TODAY’S S&P 500 SET-UP – September 16, 2013
As we look at today's setup for the S&P 500, the range is 35 points or 1.13% downside to 1669 and 0.95% upside to 1704.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.43 from 2.45
- VIX closed at 14.16 1 day percent change of -0.91%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Sept., est. 9 (prior 8.24)
- 9:15am: Industrial Prod. M/m, Aug., est. 0.5% (prior 0.0%)
- 9:15am: Capacity Util., Aug., est. 77.9% (prior 77.6%)
- 9:15am: Manuf. Production, Aug., est. 0.5% (prior -0.1%)
- 11am: Fed to purchase $750m-$1b in 2024-2031 sector
- 11:30am: U.S. to sell $30b 3M, $25b 6M bills
- 4pm: USDA crop-conditions report
GOVERNMENT:
- UN inspectors who investigated evidence that chemical weapons were used in Syria may release initial findings as soon as today
- House, Senate in session
- Financial Accounting Standards Board, International Accounting Standards Board holds joint public roundtable meeting in London on revised exposure drafts on leases
WHAT TO WATCH:
- Summers withdraws from consideration for Fed chairmanship
- Pimco says S-T debt to benefit as Summers withdraws
- Hurricane Ingrid nears Mexico; Manuel weakens to depression
- Westfield sells 7 U.S. malls to Starwood for $1.6b
- China Telecom cuts subsidy on new Apple iPhones: analysts
- Kerry seeks to build support for Syria chemical arms plan
- Danske Bank CEO Kolding resigns; replaced by Borgen
- Air France to give up use of Boeing 747s by 2016 due to cost: Echos
- Repsol in talks w/ Qatar, Sinopec, Temasek on Gas Natural sale: Confidencial
- Repsol said to seek N. American oil co. acquisition: WSJ
- KPN agrees to $4.9b tax book loss on German unit sale
- “Insidious: Chapter 2” beats De Niro to top wknd sales
- Saudi Prince Alwaleed to hold Twitter stake after IPO: Reuters
EARNINGS:
- Cvent (CVT) Post-mkt, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Falls to Four-Week Low as Syria Talks Seen Averting Strike
- Gold Bulls Cut Wagers as Goldman Sees More Losses: Commodities
- Soybeans Drop as Rain Seen Stabilizing Midwest Crop Conditions
- Gold Declines in London as Haven Demand Subsides on Syria
- Sugar Output Estimate in India Increased 5.5% on Monsoon Rains
- Copper Pares Advance in London, Trades Up 0.1% at $7,047 a Ton
- Rebar Futures Decline to Six-Week Low as Mills Increase Output
- Montepeque of Platts Caught in Battle Over Oil Assessments
- Gold ETF Holdings Return to Lowest Levels Since 2010: BI Chart
- Hedge Funds Cut Bullish Oil Bets on Syria Talks: Energy Markets
- Hurricane Ingrid Nears Mexico as Manuel Dissipates Over Land
- JSE May End Travel-Cost Fee for Biggest S. Africa Wheat Area
- India Cuts Benchmark Import Price of Gold to $432 Per 10 Grams
- Sugar Drops as Investors May Sell on India Outlook; Cocoa Rises
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team