TODAY’S S&P 500 SET-UP – January 31, 2014
As we look at today's setup for the S&P 500, the range is 54 points or 2.18% downside to 1755 and 0.83% upside to 1809.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.32 from 2.35
- VIX closed at 17.29 1 day percent change of -0.35%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Employment Cost Index, 4Q, est. 0.4% (prior 0.4%)
- 8:30am: Personal Income, Dec., est. 0.2% (prior 0.2%)
- 9:45am: Chicago Purchasing Mgr Index, Jan., est. 59
- 9:55am: U of Mich. Conf, Jan. Final, est. 81.0 (pr 80.4)
- 1pm: Baker Hughes rig count
- 1:15pm: Fed’s Fisher to speak in Fort Worth, Texas
GOVERNMENT:
- Sec. of State John Kerry travels to Berlin for mtgs with German officials ahead of Munich Security Conf
- 9am: President’s Council of Advisors on Science and Technology meets on reproducibility, big data
- 10am: SEC Dodd-Frank investor advisory cmte meets
WHAT TO WATCH:
- MSFT said set to name Nadella CEO, replace Gates at chairman
- Google sales top estimates as retail offsets ad-price drop
- Lenovo said to ask for delayed payment amid Motorola deal rush
- Google looking to buy wearable device cos.: The Information
- Amazon’s boundless spending tested as sales growth slows
- Yahoo identifies effort to break into users’ e-mail accts
- Zynga buys NaturalMotion to boost mobile, is cutting staff
- Keystone report said likely to disappoint opponents on climate
- Euro-area Jan. inflation slows to 0.7% as energy prices drop
- Rowan fighting natural gas well in Gulf of Mexico
- Honda profit misses estimates as demand in Thailand slumps
- LVMH rises most since 2010 on rebound in fashion sales growth
- SEC panel opposes planned test of wider share-price increments
EARNINGS:
- AbbVie (ABBV) 7:51am, $0.82 - Preview
- Aon (AON) 6:30am, $1.51
- Autoliv (ALV) 6am, $1.52
- Avery Dennison (AVY) 8:30am, $0.68
- Booz Allen Hamilton (BAH) 6:30am, $0.33
- Brookfield Office Properties (BPO CN) 7am, $0.14
- Chevron (CVX) 8:30am, $2.57 - Preview
- Consol Energy (CNX) 7am, $0.06 - Preview
- Dominion Resources (D) 7:30am, $0.89
- ImmunoGen (IMGN) 6:30am, ($0.16)
- Lear (LEA) 7am, $1.59
- Legg Mason (LM) 7am, $0.99
- LyondellBasell (LYB) 7am, $1.40
- MasterCard (MA) 8am, $0.60
- Mattel (MAT) 6am, $1.20 - Preview
- Mead Johnson Nutrition (MJN) 7:30am, $0.77
- National Oilwell Varco (NOV) 7am, $1.39 - Preview
- Newell Rubbermaid (NWL) 6:30am, $0.46 - Preview
- Paccar (PCAR) 8am, $0.93
- Simon Property Group (SPG) 7am, $1.22 - Preview
- Tyco International (TYC) 6am, $0.45 - Preview
- Tyson Foods (TSN) 7:30am, $0.64
- WisdomTree Investments (WETF) 7am, $0.12
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Has Longest Losing Streak Since 1998 on China Concern
- RWE Expands in LNG to U.S. Natural Gas as Banks Exit Commodities
- WTI Crude Drops on Speculation Gain to Month-High Was Excessive
- Gold Trades Near 1-Week Low on Outlook for Fed, Physical Demand
- Corn Set for First Monthly Gain Since August as U.S. Sales Climb
- Copper Analysts Are Most Bearish in Year on Fed Tapering, China
- Europe Faces Polar Vortex Flip Side as Power Prices Slide
- U.S. Cattle Herd Shrinking to 63-Year Low Means Record Beef Cost
- Robusta Coffee Climbs to 5-Mo. High on Possible Roaster Buying
- Panama’s $5.3 Billion Canal Expansion Has U.S. Ports Jumping
- Soybean Traders Most Bearish in Four Weeks on Brazil: Survey
- Teapots Boiling in Texas as Shale Spurs Refining Revival: Energy
- Mexico Energy Bill May Draw Private Capital for Infrastructure
- Natural Gas Extends Biggest Decline in More Than Four Years
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team