TODAY’S S&P 500 SET-UP – October 17, 2014
As we look at today's setup for the S&P 500, the range is 58 points or 1.70% downside to 1831 and 1.41% upside to 1889.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.81
- VIX closed at 25.2 1 day percent change of -4.00%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Fed Chairman Janet Yellen speaks at Boston Fed conf. on Inequality of Economic Opportunity in U.S.
- 8:30am: Housing Starts, Sept., est. 1.008m (prior 956k)
- 9:55am: UofMich Confidence, Oct. prelim, est. 84 (prior 84.6)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, House out of session
- Gov. Scott Walker, R-Wis., Democrat challenger Mary Burke debate in Milwaukee
- 9am: HUD Secretary Julian Castro speaks in plenary session at National Assn of Housing and Redevelopment Officials conf.; Baltimore Convention Center
- 9:30am: Sec. of State John Kerry meets with Jordanian Foreign Minister Nasser Judeh at State Dept
- U.S. ELECTION WRAP: Megadonors; Good Signs for GOP; Debates
WHAT TO WATCH:
- Google Profit Misses Estimates on Slower Advertising Growth
- Credit Suisse Names Amine, O’Hara as Investment Bank Heads
- Obama Says He’s Open to an Ebola Czar to Coordinate Response
- Chiquita to Move on Fyffes Bid After Rejecting Sweetened Buyout
- AMD to Cut 7% of Jobs, 4Q Rev. View Trails Est.
- Apple Looks for Big Screen Boost as IPhone 6 Plus Hits China
- Delta Brings Back Bare-Bones Fares to Compete With Cheap Rivals
- Bullard Challenges Fed Colleagues to Thwart Weakening Inflation
- U.S. Video-Game Sales Climbed 2% to $1.1b in September
- Smaller China GDP Goal Seen Giving Room to Tackle Debt
- Alibaba Adds Philips, Provincial Governments as Cloud Customers
- Hong Kong Police Clear Mong Kok as Students Agree to Negotiate
- U.S. Housing Data, U.K., China GDP, Apple, Amazon: Week Ahead
EARNINGS:
- Bank of New York Mellon (BK) 6:30am, $0.61
- Comerica (CMA) 6:40am, $0.79
- First Horizon Natl (FHN) 7am, $0.17
- General Electric (GE) 6:30am, $0.37 - Preview
- Honeywell Intl (HON) 7am, $1.41 - Preview
- Huntington Bancshares (HBAN) 5:55am, $0.19
- Kansas City Southern (KSU) 8am, $1.26
- M&T Bank (MTB) 8:01am, $1.97
- Morgan Stanley (MS) 7:15am, $0.54 - Preview
- SunTrust Banks (STI) 6am, $0.79
- Synchrony Financial (SYF) Bef-mkt, $0.66
- Textron (TXT) 6am, $0.52
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Sees No Crude Glut as Price Slump Deemed Excessive
- Codelco Seen Cutting China Copper Premium From Nine-Year High
- Brazil’s China Fever Sticks Soy Farmers With Losses: Commodities
- WTI Extends Rebound From Below $80 as Goldman Sees No Oil Glut
- Gold Is Near Five-Week High as Investors Weigh Stocks to Economy
- Nickel to Tin Rebound Amid Indications Prices Dropped Too Far
- Corn Heads for Biggest Weekly Gain in 17 Months on Harvest Delay
- Rubber Jumps Most Since March as Thailand to Buy for Reserve
- Cocoa Rises in London on Concern of Ebola Spread; Coffee Drops
- Cargill’s Black Sea Stop Is Booming 2,600-Year-Old Port: Freight
- One Firm’s $2 Mine Is Another’s Start of Global Coal Empire
- Hurricane Gonzalo Threatens Worst Bermuda Storm in 11 Years
- Gold Traders Most Bullish in 10 Weeks on Economic Growth Concern
- Steel Rebar Pares Weekly Advance on Weaker China Demand Concern
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team