TODAY’S S&P 500 SET-UP – October 24, 2014
As we look at today's setup for the S&P 500, the range is 128 points or 5.94% downside to 1835 and 0.62% upside to 1963.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.89
- VIX closed at 16.53 1 day percent change of -7.50%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: New Home Sales, Sept., est. 470k (prior 504k)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, House out of session
- 9:30am: House Oversight hearing led by Chairman Darrell Issa, R-Calif., on U.S. response to Ebola
- 9:40am: EPA Administratior Gina McCarthy delivers keynote remarks on “The Future of Energy & Our Environment”
- U.S. ELECTION WRAP: N.C. ‘Political Hate’; Outlook in Arkansas
WHAT TO WATCH:
- New York Man Diagnosed With Ebola as Authorities Track Movements
- Amazon Faces Season of Worsts as Losses Mount Before Holidays
- Sony, Apple to Introduce Large Tablets in 1Q 2015: DigiTimes
- Google Said to Buy Six Silicon Valley Buildings for $585m
- Toyota Sells Tesla Shares as Joint Electric RAV4 Project Ending
- Lockheed, Pentagon Reach $4b Deal on F-35 Jets: Reuters
- AMC Networks Pays $200m for 49.9% BBC America Stake
- Occidental CEO Sees Lower Drilling Fees If Oil Slump Continues
- RealPage Approached by at Least 2 PE Groups, FT Says
- Amtrak Weighs Selling Land for Development in 5 U.S. Cities
- Goldman, Inner Circle Hired by NBA’s Atlanta Hawks to Sell Team
- Regulators Ramp Up Bond Fund Exams in Response to Price Swings
- Swiss Banks Urge U.S. to Amend Demands in Tax Amnesty Deals
- ECB Vies for Third Time Lucky on Stress Tests as New Role Dawns
- U.K. Economic Growth Slows as Headwinds to Recovery Increase
- Actavis CEO Saunders Has $70b in Deals From Which to Choose
- Billionaire Fredriksen to Make Mandatory Bid for Flex LNG
- BASF Cuts 2015 Goals as Delayed European Growth Hurts Demand
- Chiquita Brands holds special shareholder meeting
- Fed, ECB Tests, U.S. GDP, Facebook: Week Ahead Oct. 25-Nov. 1
EARNINGS:
- Aaron’s (AAN) 7am, $0.37
- Avery Dennison (AVY) 8:30am, $0.74
- Bristol-Myers Squibb (BMY) 7:30am, $0.42 - Preview
- Cabot Oil & Gas (COG) 7:30am, $0.21 - Preview
- Colgate-Palmolive (CL) 7am, $0.75 - Preview
- Delphi Automotive (DLPH) 7am, $1.13
- DTE Energy (DTE) 7:15am, $1.05
- First Niagara Finl (FNFG) 7:15am, $0.18
- FLIR Systems (FLIR) 7:30am, $0.35
- Ford Motor (F) 7am, $0.19 - Preview
- IDEXX Laboratories (IDXX) 7am, $0.86
- ImmunoGen (IMGN) 6:30am, ($0.15)
- Lear Corp (LEA) 7am, $1.88
- LifePoint Hospitals (LPNT) 7am, $0.74
- LyondellBasell (LYB) 6:50am, $2.30
- Moody’s Corp (MCO) 7am, $0.90
- NASDAQ OMX (NDAQ) 7am, $0.70
- National Penn Bancshares (NPBC) 6:38am, $0.18
- Omnicare (OCR) 7:30am, $0.92
- Procter & Gamble (PG) 7am, $1.07 - Preview
- State Street (STT) 7:12am, $1.21
- TCF Financial (TCB) 8am, $0.30
- United Parcel Service (UPS) 7:45am, $1.28 - Preview
- Ventas (VTR) 7:15am, $0.45 - Preview
- WABCO Holdings (WBC) 6:30am, $1.41
- Wyndham Worldwide (WYN) 6:30am, $1.63
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Set for Fourth Weekly Drop as Saudi Policy Seen Unchanged
- Iron Ore Glut Spurring Slump in China Output, Goldman Sachs Says
- Gold Trades Near One-Week Low as Investors Assess U.S. Economy
- Aluminum Leads Metals Declines as China House-Price Drop Widens
- Glasenberg’s Iron Barbs Blunted by Coal Expansion: Commodities
- Soybeans Rise on Signs of Increasing Demand for U.S. Exports
- Romania’s Farmland Costing Fraction of U.K. Attracts Investments
- Rebar Pares Weekly Loss on Bets Mills to Cut Output During APEC
- Wheat Crop Seen Falling Short in Australia on Frost, Hail Damage
- Weak El Nino Seen Evolving by Year-End as Sea Warmer Than Usual
- Don’t Assume Saudi Supply Drop Was Move to Bolster Oil Price
- Vale Coming of Age as a Nickel Heavyweight Just as Prices Plunge
- Gold Traders Bullish a Fourth Week on Physical Demand to Economy
- MORE: China’s Copper Output Climbs to Record High in September
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
