TODAY’S S&P 500 SET-UP – October 2, 2013
As we look at today's setup for the S&P 500, the range is 14 points or 0.59% downside to 1685 and 0.24% upside to 1699.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.31 from 2.32
- VIX closed at 15.54 1 day percent change of -6.39%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Sept. 27 (prior 5.5%)
- 7:45am: ECB seen holding benchmark interest rate at 0.50%
- 8:30am: ECB’s Draghi holds news conference on interest ra
- 8:15am: ADP Employment Change, Sept., est. 180k (prior 176k)
- 9:45am: ISM New York, Sept. (prior 60.5)
- 10:30am: DOE energy inventories
- 11:30am: U.S. to sell $20b cash management bills
- 12pm: Fed’s Rosengren speaks on economy in Burlington, Vt.
- 3:20pm: Fed’s Bullard speaks on community banks in St. Louis
- 3:30pm: Fed’s Bernanke speaks on comm. banks in St. Louis
GOVERNMENT:
- Second Day of federal govt shutdown, events may be canceled
- Obama meets with CEOs of large banks, incl. Goldman Sachs CEO Lloyd Blankfein, to discuss stalemate on budget
- House Armed Services Cmte hearing with Marine Corps logistics officials testifying on risks of sequestration, future force readiness, 2pm
- SEC Chairman Mary Jo White speaks at Security Trader Association’s 80th annual Market Structure Conference, 2:45pm
- House Transportation and Infrastructure Committee hears testimony on reauthorizing FEMA, 10am
WHAT TO WATCH:
- U.S. government shuttered with no quick end seen amid discord
- Overwhelming Obamacare demand signals potential success
- Shutdown seen merging with debt-limit fight
- Federal shutdown for a week seen shaving 0.1 point from growth
- CEOs say shutdown poses risk to U.S. economic rebound
- Microsoft board said to consider Mulally as Ford touts bench
- Wells Fargo said to face New York action over accord compliance
- ‘Candy Crush’ maker King said to file for U.S. public offering
- BP wasn’t prepared for Deepwater blowout, professor testifies
- Apple faces delay in producing new version of iPad Mini: Reuters
- HTC, Qualcomm redesigning phone chip after patent ruling: WSJ
- Cargill said to be close to buying ADM cocoa unit: Reuters
- Bank credit-card fees face new scrutiny by U.S. consumer bureau
- Tokyo Electron seeks deals after Applied Materials takeover
- Facebook offers mobile promotions aimed at boosting app usage
EARNINGS:
- CalAmp (CAMP) 4:01pm, $0.16
- Monsanto (MON) 8am, $(0.43) - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Forecasts Raised by Australia as Chinese Demand Surges
- Corn Reaches Three-Year Low as U.S. Production Outlook Improves
- WTI Drops Ninth Time in 10 Days as U.S. Crude Stockpiles Advance
- Gold Rebounds From 8-Week Low as Investors Weigh U.S. Shutdown
- Sugar Rises to 5-Month High After Brazil Output Cut; Cocoa Falls
- Copper Swings Between Gains and Drops Amid Shutdown in U.S.
- Sugar Trade Spurs Land Grabs in Developing Countries, Oxfam Says
- Yoshinoya to Grow Rice in Fukushima to Expand Farming Business
- Falklands Tax Dispute Clouding Oil Dream for Investors: Energy
- Aluminum Financing Threatened as Interest Rates Rise: Bear Case
- Maersk Four Rate Rises Fail to Spread as Demand Falls: Freight
- German Power’s Rebound Seen Ending on Coal Slide: Energy Markets
- Barclays Hires Four Commodities Staff From JPMorgan, Citadel
- Rubber Reaches 7-Week Low as U.S. Auto Data Raise Demand Concern
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
