TODAY’S S&P 500 SET-UP – January 29, 2014
As we look at today's setup for the S&P 500, the range is 48 points or 1.20% downside to 1771 and 1.48% upside to 1819.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.39 from 2.41
- VIX closed at 15.8 1 day percent change of -9.30%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Jan. 24 (prior 4.7%)
- 7:15am: BoE’s Carney speaks in Edinburgh
- 10:30am: DOE Energy Inventories
- 2pm: FOMC Rate Decision, Jan. 29, est. 0%-0.25% (pr. 0%-0.25%)
GOVERNMENT:
- President Obama speaks on economy in Md., Penn.
- 10am: Senate Judiciary Cmte hears from Attorney General Eric Holder at oversight hearing
WHAT TO WATCH:
- Obama income-gap message frames race for control of U.S. Senate
- Obama seeks trade deals in speech backing U.S. cos.’ goals
- FOMC rate decision expected at 2pm
- JPMorgan said near decision on $2b commodities unit sale
- Yahoo’s Mayer fails to revive growth 18 months into CEO role
- Deutsche Bank cuts investment banker pay 23% as loss reported
- AT&T forecasts profit on low end of estimates as rivalry grows
- Caesars is said to weigh bid for Revel casino in Atlantic City
- J&J gets $257m Louisiana Risperdal verdict thrown out
- Lenovo said to agree to higher than usual break fee with IBM
- Turkey raises rates to end lira fall as Basci defies Erdogan
- Ukraine president fails to quell protests after ally quits
- BP continued suspension from new contracts sought by U.S.
- Biggest banks seen meeting Basel rules 5 yrs ahead of time
- Goldman Sachs said to lead American Homes 4 Rent bond deal
- Canon forecast misses analyst estimates amid camera slump
- Novartis 4Q net drops on franc, emerging markets
- Fiat 4Q profit misses est, won’t pay div.
- Boeing’s testing on new tanker may face delays: Reuters
AM EARNS:
- Ametek (AME) 7am, $0.54
- Biogen Idec (BIIB) 7:15am, $2.27 - Preview
- Boeing (BA) 7:30am, $1.54 - Preview
- Canadian Pacific Railway (CP CN) 7:30am, C$1.92 - Preview
- Capitol Federal Financial (CFFN) 9am, $0.13
- CGI Group (GIB/A CN) 6:30am, C$0.71 - Preview
- Dow Chemical (DOW) 7am, $0.43 - Preview
- EMC (EMC) 6:52am, $0.59
- Energizer Holdings (ENR) 7:30am, $2.13
- Gentex (GNTX) 8am, $0.43
- Hess (HES) 7:30am, $1.07 - Preview
- Hudson City Bancorp (HCBK) 8am, $0.07
- JetBlue Airways (JBLU) 7:30am, $0.13
- Marathon Petroleum (MPC) 7:06am, $1.17 - Preview
- McCormick & Co (MKC) 6:30am, $1.19
- MeadWestvaco (MWV) 7:25am, $0.24
- New York Community Bancorp (NYCB) 8am, $0.26
- Phillips 66 (PSX) 8am, $1.10 - Preview
- Praxair (PX) 6:02am, $1.55
- Rockwell Automation (ROK) 7am, $1.39
- SEI Investments (SEIC) 8:30am, $0.36
- Southern (SO) 7:30am, $0.45
- TCF Financial (TCB) 8am, $0.23
- Tupperware Brands (TUP) 7am, $1.84
- Valero Energy (VLO) 7:49am, $1.43 - Preview
- WellPoint (WLP) 6am, $0.87
PM EARNS:
- Amdocs (DOX) 4:01pm, $0.75
- Cadence Design Systems (CDNS) 4:05pm, $0.23
- Citrix Systems (CTXS) 4:05pm, $0.98
- Concur Technologies (CNQR) 4:10pm, $0.13
- Facebook (FB) 4:05pm, $0.27 - Preview
- Flextronics Intl (FLEX) 4:01pm, $0.23
- Fortinet (FTNT) 4:15pm, $0.14
- Fortune Brands (FBHS) 4:01pm, $0.38
- Hanesbrands (HBI) 4:01pm, $0.90
- Idex (IEX) 4:35pm, $0.80
- Intersil (ISIL) 4:05pm, $0.17
- InvenSense (INVN) 4:05pm, $0.17
- Lam Research (LRCX) 4:05pm, $1.03
- Las Vegas Sands (LVS) 4:22pm, $0.84
- Murphy Oil (MUR) 5:01pm, $1.18
- Qiagen (QGEN) 4pm, $0.33
- Qualcomm (QCOM) 4pm, $1.18 - Preview
- ServiceNow (NOW) 4:01pm, $(0.02)
- Symantec (SYMC) 4:01pm, $0.43
- Tractor Supply (TSCO) 4:01pm, $0.65
- Vertex Pharmaceuticals (VRTX) 4pm, $(0.56) - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- JPMorgan Said Near Decision on $2 Billion Commodities Unit Sale
- WTI Slips From Four-Week High Before Supply Data, Fed Decision
- Branson’s Butanol Heads to U.S. to Replace Ethanol: Commodities
- Natural Gas Climbs for Second Day as Frigid Weather Sweeps U.S.
- Copper Snaps 5-Day Drop as Turkey Raises Rates Before Fed Move
- Cocoa Falls as ICCO Sticks to Shortage Forecast; Coffee Advances
- Corn Drops First Time in Seven Days as Crop Prospects Improve
- Gold Erases Decline in London, Following Gains in New York
- Oilseed Harvest in India Heading for Three-Year High on Monsoon
- Rebar Rises for First Time in Three Days on Production Cost Gain
- Turkey Crisis Puts Jailed Millionaire at Heart of Gold Trail
- Texas Vies With Saudi Arabian Oil in California Supply: Freight
- Obama Touts Fracking Rule Opposed by Halliburton, Baker Hughes
- California Farms Going Thirsty as Drought Burns $5 Billion Hole
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team