TODAY’S S&P 500 SET-UP – October 29, 2014
As we look at today's setup for the S&P 500, the range is 151 points or 6.50% downside to 1856 and 1.11% upside to 2007.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.86 from 1.90
- VIX closed at 14.39 1 day percent change of -10.29%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Oct. 24 (prior 11.6%)
- 10:30am: DOE Energy Inventories
- 1pm: U.S. to sell $35b 5Y notes
- 2pm: Fed seen maintaining overnight bank lending rate 0%-0.25%; seen ending QE program
GOVERNMENT:
- Senate, House out of session
- Deadline for replies to FCC on $45.2b Comcast-Time Warner Cable deal
- 9am: Iraqi Ambassador to U.S. Luqman Abd al-Rahim Fayli delivers remarks on “Iraq-U.S. Relations: A View from Baghdad” at Arab-U.S. Policymakers Conf.
- U.S. ELECTION WRAP: Senate Races; Alaska Polls; McConnell Humor
WHAT TO WATCH:
- Fed Decision Day Guide: FOMC Seen Focusing on Too-Low Inflation
- Sanofi Chief Ousted After Tensions With Board Members
- Facebook Projects ‘More Difficult’ Quarter as CEO Spends
- Gilead Misses Profit Est. on Obamacare Fee, Lower Drug Sales
- Aflac Profit Climbs on Japan Bets in Dollar-Denominated Assets
- Tesla Owners Get $12,000 License Plates in Shanghai for Free
- Deutsche Bank Sinks to 3Q Loss on Provisions for Legal Costs
- Ares-Backed Floor & Decor Outlets Said to Plan $100 Million IPO
- Pimco Is Replaced by BlackRock at $6.16 Billion Prudential Fund
- Prudential Takes Stake in AFP Habitat After MetLife’s Chile Bet
- NASA Vows to Continue Commercial Rocket Program After Explosion
- Medicare Agency Said Focus of Insider Trading Probe: WSJ
- Obama Warns of Fear Hindering Ebola Fight as Quarantines Stick
AM EARNS:
- Alkermes (ALKS) 7am, $0.02
- Arrow Electronics (ARW) 8am, $1.31
- Automatic Data Processing (ADP) 7:30am, $0.60
- Booz Allen Hamilton (BAH) 7am, $0.41
- Cameco (CCO CN) 8:30am, C$0.21 - Preview
- Capitol Federal Finl (CFFN) 9am, $0.14
- Carlyle (CG) 6:30am, $0.52
- Commercial Metals (CMC) 7am, $0.25
- Dentsply Intl (XRAY) 7am, $0.60
- Eaton (ETN) 6:30am, $1.24
- Exelon (EXC) 7am, $0.72
- Garmin (GRMN) 7am, $0.71
- Goodyear Tire & Rubber (GT) 8:30am, $0.70
- Hershey (HSY) 7am, $1.08
- Hess (HES) 7:30am, $1.07 - Preview
- Hyatt Hotels (H) 7:30am, $0.26
- IAC (IACI) 7:30am, $0.66
- McGraw Hill (MHFI) 7:15am, $0.94
- Phillips 66 (PSX) 8am, $1.75 - Preview
- Praxair (PX) 6:02am, $1.62
- Prosperity Bancshares (PB) 6:04am, $1.07
- Ralph Lauren (RL) 8am, $2.05 - Preview
- Revlon (REV) 7:30am, $0.45
- Sealed Air (SEE) 7am, $0.45
- Sherritt (S CN) 7am, (C$0.07) - Preview
- SodaStream (SODA) 7:30am, $0.35
- Southern Co (SO) 7:30am, $1.07
- SPX (SPW) 6:30am, $1.38
- TE Connectivity (TEL) 6am, $1.00
- Valley National (VLY) 7:30am, $0.14
- Waste Management (WM) 7:30am, $0.68
- WellPoint (WLP) 6am, $2.26 - Preview
- Wisconsin Energy (WEC) 7am, $0.52
PM EARNS:
- Agnico Eagle Mines (AEM CN) 5:15pm, $0.15
- Akamai Technologies (AKAM) 4:01pm, $0.57
- Allstate (ALL) 4:05pm, $1.34
- Arch Capital (ACGL) 4:11pm, $0.98
