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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team