TODAY’S S&P 500 SET-UP – September 4, 2013
As we look at today's setup for the S&P 500, the range is 28 points or 0.60% downside to 1630 and 1.11% upside to 1658.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.44 from 2.44
- VIX closed at 16.61 1 day percent change of -2.35%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Aug. 30 (prior -2.5%)
- 7:45am: ICSC/Goldman Sachs weekly retail sales
- 8:30am: Trade Balance, July, est. -$38.7b (prior -$34.2b)
- 8:55am: Johnson Redbook weekly retail sales
- 9:45am: ISM New York, Aug. (prior 67.8)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 12:30pm: Fed’s Williams to speak on monetary policy
- 2pm: Federal Reserve releases beige book
- 8pm: Fed’s Kocherlakota speaks at town hall forum
GOVERNMENT:
- President Obama meets with Swedish Prime Minister Fredrik Reinfeldt in Stockholm
- Noon: House Foreign Affairs Cmte hears from Sec. of State John Kerry, Sec. of Defense Chuck Hagel, Joint Chiefs Chairman Gen. Martin Dempsey on Obama’s response to Syria conflict
- Noon: Former President Bill Clinton speaks on health care policy, Affordable Care Act
- 1:30pm: Vice President Biden swears Thomas Perez in as 26th Labor Secretary
WHAT TO WATCH:
- Aug. Auto Sales: Fleet sales now are profit-maker
- LinkedIn plans $1b share sale, may use proceeds for M&A
- Senate panel to vote on approving limited U.S. strikes on Syria
- Putin demands proof of Assad attack to back strikes on Syria
- Sprint seeks early U.S. airwaves auction as rivals urge delays
- BofA sees $750m pretax gain from China Construction stake
- Burkle demands sale of Morgans Hotel after CEO quits
- Bear Stearns wins dismissal of Bank of America’s CDO lawsuit
- Best Buy loses flat panel price-fixing trial against Toshiba
- Euro-area exports drive economic rebound after record recession
- Australia 2Q GDP beats ests., unexpectedly accelerates
- U.K. services growth accelerates to fastest pace since 2006
- Billionaire Packer buys 9.4% of Zillow as U.S. housing rises
- KKR, Permira selling ProSiebenSat.1 stake worth $1b
EARNINGS:
- Bazaarvoice (BV) 4:05pm, $(0.07)
- Ciena (CIEN) 7am, $0.16
- Dollar General (DG) 7am, $0.74
- Francesca’s (FRAN) 4:01pm, $0.35
- Greif (GEF) 4:16pm, $0.91
- Navistar Intl (NAV) Bef-mkt, $(1.30) - Preview
- SAIC (SAI) 4:05pm, $0.21
- Verint Systems (VRNT) 4:05pm, $0.52
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Slumps Most in Five Weeks on Concern Stimulus Will Slow
- Rio to BHP Invest $244 Billion as Glasenberg Warns: Commodities
- Soybeans Decline in Chicago Following Biggest Advance in a Week
- WTI Crude Futures Decline as U.S. Weighs Intervention in Syria
- Iron Ore Shipments From Port Hedland Increase as China Buys More
- Gold Drops on Speculation Fed Will Slow Stimulus; Silver Falls
- Baltic Dry Index Rises to 21-Month High on Iron Ore, Grains
- Nickel Pig Iron Production in China Seen Jumping as Costs Tumble
- Robusta Falls as Vietnam Harvest May Start Early; Sugar Declines
- Indian Banks, Traders May Resume Gold Imports Immediately
- Platinum 200-Day Moving Trend Shows 11% Jump: Technical Analysis
- West Australian Grain-Crop Estimate Raised by CBH After Rain
- Crude Supplies Drop in Survey on Driving Demand: Energy Markets
- Natural Gas Extends Gains on Concern Storms May Curb U.S. Output
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team