TODAY’S S&P 500 SET-UP – January 16, 2014
As we look at today's setup for the S&P 500, the range is 17 points or 0.72% downside to 1835 and 0.20% upside to 1852.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.49 from 2.50
- VIX closed at 12.28 1 day percent change of 0.00%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: CPI m/m, Dec., est. 0.3% (prior 0.0%)
- 8:30am: Init. Jobless Claims, Jan. 11, est. 328k (prior 330k)
- 8:45am: Bloomberg U.S. Economic Survey, Jan.
- 9am: Total Net TIC Flows, Nov. (prior $194.9b)
- 9am: Fed’s Williams speaks in Washington
- 9:45am: Bloomberg Economic Expectations, Jan. (prior -11)
- 10am: Philly Fed Biz Outlook, Jan., est. 8.6 (pr 7, rev 6.4)
- 10am: NAHB Housing Market Index, Jan., est. 58 (prior 58)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11:10am: Fed’s Bernanke speaks in Washington
GOVERNMENT:
- Greek Deputy PM Evangelos Venizelos meets with Sec. of State John Kerry at State Dept
- 9am: President Obama hosts event with college, university presidents and leaders from nonprofits, foundations, state governments, private-sector on expanding college opportunity
- 9am: House Science, Space and Technology Cmte hearing on identity theft through Healthcare.gov
- 9:15am: EPA’s McCarthy testifies at Senate Environment and Public Works Cmte hearing
- 9:30am: House Energy and Commerce subcmte hears from Gary Cohen from CMS on health-care overhaul
- 10am: Senate Finance Cmte holds hearing on advancing Congress’s trade agenda
- 10am: National Transportation Safety Board unveils 2014 Most Wanted list of safety improvements
- 11:30am: House Speaker Boehner, R-Ohio, holds press briefing
WHAT TO WATCH:
- House passes $1.1t spending bill in shift from discord
- J.C. Penney closing 33 stores, cutting 2,000 jobs
- Yahoo’s Mayer said to have fired COO Henrique de Castro
- Microsoft CEO list said to include Ericsson’s Vestberg
- Citigroup sells servicing to Fannie Mae on $10b loans
- Big banks face sharper risk-management focus in OCC policy shift
- J&J said to agree to sell Ortho unit to Carlyle for $4b
- Apollo buys Chuck E. Cheese in near $1b deal, FT says
- Currency traders told Bank of England of fix practices in 2012
- AOL gives up control of money-losing local news division Patch
- Citibank to reissue debit cards after target hack: NYT
- China’s Treasury holdings rose to record in November
- ECB said to favor 6% capital requirement in stress test
- Spain auctions 3Y notes at record-low yield of 1.595%
- Ahold says 4Q U.S. same-store sales decline
AM EARNS:
- BB&T (BBT) 5:45am, $0.72
- BlackRock (BLK) 5:30am, $4.33
- Charles Schwab (SCHW) 8:45am, $0.21
- Citigroup (C) 8am, $0.95 - Preview
- First Republic (FRC) 7am, $0.75
- Goldman Sachs (GS) 7:35am, $4.18 - Preview
- Huntington Bancshares (HBAN) 5:55am, $0.17
- PNC Financial (PNC) 6:24am, $1.64
- PPG Industries (PPG) 8:11am, $1.73 - Preview
- UnitedHealth Group (UNH) 6am, $1.41 - Preview
PM EARNS:
- American Express (AXP) 4:01pm, $1.25
- Capital One Financial (COF) 4:05pm, $1.55
- Intel (INTC) 4:01pm, $0.52 - Preview
- People’s United Financial (PBCT) 4:03pm, $0.20
- Skyworks Solutions (SWKS) 4:30pm, $0.66
- SLM (SLM) 4:15pm, $0.73
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Sugar Falls to Lowest Since 2010 on India Subsidy; Cocoa Gains
- JPMorgan Leads Mining Loan Rebound Amid Price Slump: Commodities
- India Spurring Sugar Exports Sends Global Prices to 43-Month Low
- WTI Crude Advances to Two-Week High as U.S. Inventories Decline
- Soybeans Climb for a Sixth Session on Sustained Chinese Demand
- Gold Declines for Worst Run in Four Weeks as Dollar Strengthens
- Nickel Advances for Fifth Day on Speculation Supply to Tighten
- Natural Gas Rebounds on Forecast for Record Drop in U.S. Supply
- Rebar Falls From One-Week High Amid China’s Lower Credit Growth
- Gold to Trade in Range for StanChart’s East as Asia Counters Fed
- Singapore Exchange to Stop Trading, Clearing LME Futures
- U.S. Corn Exports Seen in Peril as China Mops Domestic Glut
- China to Cut Sugar Imports as Premium Narrows: Chart of the Day
- Richest Coffee Takeover in Asia Seen With Super Group: Real M&A
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
