TODAY’S S&P 500 SET-UP – August 29, 2013
As we look at today's setup for the S&P 500, the range is 37 points or 0.43% downside to 1628 and 1.84% upside to 1665.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.39 from 2.37
- VIX closed at 16.49 1 day percent change of -1.67%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: GDP Annlized Q/q, 2Q revised, est. 2.2% (prior 1.7%)
- 8:30am: Init. Jobless Claims, Aug. 24, est. 331k (pr 336k)
- 8:50am: Fed’s Bullard speaks in Memphis
- 9:45am: Bloomberg Consumer Comfort, Aug. 25, prior -28.8
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 1pm: U.S. to sell $29b 7Y notes
- 2pm: Fed’s Lacker speaks in Newport News, Va.
GOVERNMENT:
- 9am: Transportation Dept, Federal Railroad Administration hold mtg of Railroad Safety Advisory Cmte to discuss July derailment in Quebec
- 10am: FDIC Chairman Gruenberg announces 2Q bank, thrift earns
- Syria showdown widens rift as U.S., U.K. press for action
WHAT TO WATCH:
- JPMorgan bribery probe said to expand as spreadsheet found
- Vodafone, Verizon in talks over U.S. wireless stake sale
- US Airways’ Washington Airport prize hobbles bid for AMR merger
- Blackstone settles IPO disclosure lawsuit for $85m
- Seaworld slumps after slashing prices as visitors drop
- U.S. and Swiss said to agree in offshore tax evasion probe
- Zurich Chairman Ackermann resigns after CFO’s suicide
- Brazil raises rate to 9% as real undercuts inflation fight
EARNINGS:
- Africa Oil (AOI CN) 5:30pm, $(0.02)
- Campbell Soup (CPB) 7:30am, $0.42
- Esterline Technologies (ESL) 4pm, $1.54
- Golar LNG (GLNG) Bef-mkt, $0.20
- Golar LNG Partners (GMLP) Bef-mkt, $0.53
- K12 (LRN) 6am, $0.02
- Krispy Kreme Doughnuts (KKD) 4:05pm, $0.16
- Pall (PLL) 7am, $0.89
- Royal Bank of Canada (RY CN) 6am, C$1.38 - Preview
- Salesforce.com (CRM) 4:05pm, $0.07
- Signet Jewelers (SIG) 6:30am, $0.83
- Splunk (SPLK) 4:02pm, $(0.03)
- Toronto-Dominion (TD CN) 6:30am, C$1.53 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Snaps Five-Day Rally as Data May Increase Case for Tapering
- Cotton Glut Expands to Record as Hanes Profit Gains: Commodities
- WTI Oil Falls From Two-Year High as Syria Intervention Debated
- Robusta Coffee Falls to 2-Month Low on Bear Trend; Cocoa Slides
- Copper Trades Near Two-Week Low on Concern About Syria Unrest
- Noble Wins Order to Liquidate Ebullio Commodity Master Fund
- Wheat Exports From India Seen Climbing on Record Plunge in Rupee
- New Billionaire Profits From Vietnam-China Cotton Cost Gap
- Soybeans, Corn Decline on Improving Outlook for Midwest Weather
- China Galvanized Steel Slowdown May Cool Zinc Use After 1H Boost
- Gas Price Jump Seen in Record Europe Stockpiling: Energy Markets
- Capital One Hires JPMorgan, Barclays Bankers to Expand in Energy
- South Africa Gold Companies Considering Locking Out Workers
- Oil May Fall as Retaliation for Syria Strike Unlikely: Citigroup
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
