TODAY’S S&P 500 SET-UP – October 23, 2014
As we look at today's setup for the S&P 500, the range is 118 points or 5.04% downside to 1830 and 1.08% upside to 1948.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.86 from 1.86
- VIX closed at 17.87 1 day percent change of 11.13%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Activity, Sept., est. 0.15 (pr -0.21)
- 8:30am: Initial Jobless Claims, Oct. 18, est. 281k (pr 264k)
- 9am: FHFA House Price Index m/m, Aug., est. 0.3% (prior 0.1%)
- 9:45am: Markit US Mfg PMI, Oct. prelim., est. 57 (prior 57.5)
- 9:45am: Bloomberg Consumer Comfort, Oct. 19 (prior 36.2)
- 10am: Freddie Mac mortgage rates
- 10am: Leading Index, Sept., est. 0.7% (prior 0.2%)
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City Fed Mfg Activity, Oct., est. 6 (prior 6)
- 11am: U.S. to announce plans to auction 2Y/5Y/7Y notes, 2Y FRN
- 1pm: U.S. to auction $7b 30Y TIPS in reopening
GOVERNMENT:
- Senate, House out of session
- FEC filing deadline for congressional, some PACs, candidates for Oct. 1-15
- 10am: Carnegie Endowment for International Peace discussion on “Disrupting ISIL’s Money Trail” w/ Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen
- 12pm: Conn. Democrats Rep. Joe Courtney, Rep. Rosa DeLauro press conf. at Daniels Energy on CFTC’s ability to rein in energy speculation tied to consumer price fluctuations
- 1:30pm: Secretary of State John Kerry, Defense Sec. Chuck Hagel co-host Republic of Korea Foreign Minister Yun Byung-se, Minister of National Defense Han Min-Koo
- U.S. ELECTION WRAP: ‘Coin Toss’ Whether Sen. Control Set Nov.4
WHAT TO WATCH:
- Euro-Area Manufacturing Unexpectedly Revived in October
- Goldman, Citigroup Said Wary of Ergen as He Mulls T-Mobile Bid
- Ocwen Backdating Probe Draws Attention of Attorneys General
- Alibaba’s Ma Said Headed to Hollywood in Push for Content
- Honda Air-Bag Deaths Draw Congress Scrutiny as Recalls Widen
- Gundlach With Pimco See Dollar Extending Best Rally Since 2008
- Twitter’s New Developer Tools Put Company Deeper Into China
- Tesla to Start Selling Cars Through Australian Outlets: AFR
- AT&T Cuts 2014 Forecast, Misses Estimates Amid Price Battles
- Parliament Attack Drags Canada Into Terror Era as Nation Reels
- Auto Lending Puts Canada’s Banks at Risk in Slump, Moody’s Says
- China Factory Gauge Rises as Workers Weather Slowdown
- Publicis’s Levy Pledges Turnaround After Cutting Sales Forecast
- Unilever 3Q Underlying Sales Growth Misses Estimates
- Credit Suisse Profit More Than Doubles as Trading Improves
AM EARNS:
- 3M Co (MMM) 7:30am, $1.96 - Preview
- Airgas (ARG) 7:30am, $1.30
- Alaska Air (ALK) 6:01am, $1.42
- Alexion Pharmaceuticals (ALXN) 6:30am, $1.16 - Preview
- AllianceBernstein (AB) 7:15am, $0.44
- American Electric Power (AEP) 6:57am, $1.01
- Avnet (AVT) 8am, $0.97
- BankUnited (BKU) 7:30am, $0.45
- Bemis (BMS) 7am, $0.67
- Brunswick (BC) 7:36am, $0.58
- Cameron Intl (CAM) 7:30am, $1.09
- Caterpillar (CAT) 7:30am, $1.34 - Preview
- Celgene (CELG) 7:33am, $0.95 - Preview
- Cenovus Energy (CN) 6am, $0.42 - Preview
- CMS Energy (CMS) 7:30am, $0.39
- Coca-Cola Enterprises (CCE) 7:30am, $0.88
- Colfax (CFX) 6am, $0.61
- Comcast (CMCSA) 7am, $0.71 - Preview
- Corus Entertainment (CJR/B CN) 7am, C$0.42
- Dana Holding (DAN) 7am, $0.51
- Diamond Offshore (DO) 6am, $0.79 - Preview
- Dr Pepper Snapple (DPS) 8am, $0.88
- Dunkin’ Brands (DNKN) 6am, $0.47
- Eli Lilly (LLY) 6:30am, $0.67 - Preview
- EQT (EQT) 7am, $0.50
- General Motors (GM) 7:30am, $0.95 - Preview
- Hercules Offshore (HERO) 7am, ($0.06)
- Husky Energy (HSE CN) 7am, C$0.58 - Preview
- Janus Capital (JNS) 7am, $0.22
- Jarden (JAH) 7:05am, $1.16
- JetBlue Airways (JBLU) 7:30am, $0.26
