TODAY’S S&P 500 SET-UP – January 17, 2014
As we look at today's setup for the S&P 500, the range is 18 points or 0.48% downside to 1837 and 0.49% upside to 1855.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.46 from 2.46
- VIX closed at 12.53 1 day percent change of 2.04%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Housing Starts, Dec., est. 990k (prior 1.091m)
- 9:15am: Industrial Prod. m/m, Dec., est. 0.3% (prior 1.1%)
- 9:55am: UMich Conf, Jan. prelim, est. 83.5 (prior 82.5)
- 10am: JOLTs Job Openings, Nov., est. 3.930m (pr 3.925m)
- 12:30pm: Fed’s Lacker speaks in Richmond, Va.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 8am: Sec. of State John Kerry hosts Canadian Foreign Minister John Baird, Mexican Foreign Secretary Jose Antonio Meade for North American Ministerial discussions
- 9:30am: HHS Sec. Kathleen Sebelius; WH Domestic Policy Council Director Cecilia Munoz; Acting Surgeon General Boris Lushniak; CDC Director Tom Frieden release report on smoking
- 9:30am: Federal appeals court reviews legality of Fed debt interchange regulations
- 11am: President Obama delivers speech on spy programs, national security
- 1pm: Rep. Frank Wolf, R-Va., of House Appropriations Cmte’s Commerce, Justice, Science, and Related Agencies sbcmte, holds news conference on provisions in Omnibus Appropriations bill
WHAT TO WATCH:
- China Mobile started selling Apple’s iPhone today
- Spending bill’s passage sets stage for U.S. debt limit showdown
- Canada urging U.S. Keystone pipeline decision
- Shell profit slumps amid weak refining, losses in Americas
- Nintendo forecasts net loss as Wii U, game sales stagnate
- KKR, Permira sell ProSiebenSat.1 shares at EU34.75 apiece
- J&J-Bayer fail to win U.S. panel vote for wider Xarelto use
- Regeneron says Bayer barred from buying more than 20% stake
- Sprint has proposals from banks on T-Mobile financing bid: WSJ
- Cerberus to sell Kokusai Kogyo stake for $1.25b-$1.34b: Reuters
- Moelis said to file IPO under jobs act as early as Friday: FT
- Sysco-US Foods deal to be reviewed by Florida, other states: Reuters
- EU weighs ban on proprietary trading at biggest banks from 2018
- ICBC rebuffs call to bail out $495m trust product
EARNINGS:
- Bank of New York Mellon (BK) 6:30am, $0.54
- Comerica (CMA) 6:40am, $0.74
- First Horizon National (FHN) 7am, $0.17
- General Electric Co (GE) 6:30am, $0.53 - Preview
- M&T Bank (MTB) 8:01am, $1.91
- Morgan Stanley (MS) 7:15am, $0.44 - Preview
- Schlumberger (SLB) 6am, $1.32 - Preview
- SunTrust Banks (STI) 7:15am, $0.70
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Deutsche Bank Withdraws From Gold Fixing in Commodities Cutback
- Farmers Worldwide Suffer Extreme Weather Wreaking Food Havoc
- Mining Companies Cutting $10 Billion Heralds Boom: Commodities
- Nickel Falls on Speculation China Has Ample Stockpiles of Ore
- WTI Crude Set for First Weekly Advance This Year on U.S. Economy
- Wheat Poised to Snap Longest Losing Streak Since 2011 on Demand
- Gold-Dollar Link Weakens on Metal Coin Demand: Chart of the Day
- Cocoa Falls After North American Processing Data; Coffee Drops
- Direct Nickel, Antam to Develop Process Plant in Indonesia
- Boston Beats New York With Record Power Price Premiums: Energy
- Copper Analysts Switch to Bullish From Neutral for Next Week
- BTG Said to Withdraw From Auction for JPMorgan Commodities Unit
- AsiaClear Iron Ore Swap 370% Rise Shows Surging Commodity Trade
- Gold Heads for First Weekly Drop This Year on Stimulus Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team