TODAY’S S&P 500 SET-UP – December 27, 2013
As we look at today's setup for the S&P 500, the range is 45 points or 1.74% downside to 1810 and 0.70% upside to 1855.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.60 from 2.58
- VIX closed at 12.33 1 day percent change of -1.20%
MACRO DATA POINTS (Bloomberg Estimates):
- 10:30am: EIA natural gas storage change
- 11am: DOE inventories
- 1pm: Baker Hughes rig count
GOVERNMENT:
- No major U.S. government news expected today
WHAT TO WATCH:
- Textron to buy Beechcraft for $1.4b to boost lineup
- U.S. budget easing cuts signed by Obama along with defense bill
- Microsoft’s Nokia deal said to face China limits on patent fees
- Apple renews request for sales ban on older Samsung products
- Takeda stops development of TAK-875 diabetes drug
- Audi plans to invest $30.3b through 2018 to challenge BMW
- LDK Solar proposes cash-out or exchange of securities
- Fastest Japan inflation since ’08 stokes wage pressures
- Shanghai GM to recall almost 1.5m vehicles in China
- China’s audit chief pledges checks of government debt, spending
- Yildiz, maker of Godiva, purchases DeMet’s for $221m
- ISS tweak to recommendations may shake up some boards: WSJ
EARNINGS:
- No earnings expected from S&P 500
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Indonesia to Regulate Metal Exports for Companies With Smelters
- Copper Gains in London in Catch Up as Prices in New York Decline
- Indian Probes Risk Revival of $160 Billion Projects: Commodities
- Wheat Slides a Fourth Day, Nears 19-Month Low on Supply Outlook
- Gold Seen Falling as Gains in Equities Sap Demand From Investors
- WTI Swings on U.S. Jobless Claims as Crude Supplies Seen Falling
- Aluminum Seen Extending Loss to $1,600 in First Half on Supply
- Palm Oil Posts Second Weekly Gain as Weak Ringgit Spurs Demand
- Zambia May Draft Glencore, Vedanta Power-Prise Rise by February
- Indonesia 11-Mo. Nickel Ore Output at 47m Tons, Ministry Says
- Worst Fuel Oil Loss Since 2011 Seen Easing on Import Cut: Energy
- Workers at Total’s Largest French Oil Refinery Continue Strike
- OECD Oil Inventory Rises to Highest Level Since April 2010
- Rubber Advances for Second Day as Yen Weakens to Five-Year Low
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team