TODAY’S S&P 500 SET-UP – December 18, 2013
As we look at today's setup for the S&P 500, the range is 51 points or 0.95% downside to 1764 and 1.91% upside to 1815.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.51 from 2.52
- VIX closed at 16.21 1 day percent change of 1.12%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Dec. 13 (prior 1%)
- 8:30am: Housing Starts, Nov., est. 954K
- 10:30am: DOE Energy Inventories
- 2pm: FOMC seen maintaining federal funds target of 0% to 0.25%; releases summary of economic projection
- 2:30pm: Fed’s Bernanke holds news conference
GOVERNMENT:
- Senate in session, House not in session
- 10am: Senate Foreign Relations panel meets on “Economic Engagement in the Asia-Pacific”
- 2:30pm: Senate Commerce Cmte holds hearing on data brokers’ use of personal information about consumers
WHAT TO WATCH:
- FOMC to issue policy statement, new forecasts at 2pm today
- JPMorgan sues FDIC over >$1b Washington Mutual liabilities
- JPM sued by Mississippi on credit card conduct: Reuters
- Silver Lake said in $2.4b deal for Forstmann Little’s IMG
- GE seen raising margins on demand for industrial goods
- Facebook acquires startup SportStream, AllThingsD says
- Wal-Mart to open 2 Sam’s Clubs in China in 2014
- Nintendo experimenting with smartphones, tablets: KING-TV
- Blackstone buys 3 Texas power plants from Centrica for $685m
- China Mobile plans smartphone sales of 220m in 2014
- Chipotle testing pizza as next possible fast food: WSJ
- ResCap sues UBS, SunTrust, Capital One over CMBS buybacks
- EU set to fine Goldman PE unit over cable maker price fixing
- Novartis’s cancer therapy faces question of logistics
- Pentagon says dependence on China rare earths has lessened
- Cantor to get $135m from American Airlines over 9/11 attacks
- Israel wants Google royalties for local content, Globes says
EARNINGS:
- Apogee Enterprises (APOG) 4:30pm, $0.35
- FedEx (FDX) 7:30am, $1.64 - Preview
- General Mills (GIS) 6:58am, $0.87 - Preview
- Herman Miller (MLHR) 4pm, $0.40
- Lennar (LEN) 6am, $0.62 - Preview
- Oracle (ORCL) 4:01pm, $0.67
- Paychex (PAYX) 4:01pm, $0.42
- Quanex Building Products (NX) 7am, $0.14
- Steelcase (SCS) 4:01pm, $0.26
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- EU Proposes Ban on Cloning Farm Animals and Sale of Clone Meat
- Goldman Sachs Said to Name New Global Commodities, Metals Heads
- Rio Tinto CEO Sees Iron-Ore Price Decline Next Year: Commodities
- Brent Trades Near One-Month Low Before Federal Reserve Decision
- Copper Falls a Second Day Before Fed Policy Meeting’s Outcome
- Gold Climbs in London Before Fed’s Decision: Palladium Advances
- Wheat Reaches 18-Month Low on Outlook for Rising Global Supply
- White Sugar Extends Drop to 2010-Low on Supply; Coffee Advances
- Australia Seen Boosting Bauxite Exports on Indonesia Ore Ban
- U.S. Pump Prices Seen Setting 2013 Low as Supply Swells: Energy
- U.S. Refiners Have Steep, Sustainable Advantage: 2014 Outlook
- Silver Proving No Store of Stability in Flight: Riskless Return
- U.S. Auto Revival Boosts Shipping as Jeeps Go to China: Freight
- Australia to Boost Iron Ore Exports as Rio to BHP Expand Output
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
