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    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – September 3, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.12% downside to 1631 and 1.72% upside to 1661.          

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.41 from 2.39
  • VIX  closed at 17.01 1 day percent change of 1.19%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:58am: Markit US PMI Final, Aug.
  • 10am: Construction Spending, July, est. 0.4% (prior -0.6%)
  • 10am: ISM Manufacturing, Aug., est. 54 (prior 55.4)
  • 10am: IBD/TIPP Eco. Optimism, Sept., est. 46 (prior 45.1)
  • 11:30am: U.S. to sell $30b 3M, $25b 6M bills
  • 4pm: USDA crop-conditions report

GOVERNMENT:

    • President Obama travels to Sweden for talks on trade

WHAT TO WATCH:

  • Microsoft to buy Nokia’s handset business for $7.2b
  • Microsoft, ValueAct pact has option for Morfit to join board
  • Verizon to buy Vodafone’s 45% stake in Verizon Wireless for $130b
  • Vodafone to look at acquisitions if value creation seen
  • Vodafone U.S. wireless exit not so simple for holders
  • Verizon-Vodafone talked merger before agreeing to stake sale
  • CBS deal ends blackout on Time Warner Cable ahead of NFL season
  • Obama begins push to get Congress behind Syria action
  • Bank of America seeking $1.5b in China Construction Bank offer
  • China PMI manufacturing activity rises to 16-month high
  • Russia detected missiles targeting East Mediterranean, RIA says
  • Jarden to buy Yankee Candle for $1.75b: WSJ
  • BofA $160m Merrill bias deal goes to once-skeptical judge
  • Banks must boost swaps-trade collateral under Basel plan
  • FSB to set creditor-loss rules for failing banks
  • Coca-Cola Femsa to buy Brazil’s Spaipa in $1.86b deal

EARNINGS:

    • ABM Industries (ABM) 5pm, $0.39
    • Guidewire Software (GWRE) 4:01pm, $0.14
    • H&R Block (HRB) 4:03pm, $(0.37)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Swings Below $1,400 After Report on Mediterranean Missiles
  • Copper Rally Reversing as Glut Expands to ’01 High: Commodities
  • Brent Oil Fluctuates as Lawmakers Urge Military Action on Syria
  • Soybeans Climb Most in Week as Lack of Rain May Hurt U.S. Crops
  • Copper Declines Following Report of Detection of Missile Launch
  • Nickel Seen Falling Toward Four-Year Low: Technical Analysis
  • Sugar Climbs in New York on Signs of Import Demand; Cocoa Gains
  • Natural Gas Rises as Warm-Weather Forecast Boosts Demand Bets
  • Gold Miners Set to Start Strike as South Africa Stoppages Spread
  • Tankers Worst Since 1997 as Africa Oil to China Slows: Freight
  • Carbon’s Four-Month Rally Faces EU Permit Hurdle: Energy Markets
  • Decades of Ruptures From Defect Show Perils of Old Pipe: Energy
  • Steel Demand May Follow Rig Count Higher as Crude Climbs
  • Rebar Falls First Time in Three Days as Demand Trails Futures

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team