- Arris (ARRS) 4:01pm, $0.72
- Assurant (AIZ) 4:05pm, $1.61 - Preview
- Atmel (ATML) 4:05pm, $0.12
- Avis Budget (CAR) 4:30pm, $1.80
- Axis Capital (AXS) 4:32pm, $1.21
- Baidu (BIDU) 4:30pm, $10.37
- Barrick Gold (ABX CN) 5pm, $0.17
- CBRE (CBG) 4:05pm, $0.35
- Cirrus Logic (CRUS) 4pm, $0.56
- Cloud Peak Energy (CLD) 4:10pm, $0.03
- DreamWorks Animation (DWA) 4:02pm, $0.05
- Duke Realty (DRE) 4:07pm, ($0.02)
- Equinix (EQIX) 4:01pm, $0.90
- F5 Networks (FFIV) 4:05pm, $1.48
- Flextronics Intl (FLEX) 4:01pm, $0.24
- FMC (FMC) 4:30pm, $0.96
- FNF (FNF) 4:04pm, $0.54
- Fortune Brands (FBHS) 4:01pm, $0.56
- Hanesbrands (HBI) 4:01pm, $1.68
- HudBay Minerals (HBM CN) 5:11pm, C$0.06
- Intersil (ISIL) 4:05pm, $0.20
- JDS Uniphase (JDSU) 4:05pm, $0.10
- KapStone Paper (KS) 4:15pm, $0.66
- Kraft Foods (KRFT) 4pm, $0.74 - Preview
- LifeLock (LOCK) 4:05pm, $0.15
- Lincoln National (LNC) 4:10pm, $1.43 - Preview
- Lundin Mining (LUN CN) 5:30pm, $0.07 - Preview
- MetLife (MET) 4:05pm, $1.38 - Preview
- Moelis (MC) 4:05pm, $0.39
- Murphy Oil (MUR) 5:32pm, $0.99
- Noble (NE) 5pm, $0.55
- Norwegian Cruise Line (NCLH) 4pm, $1.08
- Oceaneering Intl (OII) 5:02pm, $1.13
- Penn Virginia (PVA) 4:10pm, ($0.09)
- Pilgrim’s Pride (PPC) 4:45pm, $0.79
- Qiagen (QGEN) 4pm, $0.27
- Questar (STR) 4:14pm, $0.18
- Range Resources (RRC) 5:01pm, $0.33
- Raymond James Finl (RJF) 4:16pm, $0.85
- Realty Income (O) Aft-mkt, $0.23
- RF Micro Devices (RFMD) 4pm, $0.27
- Service Intl (SCI) 4:05pm, $0.24
- Suncor Energy (SU CN) 10pm, C$0.77 - Preview
- SunPower (SPWR) 4:05pm, $0.23 - Preview
- Superior Energy Services (SPN) 4:15pm, $0.54
- Take-Two Interactive (TTWO) 4:05pm, ($0.59)
- Terex (TEX) 5:17pm, $0.61
- Trulia (TRLA) 4:01pm, ($0.09)
- Unum (UNM) 4:05pm, $0.90 - Preview
- US Silica (SLCA) 5:31pm, $0.69
- Validus (VR) 4:15pm, $1.12
- Visa (V) 4:05pm, $2.10 - Preview
- Weight Watchers (WTW) 4:05pm, $0.48
- Whiting Petroleum (WLL) 4pm, $1.21
- Williams Cos (WMB) 4:15pm, $0.19
- Yamana Gold (YRI CN) 4:20pm, $0.06
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Pirates Target Oil Tankers in Asia Trade Route as Attacks Climb
- OPEC Says Shale Producers First to Suffer From Oil-Price Plunge
- Mistry Predicts Palm Oil Rally as ‘Worst Over’ on Falling Output
- ADM Investing $3 Billion to Make Food Taste Better: Commodities
- Russia Adds Gold to Reserves in Sept. as Mexico Cuts: IMF Data
- MORE: Indonesia Seeks to Mediate Freeport, Labor Union Meeting
- Palm Area in Indonesia Seen Jumping 18% to 11m Hectares by 2020
- Soybeans Gain on Brazil Drought as Wheat Rises on Russia Concern
- OPEC Discounts Shunned by Algeria as Crude Goes to Venezuela
- China Oil Trader in Record Mideast Crude Haul as Prices Drop
- Breathing Cleaner Air Has Cost as Utility Bills to Surge in U.S.
- Shanghai Rebar Rises as Mills Seen Cutting Output During APEC
- Freeport Copper Output Falls at Grasberg After Workers Protest
- WTI Crude Rises to Four-Day High as Fuel Demand Seen Expanding
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team