TODAY’S S&P 500 SET-UP – September 6, 2013
As we look at today's setup for the S&P 500, the range is 24 points or 0.73% downside to 1643 and 0.72% upside to 1667.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.46 from 2.48
- VIX closed at 15.77 1 day percent change of -0.69%
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Fed’s Evans speaks in Greenville, S.C.
- 8:30am: Change in Non-Farm Payrolls, Aug., est. 180k (162k)
- 8:30am: Unemployment Rate, Aug., est. 7.4% (prior 7.4%)
- 1pm: Baker Hughes rig count
- 1:30pm: Fed’s George speaks on economy in Omaha, Neb.
GOVERNMENT:
- President Obama attends G-20 Summit in Russia; meets with Chinese President Xi, French President Hollande
- Senate, House hold pro forma sessions to file resolution authorizing limited military force in Syria
- Sec. of State John Kerry departs on 3-day trip to Lithuania, France, U.K. to meet with EU foreign ministers, discuss Syria
WHAT TO WATCH:
- U.S. employers probably expanded payrolls at faster pace
- Nielsen said to be negotiating FTC concessions for Arbitron deal
- Apple said to near deal with Japan’s DoCoMo to sell iPhone
- Apple supplier fire spurs biggest chip price rise in 3 yrs
- Ford’s Mulally says he’ll stay at least through 2014
- Google says e-mail content mining lawsuit should be thrown out
- Syria’s Laham urges U.S. to abstain from "reckless" action
- Half of Fed policy committee may leave after Bernanke exit: WP
- U.K. manufacturing rose for a 2nd month in July
- Gorman says chance of another financial crisis “close to zero”
- SAC insider case’s second tipper said to be New Jersey doctor
- Panasonic likely to sell health-care unit to KKR, Nikkei says
EARNINGS:
- Mattress Firm (MFRM) Bef-mkt, $0.51
- SHFL Entertainment (SHFL) 4pm, $0.22
- Smithfield Foods (SFD) 6am, $0.47
- UTi Worldwide (UTIW) 8am, $0.14
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Tin Jumps to Five-Month High as Top Seller Indonesia Curbs Trade
- Gold Traders Split on Two-Year Anniversary of Peak: Commodities
- Copper Rises Before Report Projected to Show U.S. Hiring Sped Up
- Gold Trades Near Two-Week Low in London Before U.S. Jobs Report
- Brent Set for Fourth Weekly Gain as U.S. Pushes for Syria Strike
- Corn Traders Most Bearish in Six Weeks as Crops Near Maturity
- Sugar Climbs to Three-Week High as Surplus Shrinks; Coffee Gains
- Timah Force Majeure May Cut Supply by Over 500 Tons/Wk: Barclays
- Rebar Declines to One-Month Low on Iron Ore Price, Mill Output
- Nickel Inventories Keep On Climbing, Reach Fresh High: BI Chart
- Crude May Rise on Signs the U.S. May Attack Syria, Survey Shows
- U.S. Corn, Soy Crops Seen Below USDA Forecast, Survey Shows
- Fracking Near $14 Million Homes Advocates for U.K Shale: Energy
- Soybeans Climb on Speculation U.S. Will Reduce Harvest Estimate
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
