TODAY’S S&P 500 SET-UP – October 15, 2014
As we look at today's setup for the S&P 500, the range is 68 points or 0.94% downside to 1860 and 2.68% upside to 1928.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.82 from 1.83
- VIX closed at 22.79 1 day percent change of -7.51%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Oct. 10 (prior 3.8%)
- 8:30am: Empire Manufacturing, Oct., est. 20.25 (prior 27.54)
- 8:30am: Retail Sales Advance m/m, Sept., est. -0.1% (pr 0.6%)
- 8:30am: PPI Final Demand m/m, Sept., est. 0.1% (prior 0.0%)
- 10am: Business Inventories, Aug., est. 0.4% (prior 0.4%)
- 10:30am: DOE Energy Inventories
- 11am: Treasury Budget Statement, Sept., est. +$90b (pr +$75.1b)
- 11:30am: U.S. to sell $33b 4W bills, $25b 1Y bills
- 2pm: Federal Reserve releases Beige Book
- 2pm: ECB’s Draghi speaks in Frankfurt
GOVERNMENT:
- Senate, House out of session
- Sec. of State Kerry travels to Vienna for meeting with EU High Rep. Catherine Ashton, Iranian Foreign Minister Javad Zarif on nuclear negotiations
- 8:30am: PepsiCo CEO Indra Nooyi announces nutrition project hosted by Inter-American Development Bank
- 10am: Supreme Court hears arguments in patent case over generic competition to Teva’s multiple-sclerosis drug Copaxone
- U.S. ELECTION WRAP: Colo. Races; HRC on Trail; Money Reports Due
WHAT TO WATCH:
- AbbVie Weighing Shire Breakup Sends Inversion Target Shares Down
- Toyota Recalls 1.75m Autos to Fix Brakes, Fuel Leaks
- Qualcomm Agrees to Buy U.K. Chipmaker CSR for $2.5b
- Carnival to Help Build China’s First Cruise Ship as Demand Rises
- Second Health-Care Worker Tests Positive for Ebola in Texas
- Lenovo ‘Confident’ of Closing Motorola Mobility Deal This Year
- Obama Pushes Allies as Doubts Grow on Islamic State Strategy
- U.K. Unemployment Falls More Than Forecast as Wages Improve
- ASML Forecasts Quarterly Sales Beating Estimates on Memory Chips
- BofA Said Hired by Buyout Firms to Sell Turkey Memorial Stake
- Broker Lobby Group Sees Conflicts in Nasdaq SIP Upgrade Process
- Trump Casino’s Fate, Union Fight to Be Decided by End of Week
AM EARNS:
- Bank of America (BAC) 7am, $0.32 - Preview
- BlackRock (BLK) 6:30am, $4.66
- Charles Schwab (SCHW) 8:45am, $0.24
- Commerce Bancshares (CBSH) 7am, $0.71
- IGate (IGTE) 6:09am, $0.52
- KeyCorp (KEY) 6:30am, $0.26
- MGIC Investment (MTG) 7am, $0.11 - Preview
- PNC Financial (PNC) 6:30am, $1.70
- St Jude Medical (STJ) 7:30am, $0.96 - Preview
PM EARNS:
- American Express (AXP) 4:05pm, $1.37
- Boston Private Finl (BPFH) 4:05pm, $0.21
- eBay (EBAY) 4:15pm, $0.67 - Preview
- El Paso Pipeline (EPB) 4:07pm, $0.39
- Kinder Morgan (KMI) 4:05pm, $0.32
- Kinder Morgan Mgmt (KMR) Aft-Mkt, $0.56
- Las Vegas Sands (LVS) 4:01pm, $0.82
- Netflix (NFLX) 4:05pm, $0.91 - Preview
- Platinum Underwriters (PTP) 4pm, $1.32
- RLI (RLI) 4pm, $0.59
- Umpqua (UMPQ) 4:05pm, $0.29
- United Rentals (URI) 4:15pm, $2.08
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Extends Biggest Plunge Since ’11 on Glut; WTI Nears $80
- OPEC Finding U.S. Shale Harder to Crack as Rout Deepens: Energy
- Brent Slump Seen Stalling Near $80 as Bear-Market Oil Oversold
- Gold Imports by India Seen Rising More Than Fourfold Last Month
- Bugs Join Robots to Overcome Global Copper Shortage: Commodities
- Bloomberg Commodities Index Falls to Lowest Since July 2009
- Palm Imports by India Surge for Third Month on Tax-Free Sales
- Australia, Brazil Seen Taking 90% of Worldwide Iron Ore Trade
- Copper Falls From Three-Week High on Chinese Inflation Figures
- Palm Tumbles to Three-Week Low as Crude Oil Slump Reduces Demand
- Gold Drops a Second Day on Dollar to Lower Demand After Advance
- Corn Drops From Five-Week High as Drier Weather May Help Harvest
- Palm Declines to Two-Week Low as Crude Oil Slump Reduces Demand
- Rio Says Don’t Panic on Iron Ore And Won’t Halt Returns
- Rubber Drops From Two-Week High as China Data Signal Weak Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
