TODAY’S S&P 500 SET-UP – February 14, 2014
As we look at today's setup for the S&P 500, the range is 122 points or 5.67% downside to 1726 and 0.99% upside to 1848.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.42 from 2.42
- VIX closed at 14.14 1 day percent change of -1.12%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Benchmark revisions of Producer Price Index
- 8:30am: Import Price Index m/m, Jan., est. -0.1% (pr 0.0%)
- 9:55am: UofMich. Confidence, Feb. preliminary, est. 80.2
- 11am: Fed to buy $1b-$1.25b in 2036-2043 sector
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Barack Obama meets w/Jordan’s King Abdullah II
- U.S. federal agencies open with two-hour delay
WHAT TO WATCH:
- More snow for U.S. Northeast after 14,000 flights grounded
- AIG boosts div., buybacks as CEO Benmosche eliminates jobs
- Twitter insiders get first chance to sell shrs as lockup ends
- Sony’s PlayStation 4 retakes lead over Microsoft’s Xbox One
- Kennedy Wilson Europe to raise $1.2b in property IPO
- Rakuten to buy Viber Internet messaging app for $900m
- Brightoil in talks w/Anadarko, Newfield on China ops: Reuters
- Pershing, Trian other funds face 13F disclosure deadline
- Toyota’s Prius keeps top Calif. sales rank as Tesla moves up
- Euro-area economy grows more than forecast on Germany, France
- European banks avoiding risky-loan disclosure brace for review
- China banks’ bad loans reach highest since financial crisis
- China inflation stays subdued as producer prices drop
- Fed Minutes, Carney, EU Talks, Olympics: Wk Ahead Feb. 15-22
- NOTE: No U.S. Daybook Monday due to President’s Day holiday
EARNINGS (all times ET, times are approximate):
- Allete (ALE) 8:30am, $0.82
- Brookfield Asset Management In (BAM/A CN) 7:01am, $0.51
- Campbell Soup Co (CPB) 6:30am, $0.73 - Preview
- Coty (COTY) 6am, $0.29
- DTE Energy Co (DTE) 7:15am, $0.96
- Enbridge (ENB CN) 7am, C$0.45 - Preview
- Hyatt Hotels (H) 7:30am, $0.20
- Interpublic Group (IPG) 7am, $0.59
- ITT (ITT) 7am, $0.47
- JM Smucker (SJM) 7am, $1.68 - Preview
- LifePoint Hospitals (LPNT) 6:30am, $0.80
- Lincoln Electric Holdings (LECO) 7:30am, $0.86
- Scripps Networks Interactive I (SNI) 7am, $0.97
- TRW Automotive Holdings (TRW) 7am, $1.64
- Ventas (VTR) 7:01am, $0.43
- VF (VFC) 7am, $0.84 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Extends Climb Above $1,300 as Investors Boost SPDR Holdings
- Palm Imports by India Slump to Lowest Since April on Reserves
- Natural Gas Heads for Weekly Gain as Cold Erodes Stockpiles
- Copper Advances as Economic Growth in Europe Exceeds Estimates
- Soybeans Climb for a Second Day on Chinese Demand Indications
- Coffee Declines in London to New York With Brazil Rainfall Seen
- Rebar in Shanghai Advances as Chinese Steel Output Declines
- Silver Trades Above 200-Day Moving Average for 1st Time in Year
- Impala Platinum Sees Strike Lasting to May as Talks Stumble
- Sugar Traders Bullish for Second Week on Dry Weather in Brazil
- Frozen Peach Trees Help U.S. Southeast Orchards Amid Storm Chaos
- Derailment in Pennsylvania Adds to Scrutiny of Crude Shipments
- Iran Nuclear Talks Resume as Companies Prepare for Market Access
- Palm Reserves in Indonesia Seen at 19-Month Low; Prices Advance
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team