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 132 points or 6.60% downside to 1835 and 0.12% upside to 1967.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.88 from 1.88
- VIX closed at 16.11 1 day percent change of -2.54%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:45am: Markit US Services PMI, Oct. prelim, 57.8 (prior 58.9)
- 10am: Pending Home Sales m/m, Sept., est. 1% (prior -1%)
- 10:30am: Dallas Fed Mfg Activity, Oct., est. 11 (prior 10.8)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $30b 6M bills
GOVERNMENT:
- U.S. authorities at airports in 6 states begin monitoring people coming from Liberia, Sierra Leone and Guinea for Ebola
- President Obama hosts Advanced Manufacturing Partnership steering cmte meeting at White House
WHAT TO WATCH:
- Williams Partners, Access Midstream Agree to Improved Terms
- ECB Fails 25 Banks in Test as Capital Hole Lurks in Italy
- Vodafone Starts Audit Into Possible Fraud at Ono Before Buy
- Venezuela Scraps Plans to Sell Citgo Petroleum, Universal Says
- Apple Pay Faces Challenge as CVS, Rite Aid Disable Payments
- U.S. Gasoline Declines to Lowest Since 2010, Lundberg Says
- Hedge Funds Pare Bullish Coffee Bets as Brazil Drought Eases
- Keystone Foes Energized as Tumbling Crude Pinches Oil Sands
- Horror Flick ‘Ouija’ Outdraws Assassin Movie Starring Reeves
- Rousseff Ready for Great Changes After Tight Brazil Victory
- CDC Moves Fast on NY Ebola as Soul-Searching Brings Changes
- BARRON’S ROUNDUP: Charles Schwab, Amazon, Coca-Cola, Aflac
AM EARNS:
- Allergan (AGN) 8am, $1.77 - Preview
- Armstrong World (AWI) 7am, $0.77
- Franklin Resources (BEN) 8:30am, $0.93
- Huntsman (HUN) 6am, $0.53
- Merck & Co (MRK) 7am, $0.88 - Preview
- Old National Bancorp (ONB) 9am, $0.25
- Precision Drilling (PD CN) 6am, C$0.17
- Roper Industries (ROP) 7am, $1.53
- Seagate Technology PLC (STX) 8am, $1.25 - Preview
- Tenneco (TEN) 8am, $1.08
PM EARNS:
- Allison Transmission (ALSN) 4:05pm, $0.30
- American Capital Agency (AGNC) 4:01pm, $0.73
- Amgen (AMGN) 4:02pm, $2.11 - Preview
- Amkor Technology (AMKR) 4:08pm, $0.24
- AvalonBay Communities (AVB) 4:05pm, $1.19
- Cliffs Natural (CLF) 4:30pm, $0.01
- Cognex (CGNX) 4:06pm, $0.56
- Compass Minerals Intl (CMP) 4:15pm, $0.81
- Crane (CR) 6:15pm, $1.17
- General Growth Properties (GGP) 4:01pm, $0.09
- Hartford Financial (HIG) 4:15pm, $0.83
- HealthSouth (HLS) 4:30pm, $0.49
- Integrated Device (IDTI) 4:05pm, $0.18
- Manitowoc (MTW) 4:25pm, $0.41
- Masco (MAS) 5pm, $0.32
- Owens & Minor (OMI) 5:08pm, $0.47
- PartnerRe (PRE) 4:15pm, $3.60
- Plum Creek Timber (PCL) 4:04pm, $0.30
- PMC-Sierra (PMCS) 4:05pm, $0.10
- Regal Entertainment (RGC) 4:01pm, $0.15
- T-Mobile (TMUS) 9pm, $0.05
- Twitter (TWTR) 4:08pm, $0.01
- Universal Health (UHS) 5:01pm, $1.34
- XL Plc (XL) 4:05pm, $0.62
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Falls to Lowest Since March as Demand Concern Persists
- Commodities Drop to Five-Year Low Led by Sugar, Coffee on Brazil
- Hedge Funds Cut Coffee Bets as Brazil Drought Eases: Commodities
- Brent Oil Falls Second Day as Goldman Cuts Forecasts; WTI Slips
- Gold Trades Near 1-Week Low as Investors Weigh Stocks to Buying
- Sugar Falls on Speculation of Weaker Brazil Real; Coffee Drops
- Oil Speculators Bet Wrong as WTI Rebound Proves Fleeting: Energy
- Corn Falls With Soybeans as Drier Weather Seen Aiding U.S. Crop
- Rebar Extends Weekly Loss on Speculation of Slowing China Demand
- Goldman Cuts Oil Forecasts as OPEC Loses Influence to U.S.
- Trade Negotiators Say Balanced TPP Deal Is ‘Crystallizing’
- BlueScope Sees China Steel Demand Growth in Decline, AFR Says
- Thai Farmers Fret Over Survival as Sluices Shut: Southeast Asia
- China Gold Imports Rise to Five-Month High Before Holiday Sales
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
