TODAY’S S&P 500 SET-UP – February 5, 2014
As we look at today's setup for the S&P 500, the range is 47 points or 1.15% downside to 1735 and 1.53% upside to 1782.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.32
- VIX closed at 19.11 1 day percent change of -10.87%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Jan. 31 (prior -0.2%)
- 8:15am: ADP Employment Change, Jan., est. 187k (prior 238k)
- 10am: ISM Non-Mfg Composite, Jan., est. 53.7 (prior 53)
- 10am: Fed’s Tarullo testifies on Volcker Rule to House Financial Services Committee
- 12:30pm: Fed’s Plosser speaks in Rochester, N.Y.
- 1:40pm: Fed’s Lockhart speaks in Birmingham, Ala.
GOVERNMENT:
- 9:30am: House Energy and Commerce panel meets on protecting consumer data, with Neiman Marcus and Target executives and FTC Chairwoman Edith Ramirez
- 9:30am: House Ways and Means panel hears from IRS Commissioner John Koskinen on issues including agency’s targeting of some tax-exempt organizations
- 10am: House Financial Services Cmte meets on Volcker Rule, with witnesses from Fed, SEC, FDIC, CFTC
- 10am: House Budget Cmte hears from CBO Director Doug Elmendorf on economic outlook
- 2pm: House Financial Services panel holds hearing on annual report from Office of Financial Research
WHAT TO WATCH:
- JPMorgan joins Morgan Stanley in settling U.S. mortgage suits
- Sony said in talks to sell Japan PC unit to investor group
- Apple joins Google in pressing high court to curb patent abuse
- Gilead profit tops analysts’ ests. on Hepatitis C drug sales
- 2nd storm strikes Northeast grounding planes, closing schools
- Eurozone Dec. retail sales down 1.6% m/m; est. down 0.7% m/m
- ICAP says rev. slipped 6% in final 3 mos. of 2013
- AIG asks for delay in $8.5b Bank of America settlement
- Sands leads Macau casino slump as Jan. rev. growth slowed
- Goldcorp to delay buying shares in Osisko until judgment
- Panasonic jumps most since 1974 after profit beats estimates
- Swatch 2013 profit rises 17% on compensation from Tiffany
- Dutch lender Rabobank said to consider sale of U.S. retail bank
- Volcker Rule unity is implementation goal of interagency group
- Buffett Railroad’s $5b investment plan tops Union Pacific
- Blavatnik sued for $2b over TNK energy venture’s sale
- "House of Cards" maker MRC said to get Guggenheim as owner
- CtW presses Yahoo to revise hiring, compensation, WSJ reports
- Goldman Sachs, Texas Pacific consider IPO for Ontex, Tijd says
AM EARNS:
- Allergan (AGN) 9am, $1.34 - Preview
- Arrow Electronics (ARW) 8am, $1.62
- Automatic Data Processing (ADP) 7:30am, $0.77
- Brookfield Infrastructure (BIP) 7:30am, $0.35
- Coca-Cola Enterprises (CCE) 7:30am, $0.52
- Cognizant Technology (CTSH) 6am, $1.15 - Preview
- Estee Lauder (EL) 7:30am, $1.06 - Preview
- Humana (HUM) 6am, $0.92
- Intact Financial (IFC CN) 6am, C$1.21
- Lazard (LAZ) 7am, $0.60
- Level 3 Communications (LVLT) 8am, $0.13
- Magellan Midstream (MMP) 8:02am, $0.82
- Merck (MRK) 7am, $0.89 - Preview
- Nasdaq OMX (NDAQ) 7am, $0.67
- Radian Group (RDN) 7am, $0.02
- Ralph Lauren (RL) 8:01am, $2.51 - Preview
- Time Warner (TWX) 7am, $1.15 - Preview
PM EARNS:
- Akamai Technologies (AKAM) 4:01pm, $0.52
- Allstate (ALL) 4:05pm, $1.37
- Atmel (ATML) 4:05pm, $0.10
- CBRE Group (CBG) 4:05pm, $0.66
- Cincinnati Financial (CINF) 4:05pm, $0.73
- Credicorp (BAP) 6pm, $2.33
- Everest Re Group (RE) 4:05pm, $5.06
- Fiserv (FISV) 4:01pm, $0.81
- FleetCor Technologies (FLT) 4:01pm, $1.06
- FMC (FMC) 4:30pm, $0.92
- Green Mountain Coffee Roasters (GMCR) 4pm, $0.90
- IAC (IACI) 4:05pm, $0.91
- Kimco Realty (KIM) 4:01pm, $0.13
- Lincoln National (LNC) 4:10pm, $1.28
- Marathon Oil (MRO) 4:03pm, $0.71
- NXP Semiconductor (NXPI) 8pm, $0.95
- O’Reilly Automotive (ORLY) 6:30pm, $1.32
- Pandora Media (P) 4:01pm, $0.07
- Plains All American Pipeline (PAA) 4:05pm, $0.70
- Prudential Financial (PRU) 4:07pm, $2.23
- SolarWinds (SWI) 4pm, $0.34
- Standard Pacific (SPF) 4:02pm, $0.14
- Stericycle (SRCL) 4:02pm, $0.96
- Tesoro (TSO) 4:40pm, $0.31
- TriQuint Semiconductor (TQNT) 4:02pm, $0.13
- Twitter (TWTR) Aft-Mkt, $(0.02) - Preview
- Walt Disney (DIS) 4:15pm, $0.91 - Preview
- XL Group (XL) 4:01pm, $0.82
- Yelp (YELP) 4pm, $(0.03)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Rises a Second Day as U.S. Freeze Seen Curbing Fuel Supplies
- Mitsui Mining Boosts Zinc Fee 70% as China Consumption Rises
- Sugar Prices Post Longest Rally in Five Months on Supply Concern
- Rubber Seen Needing Further 20% Drop to Drain Global Stockpiles
- Korean Coffee Lovers Luring Brazilian Arabica Sales: Commodities
- Wheat Slides Amid Speculation Snow Cover Will Shield U.S. Crop
- Gold Gains as Investors Weigh Economy Concerns, Physical Demand
- Natural Gas Retreats After Gains; CME Raises Margins for Trading
- NYSE Liffe Said to Review Cocoa, Coffee Trade as Prices Diverge
- India Said to Consider 75% Increase in Sugar Export Subsidy
- French Refiners Lost 700 Million Euros in 2013 as Margins Shrank
- Rubber Declines to 17-Month Low Amid Chinese Demand Concerns
- Copper Smelters Win Amid Mine Production Glut: Chart of the Day
- Zinc Rebounds From Longest Slump in 25 Years on Supply Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
