TODAY’S S&P 500 SET-UP – January 27, 2014
As we look at today's setup for the S&P 500, the range is 46 points or 0.63% downside to 1779 and 1.94% upside to 1825.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.38
- VIX closed at 18.14 1 day percent change of 31.74%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: New Home Sales, Dec., est. 455k (prior 464k)
- 10:30am: Dallas Fed Mfg Activity, Jan., est. 3.2 (prior 3.1)
GOVERNMENT:
- Conferees negotiating agriculture law have been told to come back to Washington early today to try to get bill through House this week, Bloomberg News reported
WHAT TO WATCH:
- AT&T gives up right to offer to buy Vodafone within 6 months
- Vodafone said to seek purchase of Ono before planned IPO
- Liberty Global agrees to buy Dutch cable provider Ziggo
- Apple scheduled to report 1Q results after close of trading
- Apple said to be exploring mobile-payments system expansion
- BofA swaps desk investigated by CFTC, DOJ, filing disclosed
- Google to buy artificial-intelligence co. Deepmind: Re/code
- Samsung, Google sign agreement to license each other’s patents
- YRC wins key refinancing ingredient with union vote, Welch says
- Japan posts record annual trade deficit as import bill soars
- ICBC offers clients option to recoup funds in troubled trust
- Ukraine crisis deepens; power-shr bid fails to end protests
- German business confidence beats estimates on growth outlook
- U.S. East set for another Arctic blast as snow heads for Texas
- Universal’s ‘Ride Along’ tops box office with $21.2m
- Tesla finishes L.A.-to-New York electric Model S drive chargers
- Disney’s ESPN seeking profit with online video demand: WSJ
- Diageo speculated to consider bid for Brown-Forman: Times
- AT&T meets with EU on possible acquisitions, NSA role: WSJ
- Altegrity said to resume talks on sale of HireRight: Reuters
- Easton-Bell Sports seen likely to sell some brands: NY Post
- Boeing Set to Face Additional Safety Checks on 767 Jets: WSJ
AM EARNS:
- American Electric Power (AEP) 6:57am, $0.57
- Caterpillar (CAT) 7:30am, $1.27 - Preview
- Rayonier (RYN) 8am, $0.52
- Roper Industries (ROP) 7am, $1.61
- Royal Caribbean Cruises (RCL) 8:31am, $0.18 - Preview
PM EARNS:
- Apple (AAPL) 4:30pm, $14.07 - Preview
- Ashland (ASH) 5pm, $1.31
- Brookfield Canada Office (BOX-U CN) 5pm, $0.42
- Crane Co (CR) 5:48pm, $1.03
- Graco (GGG) 4:10pm, $0.76
- Olin (OLN) 5pm, $0.29
- Plum Creek Timber (PCL) 4:01pm, $0.28
- Rambus (RMBS) 4:05pm, $0.14
- Rent-A-Center (RCII) 4:15pm, $0.74
- Sanmina (SANM) 4:02pm, $0.38
- Seagate Technology (STX) 4:01pm, $1.39
- Steel Dynamics (STLD) 6pm, $0.25
- STMicroelectronics (STM IM) 4:46pm, $0.02
- Swift Transportation (SWFT) 4:02pm, $0.35
- U.S. Steel (X) 5:15pm, $(0.26)
- Zions Bancorp. (ZION) 4:10pm, $0.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Advances as Business Confidence Strengthens in Germany
- Brent Crude Drops Amid Concern of Slowing Emerging Market Growth
- Gold Bulls Boost Bets Amid Longest Rally Since 2012: Commodities
- Platinum Falls for Second Day as Talks Resume to End Strike
- Sumitomo Sees Nickel Glut Shrinking 43% on Indonesia Ban, China
- China’s Gold Shipments From Hong Kong Climb to a Record in 2013
- Rebar Falls on China Growth Concern as Margin Requirements Rise
- Gold Mint Running Overtime in Race to Meet World Coin Demand
- Hedge Funds Most Bullish on Gas Since 2006 After Freeze: Energy
- Wheat Rises Amid Concern U.S. Freezing Weather May Damage Crops
- Natural Gas Trades at Highest Level in Four Years on U.S. Cold
- Meat Diet in China Means Record Corn Imports: Chart of the Day
- Less Thermal Coal From U.S., Colombia Aids Market: Bull Case
- India to Review Gold Import Curbs in March on Deficit Control
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team