oberhelman; Ludwig Willisch, CEO of BMW North America
- President Obama meets with Iraq’s Nouri al-Maliki at White House to discuss defense, security issues
WHAT TO WATCH:
- FAA to let airlines apply for broader use of electronics
- Dutch govt selling $8.7b of ING’s U.S. mortgage bonds
- U.S. rule change allows $500 carryover in flex spending acct
- China manufacturing gauge tops ests. in recovery boost
- Nortel patent owner Rockstar sues Google, Huawei: Reuters
- U.S. tech leaders calling for data use laws: Washington Post
- Google, Red Hat, Oracle engineers deployed for Obamacare fix
- MasterCard momentum may build vs Visa as Europe rebounds
- Barrick may raise $3.45b in share sale to reduce debt
- RBS suspends 2 forex traders; would be first suspensions: FT
- Pemex may list some assets on exchange as early as 2014
- Oct. U.S. auto sales may disappoint; SAAR may hit 15.4m
- Macau casino revenue surged to record $4.6b in Oct.
EARNINGS:
- Allete (ALE) 8:30am, $0.73
- American Axle & Manufacturing (AXL) 8am, $0.56
- Buckeye Partners (BPL) 7am, $0.83
- CBOE Holdings (CBOE) 7:30am, $0.45
- Chevron (CVX) 8:30am, $2.70 - Preview
- Church & Dwight (CHD) 7am, $0.73
- Emera (EMA CN) 7:10am, $0.35
- Exelis (XLS) 7am, $0.41
- Fortis (FTS CN) 7am, $0.26
- Genesee & Wyoming (GWR) 6am, $1.22
- Madison Square Garden (MSG) 7:30am, $0.22
- Newcastle Investment (NCT) 6:30am, $0.12
- NextEra Energy (NEE) 7:30am, $1.39
- NorthStar Realty Finance (NRF) 7:30am, $0.24
- NV Energy (NVE) 6:31am, $0.89
- Oaktree Capital (OAK) 8:30am, $1.00
- Pembina Pipeline (PPL CN) Aft-mkt, $0.26
- SNC-Lavalin (SNC CN) 8:27am, $(0.47)
- Spirit Aerosystems (SPR) 7:30am, $0.61
- Telephone & Data Systems (TDS) 7:58am, $(0.10)
- Ultra Petroleum (UPL) 8am, $0.35
- United States Cellular (USM) 7:59am, $0.09
- Washington Post (WPO) 8:30am, est. N/A
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palm Oil Enters Bull Market on Best Weekly Gain in Three Years
- Wheat Analysts Most Bearish in Year on Record Crop: Commodities
- Gold Heading for First Drop in Three Weeks on Fed Speculation
- Palm Oil Supplies in Indonesia Seen Disrupted by Prolonged Rains
- WTI Crude Heads for Longest Run of Weekly Declines Since 2012
- Copper Rises as China Manufacturing Expands More Than Estimated
- Wheat Poised for Worst Week Since June as India to Boost Supply
- China Refined Lead Market Seen by Antaike in Deficit in 2014
- India Iron Ore Exports to Remain Subdued, Morgan Stanley Says
- OPEC October Crude Production Climbs in Survey on Iraqi Gain
- U.S. Gulf Crude Sinks to Lowest Against Imports: Energy Markets
- Wal-Mart to Widows Will Feel U.S. Food Stamp Cuts Starting Today
- Founder of Top India Commodity Exchange Resigns Amid Probe
- China Gold Imports From Hong Kong Fall on Premium, Slow Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
