TODAY’S S&P 500 SET-UP – October 7, 2014
As we look at today's setup for the S&P 500, the range is 41 points or 1.42% downside to 1937 and 0.67% upside to 1978.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.88 from 1.89
- VIX closed at 15.46 1 day percent change of 6.25%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 10am: JOLTs Job Openings, Aug., est. 4.7m (prior 4.673m)
- 10am: IBD/TIPP Economic Optimism, Oct. est. 45.1 (prior 45.2)
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $27b 3Y notes
- 3pm: Consumer Credit, Aug., est. $20.0b (prior $26.006b)
- 2:30pm: Fed’s Kocherlakota speaks in Rapid City, S.D.
- 3pm: Fed’s Dudley speaks in Troy, N.Y.
- 4:30pm: API weekly oil inventories
- 4:30pm: Fed’s Potter speaks in New York
GOVERNMENT:
- Senate, House out of session
- 8am: FCC Chairman Wheeler lecture at Newseum event
- 8:45am: Treasury’s Lew speaks at Peterson Institute on global economy ahead of IMF/World Bank meetings in Washington
- 8:45am: CFPB’s Thomas Kearney, FTC’s Malini Mithal speak at American Bar Assn conference on consumer financial svcs
- 10am: Supreme Court hears case involving religious rights in prison
- 1pm: Woodrow Wilson Center holds discussion on “The Politics and Process of Keystone XL”
- U.S. ELECTION WRAP: Senate Debates in N.H., Colo.; Gay Marriage
WHAT TO WATCH:
- IBM Said to Resume Talks to Offload Chip Unit to Globalfoundries
- Time Warner’s Turner to Eliminate 10% of Jobs to Boost Profit
- Paulson Says AIG Harsh Loan Terms Needed as Geithner to Testify
- U.S. Banks Said to Face Another Round of Charges by DOJ: NYT
- Banks Face 25% Loss-Absorbency Rule in FSB Too-Big-to-Fail Plan
- Lundin Agrees to Buy Freeport Chile Copper Mine for $1.8b
- Allergan Asks Judge to Block Ackman From Voting Stock at Meeting
- AT&T Says Employee Gained Unauthorized Access to Customer Data
- HP Going It Alone in PCs Faces Tough Suppliers, Shrinking Market
- HP Seeks Judge’s Approval of Revised Autonomy Deal Settlement
- U.S. Holiday Sales Seen Rising Most Since 2011 on Job Gains
- Amazon Said to Face EU Antitrust Probe Over Luxembourg Tax Deal
- German Industrial Output Drops Most Since 2009 as Risks Rise
- Samsung Earnings Slump 60% as Galaxy Smartphones Sales Struggle
- Bank of Japan Sees Wider Dissent on Inflation Language
- Tesla Seen Adding All-Wheel-Drive Model S Version by Analysts
- Sanofi Notifies U.S. Authorities on Bribery Allegations
- Hong Kong Tensions Ease on Talks as City Weighs Cost of Protests
- Social Finance to File for $200m-$250m IPO Next Yr: WSJ
EARNINGS:
- International Speedway (ISCA), 7:30am, $0.01
- Yum Brands (YUM) 4:15pm, $0.83
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Falls With WTI as German Output Fans Growth Concern
- Palm Production in Malaysia Seen Declining Most Since February
- Gold Trades Above 2014’s Low Before China Returns From Holiday
- Rio Tinto Jumps After Saying It Rejected Glencore Approach
- Copper Declines Amid Concern European Demand Is Set to Weaken
- Cotton Glut Eroding Cost for Gap as China Buys Less: Commodities
- Soybeans Drop From Two-Week High in Chicago on Rising Reserves
- Palm Oil Climbs a Second Day as Malaysian Output Seen Dropping
- Indonesia’s Tin Exports Climb Most in Four Months in September
- Iron Ore Futures Volume in Sept. Seen by TSI Overtaking Swaps
- Chile Top Renewable Market on Sunny Desert, Windy Shores: Energy
- EU Manufacturing Reaps $2.5 Billion Permit Win: Carbon & Climate
- Occidental Said to Seek Buyer for $3 Billion Bakken Oil Business
- Glasenberg’s Designs on Rio Tinto Hinge on China Inc.’s Approval
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team