TODAY’S S&P 500 SET-UP – September 5, 2013
As we look at today's setup for the S&P 500, the range is 25 points or 0.61% downside to 1643 and 0.90% upside to 1668.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.45 from 2.43
- VIX closed at 15.88 1 day percent change of -4.39%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Bank of England seen maintaining bank rate of 0.5%
- 7:30am: Challenger Job Cuts Y/y, Aug. (prior 2.3%)
- 7:30am: RBC Consumer Outlook Index, Sept. (prior 49.4)
- 7:45am: ECB seen maintaining benchmark rates at 0.5%
- 8:15am: ADP Employment Change, Aug., est. 180k (prior 200k)
- 8:30am: ECB’s Draghi holds news conference
- 8:30am: Nonfarm Productivity, 2Q final, est. 1.6% (pr 0.9%)
- 8:30am: Init Jobless Claims, Aug. 31, est. 330k (pr 331k)
- 9am: Fed’s Kocherlakota speaks in La Crosse, Wis.
- 9:45am: Bloomberg Consumer Comfort, Sept. 1
- 10am: Factory Orders, July, est. -3.4% (prior 1.5%)
- 10am: ISM Non-Manufacturing, Aug., est. 55 (prior 56)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: DoE energy inventories
- 11am: U.S. to announce plans for sale of 3Y notes, 10Y notes, 30Y bonds
- 1:30pm: Fed’s Fisher speaks in economy in Dallas
GOVERNMENT:
- G-20 Leaders Summit begins in St. Petersburg, Russia
- 2pm: Members of Congress receive classfied briefing on Syria
WHAT TO WATCH:
- Microsoft wins jury trial over Google patent licensing tactics
- Aug. U.S. Retail Sales Seen Hurt by Delayed School Shopping
- SKF to buy Kaydon for $1.25b to expand U.S. business
- Mail.ru sells rest of its Facebook stake for $525m
- Sprint raises $6.5b in biggest junk sale since 2008
- Otsuka Holdings offers to buy Astex for up to $886m
- Fed’s Kocherlakota says U.S. economy needs more accommodation
- LinkedIn boosts offering to $1.2b after share rally
- Liberty Media’s Malone said to plan for succession: NY Post
- G-20 draft calls for more job training, infrastructure spending
- Dominion bids $1.6m for offshore Virginia wind project
- Nasdaq, SIP outline proposed actions after Aug. 22 glitch
- Kuroda says Japan can roll out stimulus if needed after tax rise
- Samsung $299 Galaxy Gear tests consumer smartwatch demand
- Focus Media owners seek up to $500m dividend recap: Reuters
EARNINGS:
- Conn’s (CONN) 7am, $0.60
- Cooper Cos (COO) 4:01pm, $1.72
- Finisar (FNSR) 4pm, $0.31
- Infoblox (BLOX) 4:05pm, $0.09
- Jos A Bank Clothiers (JOSB) 6am, $0.52
- Quiksilver (ZQK) 4pm, $0.04
- Smith & Wesson (SWHC) 4:05pm, $0.36
- VeriFone Systems (PAY) 4:01pm, $0.20
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Rises From One-Week Low as Senate Panel Backs Syria Strike
- Steel Rallying With Chinese Builders Beating Mills: Commodities
- Tin Heads for Four-Month High on Concern About Limited Supply
- Sugar Surplus Shrinks on Quickening Demand in China to Indonesia
- Rubber Advances on Thai Farmer Protests, U.S. Car Sales Gains
- Rebar Futures Drop to Lowest in a Month as Premium Lures Sellers
- Palm Oil Climbs as Crude-Price Gain Increases Appeal of Biofuel
- Gold Rises as Investors Seek Haven Amid Syrian Strike Debate
- Gold Imports to China From Hong Kong Climb on Physical Demand
- Libya Propels Sweet African Oil Toward 2011 High: Energy Markets
- Oil Puts at 18-Month Low as U.S. Prepares Syria Strike: Options
- Iron Ore Supply of Up to 830 Million Tons May Be Added by 2020
- Asia Fuel Oil Viscosity Spread at Two-Month High: Oil Products
- World Food Prices Fell Fourth Month in August on Cheaper Grains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