- KKR & Co (KKR) 8am, $0.45
- Lazard (LAZ) 7am, $0.65
- Lorillard (LO) 7am, $0.89 - Preview
- Mead Johnson Nutrition (MJN) 7:30am, $0.90
- Nielsen (NLSN) 7am, $0.65
- Nucor (NUE) 9am, $0.75 - Preview
- Occidental Petroleum (OXY) 7am, $1.59
- Patterson-UTI Energy (PTEN) 6am, $0.47
- Potash of Saskatchewan (POT CN) 6am, $0.42 - Preview
- PulteGroup (PHM) 6:30am, $0.36 - Preview
- Quest Diagnostics (DGX) 7am, $1.08
- Raytheon (RTN) 7am, $1.60
- Reliance Steel & Aluminum (RS) 8:50am, $1.35
- Rogers Communications (RCI/B CN) 6:57am, C$0.88 - Preview
- Royal Caribbean Cruises (RCL) 8:36am, $2.19
- Shaw Communications (SJR/B CN) 8am, C$0.37
- Sigma-Aldrich (SIAL) 8am, $1.06
- Silicon Laboratories (SLAB) 6am, $0.48
- Sonus Networks (SONS) 7:01am, $0.01
- Southwest Airlines (LUV) 8:30am, $0.53 - Preview
- TRowe Price (TROW) 7:30am, $1.15
- Under Armour (UA) 7am, $0.40 - Preview
- Union Pacific (UNP) 8am, $1.51 -Preview
- United Continental (UAL) 7:30am, $2.70
- USG (USG) 8:30am, $0.46
- Zimmer Holdings (ZMH) 7am, $1.30
PM EARNS:
- Align Technology (ALGN) 4:01pm, $0.43
- Altera (ALTR) 4:15pm, $0.37
- Amazon.com (AMZN) 4:05pm, ($0.75) - Preview
- BioMarin Pharmaceutical (BMRN) 4:01pm, ($0.24)
- Cerner (CERN) 4:01pm, $0.42 - Preview
- Chicago Bridge (CBI) 4:05pm, $1.39
- Chubb (CB) 4:01pm, $1.95
- Compuware (CPWR) 4:10pm, $0.07
- Deckers Outdoor (DECK) 4:05pm, $1.03 - Preview
- DeVry Education (DV) 4:05pm, $0.29
- Edwards Lifesciences (EW) 4:01pm, $0.72
- Federated Investors (FII) 4:01pm, $0.35
- Flowserve (FLS) 4:08pm, $0.99
- Freescale Semiconductor (FSL) 4:05pm, $0.42
- Greenhill (GHL) 4:01pm, $0.60
- Hancock Holding (HBHC) 5pm, $0.58
- Informatica (INFA) 4:05pm, $0.33
- Ingram Micro (IM) 4:03pm, $0.62
- Juniper Networks (JNPR) 4:05pm, $0.36
- KLA-Tencor (KLAC) 4:15pm, $0.46
- LogMeIn (LOGM) 4:08pm, $0.28
- Maxim Integrated Products (MXIM) 4:01pm, $0.37
- Microsoft (MSFT) 4:02pm, $0.55
- Minerals Technologies (MTX) 5:01pm, $1.07
- NetSuite (N) 4:08pm, $0.04
- Olin (OLN) 4:30pm, $0.42
- Pandora Media (P) 4:02pm, $0.08
- Pebblebrook Hotel (PEB) 4:01pm, $0.63
- PolyOne (POL) 4:05pm, $0.48
- Principal Financial (PFG) 4pm, $1.06
- Qlik Technologies (QLIK) 4:05pm, $0.00
- ResMed (RMD) 4:05pm, $0.58
- Riverbed Technology (RVBD) 4:05pm, $0.30
- Simpson Manufacturing (SSD) 5pm, $0.45
- Southwestern Energy (SWN) 4:10pm, $0.52
- Spectranetics (SPNC) 4:01pm, $(0.30)
- Stericycle (SRCL) 4:02pm, $1.06
- SVB Financial (SIVB) 4:12pm, $1.23
- Swift Transportation (SWFT) 4:11pm, $0.35
- Synaptics (SYNA) 4:15pm, $1.20
- Valmont Industries (VMI) 5:30pm, $2.18
- VeriSign (VRSN) 4:05pm, $0.69
- VeriSign (VRSN) 4:05pm, $0.69
- Washington REIT (WRE) 5:15pm, $0.42
- WR Berkley (WRB) 4:01pm, $0.91
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Climbs as Chinese Manufacturing Growth Exceeds Estimates
- Wheat Climbs as Russian Cold Spell Threatens Newly Planted Crops
- Cocoa Falls After Decline in Asian Grind; Coffee Extends Drop
- Manhattan’s Mr. Chocolate Proves Cost Not a Problem: Commodities
- Gold Falls for Second Day on Economic Growth, ETP Demand Drops
- Rio Extends CEO Tenure as Miner Builds Defenses Against Glencore
- African Barrick Sees Potential for Big Gold Deal in 2015
- Cocoa Processing Drops 5.9% in Asia as Higher Prices Curb Demand
- Potash Corp. Earnings Disappoint as Nutrient Prices Decline
- Nestle Says Ebola Outbreak Spurs Faster Africa Cocoa Shipments
- Soybeans Extend Gains in Chicago, Erasing Earlier Decline
- Rebar Falls to 2-Week Low as Demand Seen Weak in Rest of 2014
- Asia’s 3Q Cocoa Grindings Drop 5.9% to 151,643 Tons
- Libya OPEC Governor Calls for Crude Output Cut Amid Bear Market
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
