TODAY’S S&P 500 SET-UP – January 8, 2014
As we look at today's setup for the S&P 500, the range is 26 points or 0.76% downside to 1824 and 0.66% upside to 1850.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.56 from 2.55
- VIX closed at 12.92 1 day percent change of -4.65%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Mortgage Applications, Jan. 3 (prior -6.3%)
- 8:15am: ADP Employment Change, Dec., est. 200k (prior 215K)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $1b-$1.5b in 2036-2043 sector
- 1:00pm: U.S. to sell $21b in 10Y notes in reopening
- 2pm: Fed releases minutes of Dec. FOMC meeting
- 3pm: Consumer Credit, Nov., est. $14b (prior $18.186b)
GOVERNMENT:
- House, Senate appropriators continue talks on final FY 2014 spending bill, aiming for passage by Jan. 15 deadline
- Treasury Sec. Jack Lew in Berlin for talks with German Finance Minister Wolfgang Schaeuble on growth, stability
- 10am: Senate Banking Cmte panel meets to discuss GAO report on govt support for bank holding cos.
WHAT TO WATCH:
- Mulally bows out of Microsoft race to helm Ford this year
- Sherwin-Williams among paint makers ordered to pay $1.15b
- Twitter taking questions via Twitter for 1st results since IPO
- Apple to open 10th store in mainland China after Cook’s pledge
- Chinese businessman says NYT bid faces obstacles: Reuters
- N.Y. Times rejects meeting with China’s Chen Guangbiao: WSJ
- WellPoint to sell contact lens site to Thomas H. Lee Partners
- Federal probe targets banks over bond pricing: WSJ
- Yahoo’s Mayer unveils content, advertising tools in rev. push
- Cisco CEO pegs Internet of Things as $19t opportunity
- JPMorgan fails to throw out California debt collection case
- Madoff trustee tops $10b recovery with JPMorgan deal
- Hedge funds trail stocks for 5th year with 7.4% return in 2013
- EU puts banking-union credibility on line in resolution talks
- Buick sales of 1m tops 1984 record set before China entry
- Sirius beats subscriber targets, holds steady on 2014 ests.
- U.K. home prices to extend advance this yr, Halifax says
- Arctic cold cuts fuel supplies as refineries to pipes freeze
EARNINGS:
- Bed Bath & Beyond (BBBY) 4:15pm, $1.15 - Preview
- Constellation Brands (STZ) 7:30am, $0.91 - Preview
- Global Payments (GPN) 4:01pm, $1.02 - Preview
- Monsanto (MON) 8am, $0.64 - Preview
- MSC Industrial (MSM) 7:30am, $0.95 - Preview
- RPM Intl (RPM) 7:30am, $0.45 - Preview
- UniFirst (UNF) 8am, $1.62
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Rises for Second Day as U.S. Crude Stockpiles Seen Declining
- Soybeans Drop a Second Day as USDA Report May Show Ample Supply
- Gold Mine Deals Seen Rebounding on Fire-Sale Prices: Commodities
- Gold Drops Before Fed Minutes as Job Data May Signal Recovery
- Arabica Coffee Resumes Gains Amid Index Change; Robusta Declines
- Copper Fluctuates Before Release of Fed Policy-Meeting Minutes
- Chinese Copper Demand Seen Boosted by Grid Target, Barclays Says
- Rebar Ends Near Seven-Month Low on China Record Credit Hole
- Sake Boom Revives Vintage Rice Strains as Abe Eyes Farm Exports
- Arctic Cold Cuts Fuel Supplies as Refineries to Pipelines Freeze
- Japan Police Probe Pesticide in Croquettes That Sicken Hundreds
- Calls to Drop 1970s-Era U.S. Oil Export Ban Stir Political Fight
- Seaborne Coal Demand May Pick Up in 1Q on Inventory Building
- Indonesia Proposes Allowing Concentrate Exports as Ore Ban Looms
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team