TODAY’S S&P 500 SET-UP – November 3, 2014
As we look at today's setup for the S&P 500, the range is 56 points or 2.53% downside to 1967 and 0.25% upside to 2023.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.84
- VIX closed at 14.03 1 day percent change of -3.37%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:30am: Fed’s Evans speaks in Chicago
- 9:45am: Markit US Mfg PMI, Oct, final, est. 56.2 (prior 56.2)
- 10am: ISM Manufacturing, Oct., est. 56.2 (prior 56.6)
- 10am: Construction Spending, Sept., est. 0.7% (prior -0.8%)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $30b 6M bills
- 12:40pm: Fed’s Fisher speaks in New York
GOVERNMENT:
- President Obama meets with Fed Chair Janet Yellen to discuss long-term outlook for U.S. economy, global recovery
- Senate, House out of session
- FSOC holds meeting on MetLife’s objection to proposed designation as “systemically important” financial firm
- 9am: NATO Supreme Allied Commander, Europe, and Commander of U.S. European Command Air Force Gen. Philip Breedlove holds media briefing
- 10am: Supreme Court hears arguments in case involving designation of “Israel” as place of birth for U.S. citizens born in Jerusalem
- 10:30am: CFTC reviews rules to make sure they don’t have unintended consequences for non-financial cos.
- 2pm: Greece’s energy minister, Yiannis Maniatis, speaks at the Center for Strategic and International Studies on energy trends in the eastern Mediterranean region
- Washington Week Ahead
- U.S. ELECTION WRAP: The Magic Senate Number; Googling ‘Nunn’
WHAT TO WATCH:
- Publicis to Buy Sapient for $3.7b to Extend Digital Reach
- Diageo Gets Full Control of Don Julio in Swap for Bushmills
- Gold Extends Decline Toward 4-Year Low as Silver Tumbles
- MetLife to Appear Before FSOC to Appeal Prelim. SIFI Designation
- Altice Offers Oi $8.8b for Portugal Telecom Assets
- NY Doctor With Ebola Now in ‘Stable’ Condition at Bellevue
- Omega Healthcare to Acquire Aviv REIT in $1.65B Deal
- Net Neutrality Groups Praise Using FCC Phone Rules on Web
- Verizon, AT&T Cut Mobile Prices While Boosting Data Allotments
- American Realty Capital Said to Face Accounting Errors Probe
- Einhorn’s Greenlight Rose 2.2% in Oct. as Volatility Surged
- Final Election Push: GOP Has the Edge; Will It Be Enough?
- Billionaire Malone Got Double Tax Break in Liberty Inversion
- Virgin Spacecraft’s Rocket Motor Intact After Breakup: NTSB
- Gyllenhaal’s ‘Nightcrawler’ Movie Creeps to Tie With ‘Ouija’
- Herbalife to Pay $15m to End ‘Pyramid Scheme’ Lawsuit
- Obama Ends Midterm Campaigning With Eye on Governors’ Races
- Auto Sales Preview: Oct. SAAR May Be 16.4m
AM EARNS:
- Affiliated Managers (AMG) 7:30am, $2.71
- Allete (ALE) 8:30am, $0.72
- Arena Pharmaceuticals (ARNA) 6:45am, ($0.12)
- Church & Dwight (CHD) 7am, $0.82
- CNA Financial (CNA) 6am, $0.78
- Enbridge Energy Partners (EEP) 8am, $0.26
- Kosmos Energy (KOS) 7am, ($0.02)
- Loews (L) 6am, $0.68
- Sysco (SYY) 8am, $0.51
PM EARNS:
- Acxiom (ACXM) 4:05pm, $0.17
- Agrium (AGU CN) 6:13pm, $0.50
- Alleghany (Y) 4:07pm, $7.66
- American Intl Group (AIG) 4:03pm, $1.09
- Community Health Systems (CYH) 4:30pm, $0.76 - Preview
- Corrections of America (CXW) 4:15pm, $0.47
- Covance (CVD) 4pm, $0.98
- Detour Gold (DGC CN) 5:35pm, ($0.10)
- Frontier Communications (FTR) 4:01pm, $0.04
- Herbalife (HLF) 4:30pm, $1.51
- Lannett (LCI) 4:04pm, $0.92
- MannKind (MNKD) 4pm, ($0.02)
- Marathon Oil (MRO) Aft-mkt, $0.59
- MDU Resources (MDU) 5:30pm, $0.44
- Mindray Medical (MR) 5pm, $0.46
- Neurocrine Biosciences (NBIX) 4:02pm, ($0.21)
- Protective Life (PL) 4:14pm, $1.22
- Regency Centers (REG) 4:05pm, $0.18
- RetailMeNot (SALE) 4:01pm, $0.13
- Rock-Tenn Co (RKT) 5pm, $1.06
- Rosetta Resources (ROSE) 5:15pm, $0.74
- Ruckus Wireless (RKUS) 4:05pm, $0.11
- Sprint (S) 4pm, ($0.06)
- Stone Energy (SGY) 4:03pm, $0.07
- Tenet Healthcare (THC) 4:15pm, $0.09
- Veresen (VSN CN) 5pm, $0.02
- Vornado Realty Trust (VNO) Aft-mkt, $0.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Extends Decline Toward Lowest Since 2010 as Silver Drops
- Gold Wagers Drop as $1.3 Billion Pulled From Funds: Commodities
- Brent Crude Trades Near 4-Day Low as China Manufacturing Slows
- Palm Enters Bull Market as Soybeans Rally, Biofuels Drive Demand
- Nickel Drops as Chinese Manufacturing Growth Misses Estimates
- Hedge Funds Cut Bullish Oil Bets as Global Glut Expands: Energy
- ICE Brent Money Managers Net-Longs Rose to 54,715 Last Week
- White Sugar Falls for Third Day on Ample Supply; Cocoa Declines
- Natural Gas Rises for Fifth Day as Cold Forecast for U.S. East
- Lehman Antidote Hits Nordic Power Exchange With Another Problem
- Steel Rebar Falls on Signs of China Slowdown, Iron Ore Price
- Hurricane Vance in Pacific Will Weaken From Tonight, NHC Says
- Tomato Demand Spurs Record California Crop as Drought Worsens
- Zimbabwe Needs to Clarify its Black Ownership Laws, IMF Says
- Corn Drops With Soybeans as U.S. Weather Seen Boosting Harvest
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team