TODAY’S S&P 500 SET-UP – January 23, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 0.91% downside to 1828 and 0.60% upside to 1856.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.45 from 2.47
- VIX closed at 12.84 1 day percent change of -0.23%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Act. Index, Dec., est. 0.9 (pr 0.6)
- 8:30am: Init Jobless Claims, Jan. 18, est. 330k (pr 326k)
- 8:58am: Markit US PMI Preliminary, Jan., est. 55 (pr 54.4)
- 9am: FHFA House Price Index m/m, Nov., est. 0.4% (pr 0.5%)
- 9:45am: Bloomberg Consumer Comfort, Jan. 19 (prior -31.0)
- 10am: Existing Home Sales, Dec., est. 4.93m (prior 4.9m)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 10:am: Leading Index, Dec., est. 0.2% (prior 0.8%)
- 11am: Kansas City Fed Manuf, Jan., est. 2 (prior -3)
GOVERNMENT:
- FCC set to begin first major airwaves auction since 2008
- 8:30am: CSIS holds conference on U.S-Australia relations, incl Australian Minister for Foreign Affairs Julie Bishop, White House Council of Economic Advisors Chairman Jason Furman
- 10am: U.S. Conference of Mayors holds annual meetings; speakers incl Cordray; HHS Sec. Kathleen Sebelius; Education Sec. Arne Duncan
- 12:30pm: NASA holds teleconference on agency’s Earth science activities planned for 2014
- 12:45pm: Media briefing by Press Sec. Jay Carney
- Postponed: SEC open meeting on 2014 budget for Public Company Accounting Oversight Board
- Privacy Oversight Board says NSA program illegal: N.Y. Times
WHAT TO WATCH:
- Lenovo to acquire IBM’s server unit for $2.3b in cash, stock
- EBay says Icahn proposes PayPal spinoff after taking stake
- Berkshire said to face start of U.S. systemic-risk scrutiny
- China manufacturing index trails estimates as orders cool
- Toyota beats GM, VW in 2013 car sales, sees 3% growth this year
- Microsoft will allow foreign customers to store data overseas
- Credit Suisse sued by China Green chief over alleged negligence
- Haniel, Elliott close to agreement over Celesio stake: Boersen
- Target’s virus linked to 23-year-old southern Russian: WSJ
- Swiss raise bank capital buffer to rein in real estate market
- Banks aid U.S. forex probe to fulfill duty in Libor settlements
- Most JPM employees didn’t get raise due to legal bills: Reuters
- Iceland traps hedge funds in refusal to discuss bank claims
- Euro-area January factory output expands more than forecast
AM EARNS:
- Alaska Air Group (ALK) 6:01am, $1.07
- AmerisourceBergen (ABC) 6:15am, $0.78 - Preview
- Avnet (AVT) 8am, $1.11
- BankUnited (BKU) 7:30am, $0.46
- Baxter International (BAX) 7am, $1.25 - Preview
- CapitalSource (CSE) 9am, $0.17
- Cypress Semiconductor (CY) 8am, $0.08
- Fairchild Semiconductor Intern (FCS) 7:30am, $0.09
- Fifth Third Bancorp (FITB) 6:30am, $0.42
- Janus Capital Group (JNS) 7am, $0.19
- Johnson Controls (JCI) 7am, $0.70
- KeyCorp (KEY) 6:14am, $0.25
- Lockheed Martin (LMT) 7:25am, $2.11 - Preview
- McDonald’s (MCD) 7:58am, $1.39 - Preview
- MGIC Investment (MTG) 7am, ($0.02) - Preview
- National Penn Bancshares (NPBC) 6:31am, $0.17
- Popular (BPOP) 8am, $0.65
- Southwest Airlines Co (LUV) 6:35am, $0.29
- Union Pacific (UNP) 8am, $2.49
- United Continental Holdings In (UAL) 7:30am, $0.71
PM EARNS:
- Altera (ALTR) 4:15pm, $0.31
- Celanese (CE) 4:30pm, $1.01
- Compuware (CPWR) 4:05pm, $0.14
- Cubist Pharmaceuticals (CBST) 4pm, break-even - Preview
- Discover Financial Services (DFS) 4:05pm, $1.19
- E*Trade Financial (ETFC) 4:05pm, $0.19
- Federated Investors (FII) 4:02pm, $0.37
- Hexcel (HXL) 4:06pm, $0.46
- Informatica (INFA) 4:05pm, $0.48
- International Game Tech (IGT) 4:15pm, $0.31 - Preview
- Intuitive Surgical (ISRG) 4:05pm, $4.02
- Juniper Networks (JNPR) 4:05pm, $0.36 - Preview
- KLA-Tencor (KLAC) 4:15pm, $0.80
- Leggett & Platt (LEG) 4:05pm, $0.33
- Maxim Integrated Products (MXIM) 4pm, $0.40
- Microsoft (MSFT) 4:01pm, $0.69 - Preview
- ResMed (RMD) 4:05pm, $0.64
- Starbucks (SBUX) 4:03pm, $0.69 - Preview
- Synaptics (SYNA) 4:05pm, $0.90
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Trades Near Three-Week High Before U.S. Inventory Data
- Rubber Output in Thailand Seen Dropping as Growers Join Protest
- Australia Drought Spurs Beef-Sales Boom on Herd Cut: Commodities
- Copper Touches One-Week Low as Manufacturing Contracts in China
- Gold Rises From Two-Week Low as Investors Weigh Demand, Tapering
- Wheat Climbs on U.S. Freeze Concern and Signs of Import Demand
- Coffee Rebounds as Vietnam Sales Slow Before Tet; Cocoa Advances
- Platinum Strike Paralyzes Mines as Intimidation Claims Arise
- China Rebar Has Biggest Gain in Three Months on Restocking Hopes
- Iran’s Rouhani Invites Oil Companies to Invest as Sanctions End
- Arctic Air Blankets Northern U.S. as Texas Set to Receive Snow
- Alaska Coastal Oil Drilling Challenge Revived by U.S. Court
- Traders Buying Dutch Weaken U.K. Gas Market: Chart of the Day
- Platinum Tops Gold by Most Since ’11 on Strike: Chart of the Day
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
