TODAY’S S&P 500 SET-UP – October 22, 2014
As we look at today's setup for the S&P 500, the range is 117 points or 5.73% downside to 1830 and 0.29% upside to 1947.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.85 from 1.86
- VIX closed at 16.08 1 day percent change of -13.41%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Oct. 17 (prior 5.6%)
- 8:30am: CPI m/m, Sept., est. 0.0% (prior -0.2%)
- 10:30am: DOE Energy Inventories
- 5pm: Reserve Bank of Australia’s Stevens speaks in Sydney
GOVERNMENT:
- Sec. of State John Kerry visits Berlin
- Senate, House out of session
- 10am: SEC holds open meeting on rules relating to credit risk retention by securitizers of asset-backed securities
- 3:30pm: Fed board holds open meeting to discuss final rulemaking requiring sponsors of securitization transactions to retain risk in those transactions
- U.S. ELECTION WRAP: Paul’s Prediction; Terror Ads; PAC Showdown
WHAT TO WATCH:
- Yahoo Pushes Back Against Activist Starboard as Sales Gain
- Daimler Sells Stake in Tesla as Powertrain Supply Deal Continues
- Dimon Says ‘Terrifying’ Cancer Hasn’t Changed His JPMorgan Plans
- J&J Sees 250,000 Ebola Vaccine Doses Ready for Trials in May
- Target CEO Eyes Holiday Turnaround With Free Shipping, Faux Fur
- Icahn Says EBay Should Pursue PayPal Sale Now in Spin Dual Track
- GT Advanced Allowed to Wind Down After Deal With Apple
- Apollo to Raise $2b-$3b From New Natural Resources Fund: Reuters
- Michigan Governor Signs Bill Securing Tesla Direct Sales Ban
- BOE Split on Key Rate as Majority Sees Heightened Euro-Area Risk
- Total CEO Will Contend With Production Slump as Pouyanne Tipped
- Heineken Revenue Misses Analyst Estimates as Europe Wanes
AM EARNS:
- Abbott Labs (ABT) 7:44am, $0.60 - Preview
- Amphenol (APH) 8am, $0.57
- Biogen Idec (BIIB) 6:45am, $3.49 - Preview
- Boeing (BA) 7:30am, $1.97 - Preview
- Boston Scientific (BSX) 7am, $0.20 - Preview
- Dow Chemical (DOW) 7am, $0.67 - Preview
- EMC (EMC) 6:53am, $0.46 - Preview
- FNB (FNB) 8:30am, $0.21
- General Dynamics (GD) 7am, $1.91 - Preview
- Gentex (GNTX) 8am, $0.47
- Hudson City Bancorp (HCBK) 8am, $0.06
- Ingersoll-Rand (IR) 7am, $1.03
- Interpublic Group (IPG) 7am, $0.21
- Lumber Liquidators (LL) 7am, $0.67
- New York Community Bancorp (NYCB) 7am, $0.26
- Norfolk Southern (NSC) 8am, $1.83 - Preview
- Northern Trust (NTRS) 7:30am, $0.87
- Northrop Grumman (NOC) 7am, $2.13 - Preview
- Owens Corning (OC) 7:28am, $0.48
- Polaris (PII) 6am, $2.02
- Popular (BPOP) 8am, $0.67
- Ryder System (R) 7:55am, $1.63
- SEI Investments (SEIC) 8:30am, $0.47
- Simon Property (SPG) 7am, $0.84 - Preview
- Stanley Black & Decker (SWK) 6am, $1.44
- Thermo Fisher Scientific (TMO) 6am, $1.69 - Preview
- Tupperware Brands (TUP) 7am, $0.91
- UniFirst (UNF) 8am, $1.31
- US Bancorp (USB) 7:15am, $0.78
- Xerox (XRX) 7am, $0.26
PM EARNS:
- A Schulman (SHLM) 4:10pm, $0.64
- Albemarle (ALB) 4:03pm, $1.02
- Angie’s List (ANGI) 4:02pm, ($0.07)
- AT&T (T) 4:01pm, $0.64 - Preview
- Brandywine Realty (BDN) 4:15pm, $0.02
- CA (CA) 4:05pm, $0.62
- Cheesecake Factory (CAKE) 4:15pm, $0.57
- Citrix Systems (CTXS) 4:05pm, $0.73
- Core Laboratories (CLB) 4:06pm, $1.52
- CoreLogic (CLGX) 4:10pm, $0.39
- Covanta Holding (CVA) 4:01pm, $0.21
- CR Bard (BCR) 4:05pm, $2.10
- Equifax (EFX) 4:15pm, $0.98
- Everest Re (RE) 4:05pm, $4.99
- Fortinet (FTNT) 4:15pm, $0.11
- Graco (GGG) 4:15pm, $0.95
- Lam Research (LRCX) 4:05pm, $0.93
- Leggett & Platt (LEG) 4:05pm, $0.49
- NXP Semiconductor (NXPI) 8pm, $1.31
- O’Reilly Automotive (ORLY) 6:30pm, $1.95
- Plexus (PLXS) 4pm, $0.78
- Polycom (PLCM) 4:05pm, $0.20
- Select Comfort (SCSS) 4:01pm, $0.40
- ServiceNow (NOW) 4:05pm, $0.01
- SLM (SLM) 5:15pm, $0.17
- Susquehanna (SUSQ) 4:30pm, $0.20
- Teradyne (TER) 5:01pm, $0.40
- Torchmark (TMK) 4:01pm, $1.02
- Tractor Supply (TSCO) 4:01pm, $0.50
- Varian Medical (VAR) 4:05pm, $1.21
- Weatherford (WFT) Aft-mkt, $0.33
- Yelp (YELP) 4:05pm, $0.03
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Retreats From Six-Week High on Demand Outlook to Dollar
- Tin’s New Frontier Myanmar Threatens Indonesia: Southeast Asia
- Zinc Rises as Inventories at Two-Month Low Support Shortage Call
- India Eschewing Raw Sugar Output After Export Aid Withdrawn
- WTI Oil Climbs as U.S. Fuel Supply Seen Lower; Brent Advances
- China Sept. Nickel Ore Imports From Philippines 4.52 Mln Tons
- Steel Rebar Falls to 2-Week Low as China Supply Exceeds Demand
- European Gas Traders Boost Near-Term Buying to Cut Russian Need
- UD Group Plans to Apply for Membership on London Metal Exchange
- Cocoa Arrivals in Brazil’s Bahia Advance 3.5%, Hartmann Reports
- Rubber Rises to 6-Week High as Thai Efforts Offset China Concern
- Zinc Rises From 3-Month Low Before China PMI Data: LME Preview
- Truffle Boom Brings La Dolce Vita Amid Italy’s Economic Slump
- Nickel Surplus Was 4.7Kt in August in Second Month of Oversupply
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team