TODAY’S S&P 500 SET-UP – October 8, 2014
As we look at today's setup for the S&P 500, the range is 30 points or 0.26% downside to 1930 and 1.29% upside to 1960.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.85 from 1.83
- VIX closed at 17.2 1 day percent change of 11.25%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Oct. 3 (prior -0.2%)
- 8:30am: Fed’s Evans speaks in Plymouth, Wis.
- 10:30am: DOE Energy Inventories
- 1pm: U.S. to sell $21b 10Y notes in reopening
- 2pm: Fed releases minutes from Sept. 16-17 FOMC meeting
GOVERNMENT:
- Senate, House out of session
- FCC deadline for replies on CMCSA/TWC Deal
- 10am: Supreme Court to consider arguments on whether workers at Amazon.com warehouses must be paid for time spent in security screenings after they clock out
- 2:30pm: Chinese Vice Minister of Finance Guangyao Zhu speaks at Peterson Institute talk on China-U.S. economic relations
- 4:30pm: Former Fed Chairman Ben Bernanke speaks on future of global economy at World Business Forum
- U.S. ELECTION WRAP: Kansas May Set New Trend; S.D. Crooning
WHAT TO WATCH:
- U.S. Said to Ready Charges Against Banks, Traders in FX Case
- Symantec Said to Explore Split Into Security, Storage Businesses
- Valeant Said to Plan Raising Allergan Bid Near December Vote
- Yum Cuts Profit Forecast as Chinese Food Scare Weighs on Sales
- Costco Profit Tops Estimates as Same-Store Sales Increase
- Russia Buys Rubles for a Third Day While Shifting Trading Band
- Marchionne Says He’s ‘Done’ After 2018 Plan for Fiat Chrysler
- Kurdish Protests Roil Turkey as Islamic State Attacks Kobani
- Facebook to Let Advertisers Target Users Based on Locations
- SolarCity to Finance Rooftop Systems in Shift From Leasing Model
- Chimerix’s Antiviral Drug Improved Survival in Josh Hardy Study
- Bard Said to Pay $21 Million in First Big Vaginal-Mesh Accord
- World Growth Eclipses Dollar as Concern for Lew, Manufacturers
- 18 Banks Said to Adjust Derivatives Contracts Practices: FT
- Fed Needs Plan to Sell Mortgage-Backed Assets, Lacker Says: WSJ
- San Francisco Supervisors Agree to Legalize Airbnb: SFGate
AM EARNS:
- Blackhawk (HAWK) 8:30am, $0.03
- Jean Coutu (PJC/A CN) 7am, C$0.29
- Monsanto (MON) 8am, $(0.24) - Preview
- RPM Intl (RPM) 7:30am, $0.78
PM EARNS:
- Alcoa (AA) 4:03pm, $0.22 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- London Metal Exchange Wins Appeal Over Rusal Warehouse Ruling
- Brent Drops to 27-Month Low on IMF Growth Cut; WTI Declines
- Gold Climbs on Demand From China After Holiday; Platinum Rallies
- Corn Retreats in Chicago as U.S. Harvest Seen Exceeding Forecast
- Narrow Price Gap Opens Door for African Oil Exports to U.S. East
- Arabica Coffee Slides in New York on Speculation of Brazil Rain
- China Steel Demand May Slow as Economy Becomes More Sustainable
- OIL DAYBOOK: EIA Crude Build Fcast; OPEC Basket Drops Below $90
- Northeast U.S. Homes to Pay Higher Prices for Less Gas in Winter
- Commodity ETP Outflows Totaled $1.8 Billion in Sept: Blackrock
- Gold With Iron Ore Seen Least Preferred Metals by Morgan Stanley
- OPEC Crude Below $90 Won’t Spur Immediate Output Cut: Julian Lee
- Nickel to Aluminum Decline on Demand Concern as IMF Cuts Outlook
- Indonesia Seen Losing $20B Mining Investment on Political Risk
- Rusal Says Will Seek to Appeal U.K. Court Ruling on LME Today
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
