TODAY’S S&P 500 SET-UP – August 23, 2013
As we look at today's setup for the S&P 500, the range is 29 points or 0.90% downside to 1642 and 0.85% upside to 1671.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.50 from 2.50
- VIX closed at 14.76 1 day percent change of -7.40%
MACRO DATA POINTS (Bloomberg Estimates):
- Kansas City Fed Jackson Hole Economic Summit continues
- 10am: New Home Sales, July, est. 487k (prior 497k)
- 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama speaks on improving value of higher education at Binghamton University in Vestal, N.Y., and with Vice President Joe Biden at Lackawanna College in Scranton, Penn.
- 11am: U.S. Chamber of Commerce briefing on TPP negotiations taking place in Brunei this week
- Pentagon weighs firing thousands of civilians under 2014 cuts
WHAT TO WATCH:
- Nasdaq says cause of connectivity issue has been addressed
- Nasdaq shuts trading for 3 hours after computer errors
- SEC’s White vows tech safeguards after Nasdaq failure
- JPMorgan said to face London Whale fines as soon as next mo.
- CFTC said near releasing high-speed trading regulation plans
- Amgen said to push for lower Onyx price amid drug-data dispute
- Koch Industries backs away from bid for Tribune’s newspapers
- Moody’s mulls downgrade of big banks as U.S. support wanes
- Mitsubishi aircraft gets U.S. airlines’ backing amid delays
- AMR, US Airways want trial for U.S. antitrust suit in Nov.
- Southwest blind spot eroding U.S. bid to bar AMR-US Airways
- Alibaba said to ask HKEx to allow partners to nominate board
- Wells Fargo eyes 20% ann. growth in Asia fund-services clients
- ADM says Graincorp offer extended to Nov. 16 from Aug. 31
- Richmond says bondholders’ suit over eminent domain too early
- Baidu buys 59% stake in Renren website for $160m
- Amazon said to have tested wireless network in California
- U.K. economy grows a more-than-estimated 0.7% as exports rise
- U.S. GDP, King Speech Anniv., Carney: Wk Ahead Aug. 24-31
EARNINGS:
- Ann Inc (ANN) 7:30am, $0.65
- Foot Locker (FL) 7am, $0.47
- Hibbett Sports (HIBB) 6:30am, $0.38
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Futures Head for Biggest Weekly Decline in a Month
- Gold Bears Take Over as Fed Members Back Taper Plan: Commodities
- Sugar Exports From India Get Boost From Record Rupee Plunge
- Gold’s Rout Spurs Surge in Indonesian Demand: Southeast Asia
- Corn and Soybeans Rise as Midwest Seen Set for Heat and Dryness
- Copper Climbs on Rebound Indications and Shrinking Inventories
- Robusta Coffee Falls to 7-Week Low on Technicals; Sugar Advances
- Rebar Rises as Data Signals Better Prospects for Global Recovery
- Strike Threat May Cripple Money-Losing South Africa Gold Miners
- Soybean Traders Most Bullish Since 2012 as Freeze Threat Looms
- Coal Gets No Relief as Aussie Slide Deepens Glut: Energy Markets
- Petrobras Outspends Exxon Researching Next Oil Frontiers: Energy
- China’s Yunnan Tin Will Halt Lead Smelting After Price Declines
- Soy, Corn Yields Seen Less Than USDA Estimates on Midwest Tour
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
