TODAY’S S&P 500 SET-UP – January 28, 2014
As we look at today's setup for the S&P 500, the range is 64 points or 1.32% downside to 1758 and 2.27% upside to 1822.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.41
- VIX closed at 17.42 1 day percent change of -3.97%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45/8:55am: ICSC/Redbook weekly retail sales
- 8:30am: Durable Goods, Dec., est. 1.8% (prior 3.5%)
- 9am: S&P/Case Shiller Home Price Index m/m, Nov., est. 0.8%
- 10am: Consumer Confidence Index, Jan., est. 78 (prior 78.1)
- 10am: Richmond Fed Manuf Index, Jan., est. 13 (prior 13)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Federal Open Market Cmte begins final mtg under Fed Chairman Ben Bernanke, who’ll be succeeded by Janet Yellen
- U.S. central bank may trim bond purchases in $10b increments over next 6 mtgs b/f announcing program’s end no later than Dec.
- 8am: FTC’s chief privacy Peter Miller delivers keynote address at American Council for Technology and Industry Advisory Council’s Cybersecurity Forum
- 10am: CFPB’s Cordray testifies at House Financial Services Cmte hearing
- 10am: House Ways and Means Cmte holds hearing on how ACA definition of full-time employee affects jobs
- 10am: Senate Banking Cmte hears from Ex-Im Bank Chairman Fred Hochberg on reauthorization of bank
- 10am: House Agriculture, Energy and Trade panel meets on effect of intl trade agreements on small business
- 1:30pm: House Homeland Security panel holds hearing on TSA’s criminal investigators
- 9pm President Barack Obama gives State of the Union address
- ~10pm Republican Conference Chair Cathy McMorris Rodgers, R-Wash., will deliver GOP response
WHAT TO WATCH:
- Apple products losing steam put onus on Cook for new gadgets
- Samsung keeps lead over Apple as China smartphones gain share
- Tech cos. win deal to disclose U.S. requests for user data
- Bank of Montreal agrees to buy U.K.’s F&C for $1.2b
- Texas Industries said to reach deal for sale to Martin Marietta
- President Barack Obama gives State of the Union address
- Rep. Cathy McMorris Rodgers, R-Wash., to give GOP response
- House, Senate leaders reach deal on farm bill
- Ukraine premier steps down as lawmakers meet to end protests
- U.K. 4Q GDP up 0.7%, matches forecast, ending best yr since ’07
- India unexpectedly raises rate as rupee risks inflation goal
- Honda becomes net U.S. exporter as Japan imports topped
- Foxconn in talks with multiple U.S. states for manufacturing
- Shell said to seek buyers for $1b stake in Ho-Ho pipeline
- Credit Suisse said to plan $500m U.S. CLO amid slow start
- Casablanca Capital to push for ops split at Cliffs Natural: WSJ
- Google pays GBP400m to acquire U.K. Startup: Guardian
- Vision care insurer VSP will cover Google Glass: NY Times
AM EARNS:
- Air Products & Chemicals (APD) 6am, $1.33
- AK Steel Holding (AKS) 8am, $0.05 - Preview
- CIT Group (CIT) 6am, $0.80
- Comcast (CMCSA) 7am, $0.68 - Preview
- Corning (GLW) 7am, $0.28
- Danaher (DHR) 6am, $0.95
- DR Horton (DHI) 6am, $0.30 - Preview
- EI du Pont de Nemours & Co (DD) 6am, $0.55 - Preview
- FirstMerit (FMER) 7:30am, $0.37
- Ford Motor Co (F) 7am, $0.28 - Preview
- Harris (HRS) 6:3am, $1.18
- Illinois Tool Works (ITW) 8am, $0.91
- Lexmark International (LXK) 7am, $1.08
- NextEra Energy (NEE) 7:30am, $0.97
- Nucor (NUE) 9am, $0.40 - Preview
- Pentair (PNR) 7am, $0.85
- Pfizer (PFE) 7am, $0.52 - Preview
- Polaris Industries (PII) 6am, $1.55
- T. Rowe Price Group (TROW) 7:29am, $1.03
PM EARNS:
- ACE (ACE) 4:01pm, $2.01
- Albemarle (ALB) 4:03pm, $1.05
- Amgen (AMGN) 4pm, $1.69 - Preview
- Arthur J Gallagher & Co (AJG) 4:09pm, $0.49
- AT&T (T) 4:01pm, $0.51 - Preview
- Cirrus Logic (CRUS) 4pm, $0.77
- Electronic Arts (EA) 4:03pm, $1.23 - Preview
- Freescale Semiconductor (FSL) 4:05pm, $0.18
- Illumina (ILMN) 4:05pm, $0.44 - Preview
- Owens-Illinois (OI) 4:04pm, $0.52
- RF Micro Devices (RFMD) 4pm, $0.13
- Rock Tenn Co (RKT) 5pm, $1.76
- Total System Services (TSS) 4pm, $0.47
- VMware (VMW) 4:01pm, $1.00
- WR Berkley (WRB) 4:01pm, $0.77
- Yahoo! (YHOO) 4:05pm, $0.38 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Flows East as Refiners Recast Bars for China Defying Slump
- Natural Gas Rebounds After Biggest Drop in Almost Nine Months
- Nickel Glut Ending as Goldman Sees Rally on Ore Ban: Commodities
- Copper Rebounds From Longest Losing Streak in Almost Five Months
- Gold Declines on Speculation Demand to Wane With Fed Set to Meet
- Deep South Set for Rare Winter Storm as Frigid Front Sweeps U.S.
- Raw Sugar Extends Drop in NY, Falls to Lowest Since June 2010
- Wheat Rallies on Concern Freezing U.S. Weather May Damage Crops
- Rebar Futures Fall Most in a Week as Demand Drops Before Holiday
- Platinum Miners Bet on Eight-Week Stockpile to Beat Strike
- Falling Gasoline Hurts Exxon Plea for U.S. Crude Exports: Energy
- Hong Kong Bans Live Poultry Sales, Culls Chickens As Virus Found
- Basement Reservoirs May Hold 20% Additional Oil & Gas Resource
- WTI Rises for First Time in Three Days on Freezing U.S. Weather
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
