TODAY’S S&P 500 SET-UP – November 14, 2013
As we look at today's setup for the S&P 500, the range is 20 points or 0.90% downside to 1766 and 0.22% upside to 1786.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.43 from 2.40
- VIX closed at 12.52 1 day percent change of -2.34%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, Nov. 9, est. 330k (prior 336k)
- 8:30am: Nonfarm Productivity, 3Q, est. 2.2% (prior 2.3%)
- 8:30am: Trade Balance, Sept., est. -$39.0b (prior -$38.8b)
- 9am: Fed’s Plosser speaks on monetary policy in Washington
- 9:45am: Bloomberg Consumer Comfort (prior -37.9)
- 10am: Senate Banking Committee meets on Yellen nomination
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural gas storage
- 11am: DOE inventories
- 11am: Fed buys $2.75b-$3.5b in 2020-2023 sector
- 12:45pm: Bundesbank’s Nagel speaks in Wart, Germany
- 1pm: U.S. sells $16b 30Y bonds
- 1:45pm: BoE’s Miles speaks in Dallas
GOVERNMENT:
- 9:30am: House Energy and Commerce Cmte meets on EPA’s greenhouse-gas standards for new power plants
- 10am: House Science Cmte hears from EPA Administrator Gina McCarthy on transparency, accountability
- 10am: House Education and Workforce Cmte holds hearing on effects of health-care law on schools
- 3:30pm: President Obama speaks on economy in Cleveland
WHAT TO WATCH:
- Yellen says U.S. economy must improve before Fed tapers QE
- Cisco 2Q adj. EPS, revenue ests. miss analyst estimates
- Cisco suppliers, peers fall post-mkt after 2Q view misses ests.
- Boeing’s largest union rejects swapping pensions for 777X
- Facebook said to offer $3b for Snapchat to attract teens
- Pershing, Berkshire among those to file as 13F deadline approaches
- Samsung said to plan Galaxy smartphone with wraparound display
- Lilly triples investment in growing mkt for diabetes products
- Berkowitz seeks to acquire two insurers from Fannie, Freddie
- GM CEO Akerson may step down as soon as next yr, Reuters says
- Apollo, Lee said to explore Capella Healthcare buyout: Reuters
- Redfin raises $50m in funding led by Tiger, T. Rowe Price
- HP, Google suspend Chromebook 11 sales after overheating reports
- HUD said to fail in bid to sell $450m of FHA mortgages
- Houghton Mifflin raises $219m pricing IPO below range
- Europe recovery wanes as Germany slows, French GDP falls
- British retail sales unexpectedly declined 0.7% in Oct.
- Japan slowdown flashes warning to Abe as reforms await
AM EARNS:
- B2Gold (BTO CN) 6:30am, $0.03
- CGI Group (GIB/A CN) 6:30am, C$0.61
- Finning Intl (FTT CN) 8am, C$0.52
- Helmerich & Payne (HP) 6am, $1.40
- Kohl’s (KSS) 7am, $0.86 - Preview
- Manchester United (MANU) 7am, $0.01
- Paladin Labs (PLB CN) 6:30am, C$0.64
- Sally Beauty (SBH) 7am, $0.39
- TransDigm Group (TDG) 7am, $1.71
- Tyco Intl (TYC) 6am, $0.52 - Preview
- Viacom (VIAB) 6:45am, $1.44 - Preview
- Wal-Mart Stores (WMT) 7am, $1.13 - Preview
PM EARNS:
- Agilent Technologies (A) 4:05pm, $0.76
- Algonquin Power & Utilities (AQN CN) Aft-mkt, C$0.02
- Applied Materials (AMAT) 4pm, $0.18
- Boardwalk REIT (BEI-U CN) 4:10pm, C$0.82
- Matthews Intl (MATW) 4:10pm, $0.74
- Nordstrom (JWN) 4:04pm, $0.67 - Preview
- Power of Canada (POW CN) 12:05pm, C$0.64
- Youku Tudou (YOKU) 5pm, $(0.20)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Seen Flowing East as Refiners Recast Bars for Asian Buyers
- Starbucks Costs Retreat in Coffee Bear Market Slump: Commodities
- Commodities Revenue at Top 10 Banks Seen Dropping 14% This Year
- IEA Sees Libya, Iraq as Growing Risks to Oil Market Balance
- China Gold Jewelry Demand Jumps as WGC Restates 1,000-Ton Target
- WTI Crude’s Discount to Brent Widest Since April as Supply Rises
- Copper Swings Between Advances, Declines on Europe Data, Yellen
- Sumitomo Metal’s Taganito Project Ships First Nickel to Japan
- Mistry Sees Steady Palm Oil Prices After Output Trails Estimates
- Robusta Coffee Falls as Vietnam Harvest Advances; Sugar Retreats
- Oil Producers Overtaking Refiners on Flood of U.S. Shale: Energy
- India’s Gold Imports Slump in Third Quarter to Lowest Since 2009
- Fortescue Pays Bonds Early in Rising Star Push: Australia Credit
- Gold Demand Fell 21% Last Quarter as Investors Sold ETP Holdings
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
