TODAY’S S&P 500 SET-UP – November 17, 2014
As we look at today's setup for the S&P 500, the range is 55 points or 2.20% downside to 1995 and 0.50% upside to 2050.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.80 from 1.81
- VIX closed at 13.31 1 day percent change of -3.48%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Nov., est. 12.0 (prior 6.17)
- 9:00am: ECB’s Draghi speaks in Brussels
- 9:15am: Capacity, Oct., est. 79.3% (prior 79.3%)
- 9:15am: Industrial Production, Oct., est. 0.2% (prior 1%)
- 10am: Fed’s Evans speaks in Chicago
- 11am: U.S. announces plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $28b 6M bills
GOVERNMENT:
- 1pm: Nuclear Regulatory Commission Chair Allison Macfarlane speaks at NPC on safe operation of nation’s more than 100 nuclear power plants
WHAT TO WATCH:
- Japan Unexpectedly Enters Recession as Abe Weighs Tax
- *Pfizer to Buy Merck KGaA Cancer Drug Rights for $850m
- ** Pfizer Cuts 2014 Reported Diluted EPS Range to $1.40-$1.49
- Actavis Said Near Deal to Buy Allergan for Over $215/Share
- Halliburton Said to Resume Merger Talks With Baker Hughes
- JPMorgan Settles Oil Rights-Owner Suit Alleging Deals
- Zoetis Adds Poison Pill as Ackman Stake Raises Takeover Chance
- Ford Expands Ranger Pickup Recall for Flawed Takata Air Bags
- Facebook Tells Marketers to Stop Trying to Post Ads for Free
- Delta Seeks to Boost Asia Hub With Plan to Triple Seattle Gates
- Carrey’s ‘Dumb & Dumber To’ Debuts as Top Box-Office Hit
- China’s Bad Loans Jump Most Since 2005 in Threat to Economy
- Putin Warns He Won’t Let Rebels Be Beaten by Ukraine Forces
- Citigroup, JPMorgan, others post monthly credit-card data
- 13-F WRAP: Alibaba Attracts Appaloosa, Paulson, Soros, Moore
EARNINGS:
- Agilent Technologies (A) 4:05pm, $0.89
- Jacobs Engineering (JEC) 9:30pm, $0.86
- Keysight Technologies (KEYS) 4pm, $0.77
- Tyson Foods (TSN) 7:30am, $0.77
- Urban Outfitters (URBN) 4pm, $0.41
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Drops on Growth Concerns as Japan Enters Recession
- Gold Trades Below Two-Week High Amid Signs of Physical Buying
- China to Cut Agriculture Tariffs in ‘Game Changer’ for Australia
- Hedge Funds Cut Gold Bets in Fastest Exit This Year: Commodities
- Copper Falls Amid Demand Concern as Japan Sinks Into Recession
- Australia-China Free Trade Deal to Remove Some Resources Tariffs
- Mounting Pressure on OPEC Spurs More Wagers on Oil Rally: Energy
- Osisko to Buy Virginia for $408 Million to Add Gold Royalties
- Steel Rebar Falls as Weak Demand Weighs Against Production Cuts
- China Copper, Zinc, Alumina Output Rise to Record Highs in Oct.
- Wheat Climbs Toward 11-Week High on Australia, U.S. Crop Outlook
- Arabica Trades Near 3-Week High on Brazil Dryness; Sugar Falls
- OIL DAYBOOK: Crude Down; Iran Minister Visits UAE Ahead of OPEC
- Australia Opens China’s Services Market With Free Trade Accord
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team