TODAY’S S&P 500 SET-UP – February 3, 2014
As we look at today's setup for the S&P 500, the range is 52 points or 1.77% downside to 1751 and 1.14% upside to 1803.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.32
- VIX closed at 18.41 1 day percent change of 6.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:58am: Markit U.S. PMI Final, Jan., est. 53.9
- 10am: ISM Mfg, Jan., est. 56.1 (prior 57, revised 56.5)
- 10am: Construction Spending, m/m, Dec., est. 0.2% (prior 1%)
GOVERNMENT:
- 9am: Treasury Sec. Jack Lew speaks at Bipartisan Policy Center on need for Congress to extend debt ceiling
- 1:30pm: Reps. Joe Barton, R-Texas; Diana DeGette, D-Colo.; FTC Commissioner Maureen Ohlhausen speak at Congressional Bi-Partisan Privacy Caucus briefing on consumer data breaches
- 3pm: Senate Banking panel hears from FTC consumer protection director Jessica Rich, American Bankers Assn representative James Reuter on safeguarding consumer data
WHAT TO WATCH:
- Auto sales for Jan. come out today; SAAR may be 15.7m
- Jos. A. Bank tells Men’s Wearhouse offer undervalues co.
- Jos. A. Bank said to pursue Eddie Bauer
- Smith & Nephew to buy ArthroCare for $1.7b in cash
- United to drop Cleveland airport hub in $2b savings push
- China manufacturing gauge at 6-mo. low signals growth easing
- AT&T cuts family wireless plans $40 in escalating price war
- Microsoft’s new director said to seek Windows-sales revamp
- Lenovo said to turn to U.S. security insiders for deal approval
- Universal’s “Ride Along” tops N.A. weekend box office
- Euro-area manufacturing expands faster than estimated
- FTC chief to meet with activists about Herbalife: N.Y. Post
- SAC Capital to change name, restructure by mid-March: NYT
- U.S. can’t yet fix enrollment errors in HealthCare.gov: WPost
- Shell’s Australian assets draw bids over A$3b, AFR report
- Liberty, Discovery may buy 49% of Formula One from CVC: NY Post
AM EARNS:
- Sysco (SYY) 8am, $0.40
- Old National Bancorp (ONB) 9am, $0.25
PM EARNS:
- Integrated Device Technology (IDTI) 4pm, $0.12
- Edwards Lifesciences (EW) 4pm, $0.82
- Anadarko Petroleum (APC) 4pm, $0.90
- Torchmark (TMK) 4pm, $1.46
- Prospect Capital (PSEC) 4pm, $0.32
- Principal Financial Group (PFG) 4pm, $0.94
- Hologic (HOLX) 4:01pm, $0.31 - Preview
- Advanced Energy Industries (AEIS) 4:01pm, $0.60
- American Capital Agency (AGNC) 4:01pm, $0.64
- General Growth Properties (GGP) 4:01pm, $0.35 - Preview
- CareFusion (CFN) 4:02pm, $0.54
- Alexandria Real Estate (ARE) 4:05pm, $1.16
- Take-Two (TTWO) 4:05pm, $1.42
- Power Integrations (POWI) 4:05pm, $0.63
- PartnerRe (PRE) 4:13pm, $2.79
- Artisan Partners Asset Mgmt (APAM) 4:15pm, $0.76
- Brown & Brown (BRO) 4:15pm, $0.35
- Advent Software (ADVS) 4:15pm, $0.30
- Hartford Financial (HIG) 4:15pm, $0.90
- Yum! Brands (YUM) 4:15pm, $0.80 - Preview
- Dun & Bradstreet (DNB) 4:15pm, $2.83
- Post Properties (PPS) 4:35pm, $0.66
- BRE Properties (BRE) 4:45pm, $0.65
- UGI (UGI) 4:45pm, $1.09
- AmeriGas Partners (APU) 4:45pm, $1.06
- Kilroy Realty (KRC) 5:02pm, $0.64
- Crown Holdings (CCK) 5:03pm, $0.50
- Suncor Energy (SU CN) 10pm, $0.77 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Set for Longest Slump Since 1996 on China Manufacturing
- WTI Crude Drops a Second Day on Concern Chinese Demand May Slow
- Perth Mint to U.S. Post Higher January Gold Sales as Price Gains
- Hedge Funds Raise Gold Bets as Copper Bulls Retreat: Commodities
- Corn Climbs to Five-Week High on Signs of Demand for U.S. Crop
- Gold Advances in London as Declining Equity Markets Boost Demand
- Sugar Extends Gains as Brazil Dry Weather Combines With India
- Natural Gas Declines a Third Day on Milder U.S. Weather Outlook
- Speculators Boost Bullish Oil Wagers Most in Six Months: Energy
- Keystone Foe Steyer Says Flaws in Pipeline Report Require Review
- Commodity Hedge Fund Run by King, Coleman Gains 9.8% in January
- CME Settles MF Global Lawsuit for $14.5 Million: Bankruptcy
- Libya Crude Oil Output More Than Doubled in January: BI Chart
- Mining’s Dormant $8 Billion of Private Equity Seen Reviving M&A
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team