TODAY’S S&P 500 SET-UP – October 16, 2014
As we look at today's setup for the S&P 500, the range is 56 points or 1.58% downside to 1833 and 1.42% upside to 1889.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.73 from 1.83
- VIX closed at 26.25 1 day percent change of 15.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Fed’s Plosser speaks in Allentown, Pa.
- 8:30am: Initial Jobless Claims, Oct. 11, est. 290k (pr 287k)
- Continuing Claims, Oct. 4, est. 2.380m (prior 2.381m)
- 9am: Fed’s Lockhart speaks in New Brunswick, N.J.
- 9:15am: Ind. Production, m/m, Sept., est. 0.4% (prior -0.1%)
- 9:45am: Bloomberg Consumer Comfort, Oct. 12 (prior 36.8)
- 10am: Philly Fed Business Outlook, Oct., est. 19.8 (pr 22.5)
- 10am: NAHB Housing Market Index, Oct., est. 59 (prior 59)
- 10am: Fed’s Kocherlakota speaks in Billings, Mont.
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. to announce plans for auction of 3M/6M bills, 30Y TIPS
- 12:45pm: Fed’s Bullard speaks in Washington
- 12:45pm: Fed’s Yellen attends event in Chelsea, Mass.
- 4pm: Net Long-term TIC Flows, Aug. (prior -$18.6b)
GOVERNMENT:
- Senate, House out of session
- Obama Says Response Team to Be Dispatched for Any Ebola Case, cancels trip to R.I., N.Y.
- Sec. of State Kerry delivers remarks at reception in honor of Eid, then working dinner w/ Foreign Affairs Policy Board
- 10am CFTC Chairman Massad to Keynote Managed Funds Assn’s Outlook 2014 Conference in N.Y.
- 12pm: House Energy and Commerce Oversight and Investigations Subcmte hearing on Ebola; CDC’s Frieden, National Institute of Allergy and Infectious Disease at NIH’s Fauci to testify
- 12:30 p.m.: Michael Huerta, FAA administrator, speaks to Aero Club ofWashington
- U.S. ELECTION WRAP: Guns & Democrats; $1b Ads; Grimes Takes Hit
WHAT TO WATCH:
- Some in Ebola Trials Wouldn’t Get Tested Drugs Under U.S. Plan
- New Ebola Patient’s Trip Raises Concern on U.S. Spread of Virus
- U.S. House of Representatives panel holds hearing on Ebola
- Obama Says Response Team to Be Dispatched for Any Ebola Case, cancels trip to R.I., N.Y.
- Apple Event: IPad, Mac Updates, Potentially Larger IPad
- AbbVie Board Recommends Shareholders Vote Against Shire Deal
- Dark Pools Said to Direct Orders Elsewhere as U.S. Volume Surged
- Netflix Skids on User Slowdown as HBO Plots Web Competition
- EBay Holiday Sales Forecast Misses Estimates After Data Breach
- AmEx Profit Tops Analysts Estimates as Card Spending Climbs
- Las Vegas Sands Profit Tops Estimates on Mass Market Revenue
- Tesla Facing Possible Ban on Direct Automobile Sales in Michigan
- IPO Outlook Dims as Zoosk, GoDaddy Said to Mull Punting to 2015
- Dow Says World Carbon Market Needs Less Intervention to Succeed
- Citigroup’s Mexico Unit Fined $2.2m Over Loan Controls
- Oracle Sued Over Antitrust Claims Echoing Apple-Google Suit
- Apple Told to List Items to Keep Secret in GT Advanced Case
- Banker Pay Clampdown in Europe Puts Firms at Risk in Talent Race
AM EARNS:
- Alliance Data Systems (ADS) 7:30am, $3.31
- Baker Hughes (BHI) 6am, $1.13 - Preview
- Baxter Intl (BAX) 7am, $1.31 - Preview
- BB&T (BBT) 5:45am, $0.72
- Blackstone (BX) 7am, $0.71
- ClubCorp (MYCC) 7am, $0.10
- Cypress Semiconductor (CY) 8am, $0.16
- Danaher (DHR) 6am, $0.89
- Delta Air Lines (DAL) 7:30am, $1.18
- Dover (DOV) 7am, $1.31
- Fairchild Semiconductor (FCS) 7:30am, $0.21
- Fifth Third Bancorp (FITB) 6:30am, $0.43
- First Republic (FRC) 7am, $0.86
- Goldman Sachs (GS) 7:35am, $3.21 -Preview
- Marriott Vacations (VAC) 8am, $0.80
- Mattel (MAT) 6am, $1.02 - Preview
- Orbital Sciences (ORB) 6am, $0.28
- Philip Morris Intl (PM) 6:59am, $1.33 - Preview
- PPG Industries (PPG) 8:11am, $2.76
- Snap-On (SNA) 7am, $1.62
- Sonoco Products (SON) 7:30am, $0.68
- Supervalu (SVU) 8am, $0.11
- UnitedHealth (UNH) 6am, $1.53 - Preview
- Webster Financial (WBS) 7:55am, $0.52
- Winnebago (WGO) 7am, $0.46
- WW Grainger (GWW) 7:30am, $3.29 -Preview
PM EARNS:
- Advanced Micro Devices (AMD) 4:15pm, $0.04 - Preview
- Athenahealth (ATHN) 4:01pm, $0.27
- Capital One Financial (COF) 4:05pm, $1.94
- Cepheid (CPHD) 4:05pm, ($0.16)
- Crown Holdings (CCK) 5:03pm, $1.21
- Cytec Industries (CYT) Aft-mkt, N/A
- Google (GOOGL) 4:02pm, $6.53
- People’s United Finl (PBCT) 4:03pm, $0.21
- QLogic (QLGC) 4:15pm, $0.22
- SanDisk (SNDK) 4:05pm, $1.33
- Schlumberger (SLB) 4:05pm, $1.47 - Preview
- Stryker (SYK) 4pm, $1.14 - Preview
- Wintrust Financial (WTFC) 5:01pm, $0.78
- Xilinx (XLNX) 4:20pm, $0.56
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- LME to Run London Platinum to Palladium Fixings Replacement
- Copper Demand Seen by CRU Slowing as China’s Imports Set to Drop
- Trading Metals for Music Shows Shrinking Job Market: Commodities
- WTI Crude Oil Falls Below $80 for First Time Since June 2012
- Lead to Tin Fall to Lowest in More Than a Year on Demand Concern
- Gold Falls From 5-Week High as Sales Seen to Cover Other Losses
- Corn Slides as Drier U.S. Weather Puts Focus Back on Record Crop
- Coffee Harvest in Indonesia Seen Heading for Record on Rainfall
- End to Oil Rout Seen by BofA as $80-a-Barrel Gains Support
- Citigroup Sees $1.1 Trillion Stimulus From Oil Bear Market Rout
- Palm Declines to Three-Week Low as Biofuel Demand Eases on Crude
- Oil Bear Market Shows Saudis Still Pick Winners in Shakeout
- More Iron Ore Supply Coming in Wake of 37% Price Plunge
- Dow Says World Carbon Market Needs Less Intervention to Work
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team