TODAY’S S&P 500 SET-UP – January 14, 2014
As we look at today's setup for the S&P 500, the range is 34 points or 0.12% downside to 1817 and 1.75% upside to 1851.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
YIELD CURVE: 2.49 from 2.47
VIX closed at 13.28 1 day percent change of 9.39%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Bus Optimism, Dec., est. 93.1 (pr 92.5)
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 8:30am: Retail Sales Advance m/m, Dec., est. 0.1% (pr 0.7%)
- 8:30am: Import Price Index m/m, Dec., est. 0.4% (pr -0.6%)
- 10am: Business Inventories, Nov., est. 0.3% (prior 0.7%)
- 12:45pm: Fed’s Plosser speaks in Philadelphia on eco outlook
- 1:20pm: Fed’s Fisher speaks in Dallas on regional economy
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 8:30am: World Bank President Jim Yong Kim attends CSIS discussion on universal health care cvge
- 9:15am: Economic Policy Inst discussion on raising federal minimum wage to $10.10/hr;
- Tom Harkin, D-Iowa, Rep. George Miller, White House CEA Chairman Jason Furman
- 10am: House Transportation and Infrastructure Cmte holds hearing on Surface Transportation reauthorization
- 10am: House Financial Services panel meets on CFPB’s qualified mortgage rule; witnesses incl Quicken Loans CEO Bill Emerson
- 2:30pm: Senate Homeland Security panel holds hearing on air traffic controller training contract mgmt
- 4pm House Budget Chairman Paul Ryan, R-Wis., speaks
- NJ Gov. Chris Christie conducts state of state speech
WHAT TO WATCH:
- Time Warner Cable rejects Charter’s $132.50/shr takeover offer
- Congress unveils $1.1t measure to fund U.S. government
- Rabobank ex-traders charged by U.S. with yen Libor rigging
- Google acquiring Nest for $3.2b to expand in devices
- Carlyle readying $3.7b in financing for J&J unit bid: Reuters
- Square said to hold secondary offering at $5b valuation
- Tesla to present at Detroit Auto Show
- DirecTV loses Weather Channel over subscriber-fee dispute
- McKesson may now bid for Celesio rival Phoenix: UBS
- Rockefeller’s firm plans $2.5b Vietnam development
- EDF sells 100-yr bonds in biggest U.S. corporate issue of 2014
- China provinces set lower 2014 growth goals as expansion slows
- U.K. inflation slows to BOE target for first time since 2009
EARNINGS (all times ET, times are approximate):
- Commerce Bancshares (CBSH) 7am, $0.71
- Corus Entertainment (CJR/B CN) 7am, C$0.62
- JPMorgan Chase (JPM) 6:58am, $1.37 - Preview
- Linear Technology (LLTC) 5pm, $0.48
- Shaw Communications (SJR/B CN) 8:15am, C$0.49 - Preview
- Wells Fargo (WFC) 8am, $0.98 - Preview - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Fed Said to Release Plan to Limit Banks’ Commodities Activities
- Nickel Touches Three-Week High Amid Speculation About Scarcity
- Shivering Cattle Signal Higher McDonald’s Beef Cost: Commodities
- WTI Set for Worst Start to Year Since 2009 Before Supply Data
- Gold Falls From One-Month High as Investors Weigh Demand Outlook
- Soybeans Rise for Fourth Day on Chinese Demand for U.S. Supplies
- EU Sees Rising Food Output by 2023 on Export and Biofuel Demand
- Natural Gas Rises a Third Day on Forecast for Falling Stockpiles
- China Rebar Rises as Iron Ore Gains With Baosteel Raising Prices
- Oil Price Forecasts Cut by Deutsche Bank on U.S. Supply Growth
- Silver-Coin Premiums Poised to Climb as U.S. Mint Supplies Ease
- England’s Clouds Part for Solar as Panels Carpet Fields: Energy
- Shale May Secure Future Oil & Gas Supply for Decades, Total Says
- EU Sweetener Demand Set to Triple as Quotas-End Damps Sugar Use
GLOBAL PERFORMANCE
EUROPEAN MARKETS
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ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team