TODAY’S S&P 500 SET-UP – September 27, 2013
As we look at today's setup for the S&P 500, the range is 21 points or 0.86% downside to 1684 and 0.37% upside to 1705.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.31
- VIX closed at 14.06 1 day percent change of 0.36%
MACRO DATA POINTS (Bloomberg Estimates):
- 5:45am: Fed’s Evans speaks in Oslo
- 8:30am: Personal Income, Aug., est. 0.4% (prior 0.1%)
- 8:30am: Personal Spending, Aug., est. 0.3% (prior 0.1%)
- 8:30am: Fed’s Rosengren speaks in New York
- 9:55am: U Mich. confidence, Sept. final, est. 78 (prior 76.8)
- 10:15am: Fed’s Evans speaks on panel in Oslo
- 11am: Fed to purchase $4.75b-$5.75b in 2018-2019 sector
- 1pm: Baker Hughes rig count
- 2pm: Fed’s Dudley speaks in Syracuse, N.Y.
GOVERNMENT:
- House, Senate in session; weekend session possible to avoid govt shutdown on Oct. 1
- President Obama meets Indian Prime Minister Manmohan Singh at White House
- 1:05pm: Attorney Gen. Eric Holder, HUD Sec. Shaun Donovan, National Economic Council Dir. Gene Sperling, Gov. Rick Snyder, R-Mich., Detroit Mayor Dave Bing hold press conf. after roundtable discussion on revitalization of Detroit
WHAT TO WATCH:
- J.C. Penney to sell 84m shares to fund turnaround
- J.C. Penney says CEO Ullman misquoted on capital raise
- Boehner plan to tackle debt limit stalls amid shutdown standoff
- Nike 1Q profit beats ests. as sales climb in North America
- KKR to buy Panasonic health care business for $1.67b
- JPMorgan urged to pay more in mortgage settlement: NYT
- Intel said to seek Web-TV service partner after strategy shift
- Wal-Mart supplier Li & Fung says no order cutbacks in U.S.
- Oracle CFO says cloud computing will lift operating margins
- Mylan, Agila must divest 11 generics for FTC deal approval
- Euro-Area Sept. economic confidence rises more than forecast
- Japan inflation accelerates to fastest since 2008 on energy
- Takeda failed to properly warn about Actos risks, jury rules
- Thompson says Microsoft CEO search independent of Gates: WSJ
- U.S. Shutdown, Jobs, Bernanke, ECB: Wk Ahead Sept. 28-Oct.5
EARNINGS:
- Blackberry (BBRY) 7am, prelim. 2Q loss/shr 47c-51c
- Finish Line (FINL) 7:05am, $0.45
- Vail Resorts (MTN) 7:15am, $(1.71)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Timah Sees Tin Trade at Two-Year Low on New Rule: Southeast Asia
- Gold Bulls Dominate on Debt Talks as Stimulus Held: Commodities
- WTI Set for Third Weekly Loss as UN Nears Vote on Syrian Weapons
- Copper Climbs for Third Day as China’s Industrial Profits Rise
- Soybeans Rise as Export Sales Indicate Demand for U.S. Supplies
- Sugar Seen Extending Rally by Czarnikow as Demand Cuts Glut
- Cocoa Gains as Demand Compensates for Ivorian Sales; Sugar Falls
- Base Metals Prices May Surge 35% by 2016, Supporting Miners
- Gold Advances 0.5% to $1,330.89 an Ounce in London Trading
- Nuclear Shutdowns’ Two-Year Low to Cap Fuel Cost: Energy Markets
- U.S. Hog Herd Shrinks for First Time in 3 Years as Virus Spread
- Norilsk Sees Nickel Surplus Shrinking Next Year on Idled Plants
- Shipping Bear Says Sell Now as Glut to Endure: Chart of the Day
- China’s Feed Mills to Import U.S. Sorghum as Corn Quotas Run Out
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
