TODAY’S S&P 500 SET-UP – September 26, 2013
As we look at today's setup for the S&P 500, the range is 21 points or 0.58% downside to 1683 and 0.66% upside to 1704.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.30 from 2.29
- VIX closed at 14.01 1 day percent change of -0.50%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, Sept. 21, est. 325k (pr 309k)
- 8:30am: GDP Annualized Q/q, 2Q revised, est. 2.6% (pr 2.5%)
- 9:30am: Reserve Bank of India’s Rajan speaks in Frankfurt
- 9:45am: Bloomberg Consumer Comfort, Sept. 22
- 10am: Pending Home Sales M/m, Aug., est. -1% (pr -1.3%)
- 10am: Freddie Mac mortgage rates
- 10:10am: Fed’s Stein speaks in Frankfurt
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City Fed Manufacturing, Sept., est. 8 (pr 8)
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 12:15pm: Fed’s Kocherlakota speaks in Houghton, Mich.
- 12:35pm: Fed’s Pianalto speaks in Cleveland
- 1pm: U.S. to sell $29b 7Y notes
- 6:15pm: ECB’s Coeure speaks in New York
- 9:15pm: Fed’s George speaks in Denver
GOVERNMENT:
- Canadian Minister of Intl Trade Ed Fast meets with Sec. of Commerce Penny Pritzker, U.S. Trade Representative Michael Froman to discuss job creation and trade
- 8:30am: Atty General Eric Holder delivers remarks at Justice Dept’s Summit on Preventing Youth Violence
- 10am: Senate Homeland Security Cmte hears testimony on overhauling U.S. Postal Service
- 10am: Senate Commerce Cmte hears from airline industry, manufacturers on jobs
- 10am: House Budget Cmte meets on long-term budget outlook
- 10:55am: President Obama to speak on Affordable Care Act at Prince George’s Community College
- 2pm: Senate (Select) Intelligence Cmte holds hearing on FISA
WHAT TO WATCH:
- JPMorgan said to see possible $11b mortgages settlement
- Citigroup to pay Freddie Mac $395m to end mortgage claims
- Lacker says expanding Fed assets increases costs of any missteps
- U.K. prosecutors said to plan more Libor charges in Oct.
- NYSE, Nasdaq said to weigh plan to collaborate on backups
- Deutsche Bank said to propose creating bond platform w/ rivals
- Icahn-backed Ferrous hires Itau to seek $1.5b in funding
- J.C. Penney seeks to raise $750m-$1b in new equity: Reuters
- U.S. data providers hit with cyber attack: Reuters
- Caesars selling 10m shrs in fresh public offering
- Takeda duped patients, doctors on Actos risks, lawyer says
- U.K. eco. growth accelerates in 2Q as consumer spending rises
- H&M gains most in more than 3 yrs after beating estimates
- Fed monetary policy didn’t leak early, firm’s study finds: FT
- Apple ordered to pay 330m yen in Japan on iPod patent: Kyodo
- Cargill, Bunge study bids for Deoleo, Economista says
EARNINGS:
- Accenture (ACN) 4:01pm, $1.01
- Cantel Medical (CMN) 8:30am, $0.23
- Ferrellgas Partners (FGP) 7am, $(0.31)
- McCormick (MKC) 6:30am, $0.79
- Nike (NKE) 4:15pm, $0.78
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodity Constraints Show ‘Super Cycle’ Endures, McKinsey Says
- U.S. Corn Sales Fall Most Since ’75 as Farmers Reap: Commodities
- WTI Trades Near 12-Week Low; BofA Sees Iran Diplomacy Limited
- Wheat Near One-Month High as U.S. Sales, China Demand May Climb
- Copper Climbs Before Report Seen Showing Stronger U.S. Growth
- Gold Advances for Third Day in London on U.S. Budget Impasse
- Cocoa Swings as Ivory Coast Sells Amid Shortages; Coffee Drops
- Abenomics Peaking for Tocom Volume Means Focus on China, India
- Rebar Declines to 11-Week Low as China Affirms Property Curbs
- China Cotton Use Drops in Switch to Synthetics: Chart of the Day
- China Silver Indicators Lackluster as PC Manufacturing Down 14%
- Russian Gas Lowest Since 2011 Favors Link to Oil: Energy Markets
- Aluminum Shipments by Japan Steady in August, Group Says
- Ivory Coast Offers Cocoa for 2014-15 in a Futures Bull Market
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team