TODAY’S S&P 500 SET-UP – February 7, 2014
As we look at today's setup for the S&P 500, the range is 61 points or 2.05% downside to 1737 and 1.39% upside to 1798.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.39 from 2.38
- VIX closed at 17.23 1 day percent change of -13.63%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Nonfarm Payrolls, Jan., est. 180k (prior 74k)
- 1pm: Baker Hughes rig count
- 3pm: Consumer Credit, Dec., est. $12b (prior $12.318b)
- 3:30pm: CFTC Commitments of Traders report
GOVERNMENT:
- U.S. Treasury Sec. Jack Lew may consider taking ‘‘extraordinary measures’’ to avoid reaching borrowing limit after Congress failed to agree on debt ceiling boost
WHAT TO WATCH:
- Payrolls in U.S. probably expanded at a faster pace in January
- Baytex Energy to buy Aurora Oil to add shale production
- LinkedIn drops after sales forecast trails analyst estimates
- News Corp. profit tops estimates even as ad revenue declines
- IBM considering sale of semiconductor business: FT
- Bank of England staff said to have condoned FX trader conduct
- U.K. industry output rises less than forecast as momentum eases
- ArcelorMittal sees 2014 profit rising as steel demand rebounds
- German top court sends suit against ECB’s OMT to EU top court
- Ukraine imposes capital control as president heads for Sochi
- Time’s $1.3b debt to “keep private equity away": N.Y. Post
- Yellen Testifies, U.S. Retail Sales, BOE: Week Ahead Feb. 8-15
EARNINGS:
- American Axle & Manufacturing (AXL) 8am, $0.49
- Cameco (CCO CN), C$0.53, post-mkt
- CBOE Holdings (CBOE) 7:30am, $0.48
- Cigna (CI) 6am, $1.49
- Domtar (UFS) 7:30am, $1.53
- FLIR Systems (FLIR) 7:30am, $0.37
- Laboratory of America (LH) 6:45am, $1.66
- Madison Square Garden (MSG) 7:30am, $0.65
- Moody’s (MCO) 7am, $0.76
- Sirona Dental Systems (SIRO) 6:30am, $0.92
- Wyndham Worldwide (WYN) 6:29am, $0.73 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Advances for a Second Day Before U.S. Employment Report
- Cocoa Harvest in Indonesia May Drop to Lowest in Decade on Rain
- Natural Gas Falls for Third Day as Weaker Winter Storms Forecast
- Brazil Raw-Sugar Discount Spurs White Output as Refiners Profit
- Gold Poised for Weekly Advance Before U.S. Data as China Returns
- Wheat Heads for Best Week Since September After U.S. Freeze
- Coffee Tumbles Amid Potential Rain for Brazil; Sugar Declines
- Solar Water Pumps Wean Indian Farmers From Archaic Grid: Energy
- AMCI Seeks Coal, Iron Ore Assets as ‘Super-Cycle’ Seen Intact
- Rebar Extends Drop to Two-Week Low as China Returns From Holiday
- Mitsubishi UFJ Securities to Withdraw From Commodities Business
- Sugar Traders Most Bullish Since March Amid Brazil Dry Weather
- New Supply Additions, China Drive Iron Ore, Coal: 2014 Outlook
- WTI Drops for First Time in Four Days on U.S. Jobs Report, China
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team