TODAY’S S&P 500 SET-UP – September 18, 2013
As we look at today's setup for the S&P 500, the range is 34 points or 1.45% downside to 1680 and 0.54% upside to 1714.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.47 from 2.48
- VIX closed at 14.53 1 day percent change of 1.04%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Sept. 13 (prior -13.5%)
- 8:30am: Housing Starts, Aug., est. 920k (prior 896k)
- 10:30am: DOE Energy Inventories
- 2pm: FOMC Rate Decision, Sept., est. 0%-0.25% (pr 0%-0.25%)
- 2:30pm: Fed’s Bernanke holds news conference on FOMC meeting
- 9:30pm: BoJ’s Kiuchi speech and press conference
- BoJ’s Kuroda speaks in Tokyo
GOVERNMENT:
- President Barack Obama speaks to Business Roundtable on economic proposals aimed at job creation
- Financial Accounting Standards Board, Intl Accounting Standards Board joint public roundtable meeting in London
- 10am: House Armed Svcs Cmte hears from military heads on 2014 defense budget
- 10:15am: Energy Sec. Ernest Moniz, EPA Admin. Gina McCarthy testify before House Energy and Commerce Cmte on combatting global warming
- 2pm: House Ways and Means panel hearing on IRS’s exempt organizations division
- 2pm: Cary Sherman, CEO of Recording Industry Assn of America; Randall Rothenberg, CEO of Interactive Advertising Bureau, testify before House Judiciary hearing on voluntary agreements in intellectual property
WHAT TO WATCH:
- JPMorgan said to agree to pay $200m to SEC over London Whale
- Drop in home loans keeps Fed from tapering MBS purchases
- Starwood property said to plan deal for Waypoint Management
- Dow Chemical suspends sale of plastics additives on low bids
- Sega said to win auction to buy bankrupt game co. Index
- Electronic Arts elevates sports video unit head to CEO: WSJ
- Boeing’s larger 787 completes test flight
- Auto-parts co. Visteon may move to Hong Kong listing: CEO
- Sharp to raise as much as JPY166b through share sale
- Apache to sell $112m in Canadian assets in 2 separate deals
- Dollar Tree takes up $2b share buyback; enters JPM agreements
- Volkswagen may build small SUV in Tennessee
- Tesla CEO Musk sees driverless cars road-ready in 3 years: FT
- Walgreen moves workers to private health care exchange
- AT&T to expand in Latin America with America Movil: Reuters
- Pandora wins licensing dispute against songwriters, publishers
- Blackberry introduces new Z30 handset with 5-inch screen
EARNINGS:
- Apogee Enterprises (APOG) 4:30pm, $0.25
- Clarcor (CLC) 6:26pm, $0.66
- Cracker Barrel Old Country Store (CBRL) 7am, $1.35
- FedEx (FDX) 7:30am, $1.50 - Preview
- General Mills (GIS) 6:56am, $0.70 - Preview
- Herman Miller (MLHR) 4pm, $0.38
- Manchester United (MANU) 6am, $(0.03)
- Oracle (ORCL) 4:01pm, $0.56 - Preview
- Steelcase (SCS) 4:01pm, $0.26
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Declines a Third Day to Six-Week Low Before Fed Statement
- China’s Choking Cities Means Job Cuts at Steel Town: Commodities
- WTI Crude Rises for First Time in Four Days Before Fed Decision
- Copper Climbs Before Federal Reserve Concludes Policy Meeting
- Corn Rebounds From One-Month Low as U.S. Insurance Claims Rise
- Coffee Rebounds in London Before Vietnam Crop; Sugar Declines
- Aluminum Cuts Seen by Wood Mackenzie Too Small to Reduce Glut
- German Power Premium Most Since ’98 Tests Voters: Energy Markets
- Rebar Falls to Seven-Week Low as Purchases Slow, Iron Ore Drops
- U.K. Millers Poised to Buy British as Sun Boosts Wheat Quality
- Australia Sugar Cane Crop Seen Curbed in 2014 If Drought Spreads
- Goldman Sees Commodity Consumption Signs of Life Outside China
- Coffee Supply Gains Spur Bearish Price Outlook: Chart of the Day
- Iron Ore Seen Extending Slump by UBS as Global Supplies Increase
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
