TODAY’S S&P 500 SET-UP – December 20, 2013
As we look at today's setup for the S&P 500, the range is 29 points or 0.97% downside to 1792 and 0.63% upside to 1821.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.56 from 2.57
- VIX closed at 14.15 1 day percent change of 2.54%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: GDP Annualized q/q, 3Q rev, est. 3.6% (pr. 3.6%)
- Pers. Consumption, 3Q revision, est. 1.4% (prior 1.4%)
- 11am: Kansas City Fed Manuf Activity, Dec., est. 6 (pr 7)
- 1pm: Baker Hughes rig count
GOVERNMENT
- 9:30am: U.S. Chief Negotiator Dan Mullaney, EU Chief Negotiator Ignacio Garcia-Bercero hold press conference
- 10am: U.S. Treasurer Rosie Rios signs currency
- Senate adjournment will follow confirmation of nominations including John Koskinen to lead IRS
- President Barack Obama, family scheduled to depart for Hawaii for Christmas
- China’s Vice Premier Wang Yang, U.S. Commerce Secretary Penny Pritzker, U.S. Trade Representative Michael Froman chair mtg of U.S. and China Joint Commission on Commerce and Trade; Beijing,
WHAT TO WATCH:
- Senate pushes Yellen confirmatione to Jan. in nominee deal
- Passes defense authorization totaling $625.1b
- Obama kills health insurance mandate for canceled policies
- Bankers say agencies’ answer on Volcker CDO rule inadequate
- SEC internal clashes said to flare over CMBS cases, NYT says
- Banks said to snitch on FX competitors to avoid EU fines
- Sycamore to buy Jones Group fashion co. for $1.2b
- Jazz Pharma. buys rare disease drugmaker Gentium for $1b
- Banks said preparing for Sprint bid for T-Mobile: WSJ
- Axiall to tap cheap gas with $3b Louisiana ethylene plant
- Apple’s Oracle dispute split from patent-infringement suit
- Apple says demand for Mac Pro outstripping supply: Forbes
- AmEx merchant settlement allows different debit surcharges
- Cathay Pacific orders 21 Boeing planes valued at $7.5b
- Fisker won’t make cars at Delaware GM plant, Carper says
- TD Bank not focusing on large U.S. retail expansion: CEO
- Chinese accused of plotting to steal DuPont’s GMO corn
EARNINGS:
- BlackBerry (BB CN) 7am $(0.46) - Preview
- CarMax (KMX) 7:35am $0.48
- Finish Line (FINL) 7:05am $0.02
- Navistar International (NAV) 7am $(1.56) - Preview
- Walgreen (WAG) 7:30am $0.72 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Wheat Reaches 19-Month Low as Argentine Crop Adds to Supplie
- Gold Climbs From Lowest Close Since 2010 as Goldman Sees Los
- Barrick Omen for Gold Miners With $44 Billion Debt: Commoditie
- Brent Heads for Weekly Gain on Growth Prospects After Fed Mov
- Copper Rises as Growth Outlook Fuels Closing of Bets on Declin
- Raw Sugar Rallies for 2nd Day as Robusta to Arabica Coffee Dro
- WTI-Brent Spread Narrowing as U.S. Exports Record Fuels: Energ
- Indonesia Must Consider Economic Impact From Ore Ban: Wacik
- Shanghai Gold Exchange Contract Volume Surges on Price Slump
- Commodity Funds Post First Outflow Since 2000: Chart of the Da
- Aluminum Surplus May Widen Through 2015 on Output, Marubeni
- Refiners Turn to Exports, With 4% Growth Expected: 2014 Outloo
- Wheat Traders Turn Bullish After Two Weeks of Betting on Decli
- Rebar Posts Worst Week in a Month on China Cash Crunch Concerns
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
