TODAY’S S&P 500 SET-UP – October 1, 2013
As we look at today's setup for the S&P 500, the range is 27 points or 0.39% downside to 1675 and 1.22% upside to 1702.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.30 from 2.29
- VIX closed at 16.6 1 day percent change of 7.37%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 8:58am: Markit US PMI Final, Sept. (est. 53.1)
- 10am: Construction Spending M/m, Aug. (est. 0.4%, pr 0.6%)
- 10am: ISM Manufacturing, Sept. (est. 55.0, prior 55.7)
- 10am: ISM Prices Paid, Sept. (est. 55.0, prior 54.0)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Obamacare insurance marketplaces open for enrollment, whether or not federal govt shuts down
- U.S. Supreme Court may say whether it will consider Argentina’s appeal of lower-court decision on debt payments
- Microsoft holds discussion on changes in immigration policy that would benefit the economy, with Labor Dept Chief Economist Jennifer Hunt, 8:30am
- World Bank President Jim Yong Kim will speak about global poverty, bank’s efforts to end most extreme forms by 2030 a week before the bank’s annual meeting, 11am
- Officials from Comcast, Cisco and Toyota testify before House Subcmte on Communications and Tech hearing on using spectrum in the 5 GHz band, 10:30am
WHAT TO WATCH:
- U.S. govt. shutdown idles 800k as Congress spars on Obamacare
- ROUNDUP: U.S. shutdown begins as deadlocked Congress flails
- Shutdown confrontation may take momentum from standoff on debt
- Cameron says U.S. government shutdown is risk to world economy
- Shutdown would cost U.S. economy $300m/day, IHS says
- Health exchanges begin enrollment, some delays expected
- JPMorgan employee said to be cooperating in U.S. RMBS probe
- Labor Day quirk hit auto sales for Sept., analysts say
- Google said to avoid U.S. antitrust challenge over Waze deal
- Google offer paves way for end to antitrust clash: Almunia
- Activision may seek shareholder vote on Vivendi buyout
- Dish reaches extension w/ Disney, avoids ESPN/ABC blackout
- Wells Fargo agrees to $869m settlement with Freddie Mac
- Toyota loses bid to get acceleration-injury suit thrown out
- CFTC enforcement chief David Meister to step down this month
- China Sept. manufacturing index rises less than forecast
- Euro-Area jobless rate unexpectedly declines
- Abe confirms Japan to compile JPY5t stimulus plan
- KKR buys 10% of appliance maker Haier in biggest China deal
- Cooper Tire shrholders vote to accept merger with Apollo Tyres
- Amazon to hire 70,000 seasonal workers to meet holiday demand
- Intel’s Eric Huggers seen as Hulu CEO candidate: N.Y. Post
- Indigo Partners agrees to buy Frontier Airlines: WSJ
- Intel to buy Sensory Networks for about $20m: WSJ
EARNINGS:
- Actuant (ATU) 7:25am, $0.50
- Acuity Brands (AYI) 8:25am, $1.02 - Preview
- Global Payments (GPN) 4:01pm, $0.95
- Walgreen (WAG) 7:30am, $0.73 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Falls on Concern U.S. Government Shutdown to Sap Demand
- Biggest Raw-Materials Rally of Year Seen Stalling: Commodities
- WTI Crude Drops a Third Day as U.S. Government Shutdown Begins
- Gold Futures Fall Below $1,300 an Ounce on Comex
- Soybeans Drop on Higher U.S. Supply as Corn Hits Three-Year Low
- Sugar Falls After Rally Before Record Delivery; Coffee Advances
- India’s Gold Imports Seen Declining on Curbs to Contain Deficit
- Coffee Held by Vietnam Farmers Climbs to Highest Since 2009
- Brazil Sugar Exports to China Advance to Record, ITC Data Show
- Exploding Fuel Tankers Driving U.S. Army to Solar Power: Energy
- Diesel Tankers Turning Profitable After Five-Year Rout: Freight
- Saudi Arabian Oil Output Soars to Highest on Record: BI Chart
- Chile, Peru Dominate New Copper Supply as Africa, Asia Trail
- Stocks Rally Most Since ’12 in Quarter, Beating Dollar, Bonds
- MKS Sees Its Physical Gold Sales Reaching Record on Asia Demand
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
