TODAY’S S&P 500 SET-UP – October 9, 2014
As we look at today's setup for the S&P 500, the range is 45 points or 1.98% downside to 1930 and 0.31% upside to 1975.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.87
- VIX closed at 15.11 1 day percent change of -12.15%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, Oct. 4, est. 295k (prior 287k)
- 8:45am: Bloomberg Oct. U.S. Economic Survey
- 9:45am: Bloomberg Consumer Comfort, Oct. 5 (prior 34.8)
- 10am: Wholesale Inventories, Aug., est. 0.3% (prior 0.1%)
- 10:15am: Fed’s Bullard speaks in St. Louis
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: ECB’s Draghi, Fed’s Fischer speak in Washington
- 11am: U.S. announces plans for auctions of 3M/6M/1Y bills
- 1pm: U.S. to sell $13b 30Y bonds in reopening
- 1:10pm: Fed’s Tarullo speaks in Washington
- 1:15pm: Fed’s Lacker speaks in Asheville, N.C.
- 1:30pm: Fed’s Fischer speaks in Washington
- 3:40pm: Fed’s Williams speaks in Las Vegas
GOVERNMENT:
- Senate, House out of session
- President Obama speaks on economy
- 8am: Financial Services Roundtable holds Global Financial Summit, participants incl. CFTC Chairman Timothy Massad
- 9am: IMF Managing Director Christine Lagarde, World Bank President Jim Yong Kim preview IMF, World Bank annual mtgs
- 9:15am: Sec. of State John Kerry, U.K. Foreign Sec. Philip Hammond at Boston global climate change, clean energy event
- 11am: ECB President Mario Draghi speaks at Brookings Institution; Draghi, Fed Board Vice Chairman Stanley Fischer follow w/conversation
- 3pm: Homeland Security Sec. Jeh Johnson at CSIS discussion on border security
- U.S. ELECTION WRAP: Abortion Issue in N.H.; Kansas Sen. Debate
WHAT TO WATCH:
- Alcoa Earnings Rebound as Aluminum Use Rises in Autos, Aerospace
- Barclays to Pay $20m to Settle Libor Suit, Plaintiffs Say
- McClendon Said to Weigh Bid for Freeport’s California Assets
- Gap Tumbles After Saying Murphy Will Step Down as CEO Next Year
- AMD Appoints Lisa Su Chief Executive, Replaces Rory Read
- Twitter News Head Schiller Exits as Executive Turnover Continues
- Icahn Says He Plans to Send Open Letter to Apple CEO Tim Cook
- Russia Moves Ruble Band Most Since March, Spends $1.85b
- Nurse Tested for Ebola in Australia After Volunteering in Africa
- Worldwide PC Sales Declined 1.7% in Third Quarter, IDC Says
- Morgan Stanley Bankers Poised for Biggest Wall Street Bonus Bump
- Tesla to End ‘The D’ Suspense to Stay Ahead on Electric Autos
- Boeing Predicts Demand for 1,340 New Planes in Northeast Asia
- Brooklyn Home Prices Reach Record as New York Buyers Bid Higher
- CEOs Tout Reserves of Oil, Gas Revealed to Be Much Less to SEC
- Hong Kong Protest Leaders Say They May Walk Away From Talks
- China Outlines Plans to Ease Capital Controls, Boost Use of Yuan
- Elevation Partners Said to Tell Investors No New Fund Is Coming
- Google Asks Supreme Court to Decide Oracle Suit: Reuters
- Citigroup Set to Return $16m to Customers After Pact: WSJ
- Fidelity 1 of 13 Fin Groups Targeted by JPMorgan Hackers: FT
EARNINGS:
- Lindsay (LNN) 7am, $0.56
- PepsiCo (PEP) 7am, $1.29 - Preview
- Helen of Troy (HELE) 4:01pm, $0.73
- Barracuda Networks (CUDA) 4:15pm, $0.04
- Family Dollar (FDO) Aft-Mkt, $0.77 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- CEOs Tout Reserves of Oil, Gas Revealed to Be Much Less to SE
- Brent Crude Declines as Germany Nears Recession; WTI Steady
- Sugar Shortage Seen Looming by Drake Amid Drought in Brazil
- China Battles GMO Unease From Field to Dinner Table: Commodities
- Noble Said to Hire Gazprom’s Kapic to Trade European Power, Gas
- EU Carbon Contango Crushed as Yield Is Better Than ECB: Vertis
- Copper Advances Most in Three Weeks as Dollar Continues to Slide
- Alcoa Earnings Rebound as Aluminum Use Rises in Aerospace
- Gold Futures Rise to Highest in More Than 2 Weeks on Fed Minutes
- Food Prices Slide a Sixth Month to Four-Year Low as Grains Fall
- Solar’s $30 Billion Splurge Proves Too Much for Japan: Energy
- Investors Shun World’s Richest Mineral Store in South Africa
- Nickel Seen by ANZ Rising in Next Few Months on Slower Exports
- Aurubis Raises Copper Premium for Europe by 4.8% for Next Year
- Rio’s Bullish Iron Ore Outlook Bolsters Glencore Case for Bid
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
