TODAY’S S&P 500 SET-UP – October 30, 2014
As we look at today's setup for the S&P 500, the range is 111 points or 4.75% downside to 1900 and 0.82% upside to 2011.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.85 from 1.84
- VIX closed at 14.52 1 day percent change of -4.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Employment Cost Index, 3Q, est. 0.5% (prior 0.7%)
- 8:30am: Personal Income, Sept., est. 0.3% (prior 0.3%)
- 9am: ISM Milwaukee, Oct., est. 60 (prior 63.18)
- 9:45am: MNI Chicago Business (purchasing managers), Oct., est. 60 (prior 60.5)
- 9:55am: UofMich. Consumer Sentiment, Oct. final, est. 86.4 (prior 86.4)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, House out of session
- President Obama gives speech on the economy
- Deadline for bids on Pentagon’s $11b electronic health records contract (for March 2015 award)
- 8:30am: Commerce Dept maunfacturing event; Deputy Commerce Secretary Bruce Andrews to speak at 11:45am
- U.S. ELECTION WRAP: Trouble With Polling; Ad Spending; Ratings
WHAT TO WATCH:
- Citigroup Legal Costs Jump $600m as FX Probes Accelerate
- Bank of Japan Boosts Record Stimulus as Abe Eyes Tax Rise
- Oil Set for Biggest Monthly Drop Since ’12 on Oversupply
- Russia Agrees to Terms With Ukraine for Gas Supply to Resume
- Trading in Xetra Is Suspended, Deutsche Boerse Says
- Ex-UBS Trader Defense Is Possible Threat to U.S. Forex Cases
- Android Co-Founder Rubin Leaving Google to Form Incubator
- Twitter Said to Appoint Head of Product as User Growth Slows
- Disaster Averted in NYSE Stocks as Price Feed Backup Kicks In
- Starbucks Sales Trail Estimates Amid U.S. Breakfast Rivalry
- LinkedIn New Businesses Lift 3rd-Quarter Sales Above Estimates
- Square’s Card-Reader Market Sway Slips as PayPal, Amazon Loom
- Alibaba Co-Founder Said to Back Hedge Fund of Ex SAC Trader
- BlackRock Says ETFs Aided Bond Mkt Stability After Gross Exit
- U.S. Midterm Elections, Jobs, ECB, BOE, AIG: Wk Ahead Nov. 1-8
EARNINGS:
- AbbVie (ABBV) 7:47am, $0.77 - Preview
- American Axle & Mfg (AXL) 8am, $0.62
- Aon (AON) 6:30am, $1.12
- CBOE (CBOE) 7:30am, $0.54
- Chevron (CVX) 8:30am, $2.52 - Preview
- Clorox (CLX) 8:30am, $1.03 - Preview
- CommScope (COMM) 7:30am, $0.57
- Dominion Resources (D) 7:30am, $0.95
- Exelis (XLS) 6:30am, $0.32
- Exxon Mobil (XOM) 8am, $1.71 - Preview
- Genesee & Wyoming (GWR) 6am, $1.18
- Hilton Worldwide (HLT) 6am, $0.17
- ITT (ITT) 7am, $0.60
- Legg Mason (LM) 7am, $0.01
- Madison Square Garden (MSG) 7:30am, $0.32
- Magellan Midstream Partners (MMP) 8:30am, $0.66
- Moog (MOG/A) 7:55am, $1.08
- Newell Rubbermaid (NWL) 6:30am, $0.55 - Preview
- NextEra Energy (NEE) 7:30am, $1.54
- Oshkosh (OSK) 7am, $0.82
- Pinnacle West Capital (PNW) 8:30am, $2.13
- Rockwell Collins (COL) 7:30am, $1.27
- Spirit AeroSystems (SPR) 7:30am, $0.77
- TECO Energy (TE) 7:30am, $0.33
- Telephone & Data Systems (TDS) 7:56am, ($0.08)
- United States Cellular (USM) 7:57am, ($0.30)
- Vantage Drilling (VTG) 6am, $0.02
- WisdomTree (WETF) 7am, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Tumbles With Silver to Lowest Since 2010 as Dollar Advances
- Brent Oil Set for Longest Run of Weekly Losses Since ’02 on Glut
- Gold Slumping 17% to $1,000 an Ounce for SocGen on Oil’s Tumble
- Nickel Leads Gains by Industrial Metals as Japan Adds Stimulus
- No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower
- Hurricane Season’s Eastern Pacific Finale Sends Storm to Mexico
- Shale Boom Redraws Oil Routes as Alaskans Ship to Korea: Energy
- Russia Agrees to Terms With Ukraine for Gas Supply to Resume
- Emerging-Market Currencies Hurt by Oil, Metals: Chart of the Day
- Wheat Futures Drop as Much as 1% to $5.305/bu, Reversing Gains
- Steel Rebar Pares Monthly Gain as Demand Seen Falling in Winter
- Freeport Indonesia, Labor Union Continue Talks on Planned Strike
- Copper Traders Bullish for Next Week Amid Distruption Prospects
- ‘Brouhaha’ Looming Over OPEC Oil-Production Cuts, Yergin Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team