TODAY’S S&P 500 SET-UP – January 24, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 0.03% downside to 1828 and 1.51% upside to 1856.
SECTOR PERFORMANCE
*Levels as of 1/23/14
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.42
- VIX closed at 13.77 1 day percent change of 7.24%
MACRO DATA POINTS (Bloomberg Estimates):
- No major data releases
- 7:05am: BoE’s Carney speaks at Davos
- 12pm: ECB’s Draghi speaks at Davos
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Sec. of State John Kerry attends talks on Syria in Montreux
- Treasury Sec. Jack Lew, Commerce Sec. Penny Pritzker attend Davos
- House not in session, Senate meets in pro forma session
- 10:30am Chairman Reince Priebus addresses Republican National Cmte winter meeting
- 11:30am Homeland Security Sec. Jeh Johnson speaks at U.S. Conference of Mayors winter meeting
- 1:30pm Gov. Rick Snyder, R-Mich.; former NYC Mayor/Bloomberg LP founder Michael Bloomberg discuss economic case for immigration reform
WHAT TO WATCH:
- Samsung profit growth slows as iPhones win sales, won gains
- Ziggo says talks to be taken over by Liberty making progress
- Starbucks sales trail estimates as U.S. growth decelerates
- McKesson to purchase Celesio in deal after earlier offer failed
- China bank regulator said to issue alert on coal mine loans
- Qualcomm acquires patents from Hewlett-Packard, including Palm
- JPMorgan’s Jamie Dimon said to get increased compensation: NYT
- Morgan Stanley gives Gorman $5.06m of shares for 2013
- Jana partners takes big stake in Juniper: Reuters
- Goldman may ban some person-to-person instant messaging: WSJ
- BofA may buy own stake held by Korea Investment Corp: Maeil
- Boeing to give ANA order discounts as 787 compensation: Nikkei
- CNN says some of its social media accounts were compromised
- AT&T unlikely to bid for Vodafone in near-term, Oriel says
- U.S. says no leeway in Iran oil exports based on inflated data
- FOMC, Yellen, Obama’s address, Egypt: Week Ahead Jan. 25-Feb. 1
EARNINGS:
- Bristol-Myers Squibb Co (BMY) 7:30am, $0.43 - Preview
- Covidien PLC (COV) 6am, $0.94 - Preview
- First Niagara Financial Group (FNFG) 7:15am, $0.20
- Honeywell International (HON) 7am, $1.21 - Preview
- Kansas City Southern (KSU) 8am, $1.10
- Kimberly-Clark (KMB) 7:30am, $1.39 - Preview
- Procter & Gamble Co/The (PG) 7am, $1.20 - Preview
- Stanley Black & Decker (SWK) 6am, $1.30
- State Street (STT) 7:30am, $1.19 - Preview
- WW Grainger (GWW) 8am, $2.62 - Preview
- Xerox (XRX) 7am, $0.29
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Natural Gas Set for Biggest Weekly Gain Since 2012 on U.S. Cold
- Brent Slumps as Premium to WTI Narrows to Least in Two Months
- Big Data From U.S. Cornfields Spurs Farmer Concerns: Commodities
- Copper Trades Near One-Month Low Amid China Credit-Risk Concern
- Wheat Snaps Seven-Week Slump as Freezing U.S. May Harm Crops
- Gold Extends Gains in London, Rising to Highest Since November
- Libya Oil Growth Crimped as Gunmen Block Eastern Port Hariga
- Cocoa Advances as Lower Reserves Add to Shortage; Coffee Falls
- Rebar Rises for First Week in Seven After China Money Rates Drop
- Platinum Talks Today Will Seek End to Pay Strike Crippling Mines
- Colder Weather Forecast for U.S. as Freeze Brings Texas Ice
- Vitol to Trafigura Chasing U.S. NGLs as Traders Cash In: Energy
- Curtailment, Trucks, Contracts Are Aluminum Themes: 2014 Outlook
- Super Bowl Fans Eat 1.25 Billion Wings as Corn Crop Lowers Costs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
