TODAY’S S&P 500 SET-UP – January 2, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 0.99% downside to 1830 and 0.52% upside to 1858.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.64 from 2.65
- VIX closed at 13.72 1 day percent change of 1.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, Dec. 28, est. 342k (pr 338k)
- 8:58am: Markit US PMI final, est. 54.7 (prior 54.7)
- 9:45am: Bloomberg Consumer Comfort, Dec. 29 (prior -27.4)
- 10am: Freddie Mac mortgage rates
- 10am: ISM Manufacturing, Dec., est. 56.8 (prior 57.3)
- 10am: Construction Spending M/m, Nov., est. 0.7% (pr 0.8%)
GOVERNMENT:
- No major events scheduled
WHAT TO WATCH:
- Fiat to buy full control of Chrysler in $4.35b deal
- Ford adds SunPower solar cells to recharge electric concept car
- Macau Dec. casino rev. rises 18.5%, beating est.
- U.S. Northeast storm threatens travel disruptions
- U.S., Canada box office set 2013 record
- U.S. solar battery makers ask for probes into Chinese products
- Samsung’s Lee urges shift beyond hardware in Apple battle
- Berkshire seen failing Buffett’s 5-yr test for 1st time
- Chinese manufacturing indexes fell in Dec.
- AllThingsD editors unveil technology-news Site called Re/Code
- Oil impurities, labeling being probed in rail explosions: WSJ
- ICE said to seek EU1b-1.5b in Euronext IPO, Telegraaf reports
- Motorola Moto X smartphone now starting at $399
- Google to shut down Bump, Flock: TechCrunch
- Snapchat account information of 4.6m said leaked: CNET
EARNINGS:
- No earnings scheduled by S&P 500 companies
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Touches Six-Month High as Inventories Continue to Shrink
- Cheaper Hanoi Pork Shows Crops Ease World Food Cost: Commodities
- Brent Trades Near One-Week Low as Libya Oilfield Seen Restarting
- Gold Rebounds With Silver After Worst Annual Retreats Since 1981
- U.S. Natural Gas Rebounds From Biggest Drop in Eight Months
- Wheat Prices Steady in Paris Before Grain Trading Starts on CBOT
- Rebar Rises First Time in Three Days as Property Prices Advance
- Cocoa Drops Below 100-Day Moving Average as Robusta Catches Up
- World’s Biggest Iron-Ore Port Opens as Australia Storm Fades
- Perth Mint Gold Sales Jump 41% in 2013 on Worst Rout in 32 Years
- LBMA Says Rene Hochreiter Most Accuarate Gold Forecaster in ’13
- South African White Corn Rises to 17-Year High on Supply Concern
- OPEC Oil Output Declines to Lowest Since July 2011: BI Chart
- Palm Ends Near Three-Week High After First Annual Gain Since ’10
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
