TODAY’S S&P 500 SET-UP – August 15, 2014
As we look at today's setup for the S&P 500, the range is 54 points or 2.52% downside to 1906 and 0.25% upside to 1960.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.98 from 1.99
- VIX closed at 12.42 1 day percent change of -3.72%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Aug., est. 20 (prior 25.6)
- 8:30am: PPI Final Demand m/m, July, est. 0.1% (prior 0.4%)
- 9am: Net Long-term TIC Flows, June (prior $19.4b)
- 9:15am: Ind. Production m/m, July, est. 0.3% (prior 0.2%)
- 9:55am: UofMich Confidence, Aug. prelim, est. 82.5 (pr 81.8)
- 10:45am: Fed’s Kocherlakota speaks in Brainerd, Minn.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, House on Aug. recess; President Obama on vacation on Martha’s Vineyard
- 2pm: Foreign Policy Initiative conf. call on “Iraq in Turmoil,” with Michael Pregent, adjunct lecturer, Natl Defense University’s College of Intl Security Affairs
- U.S. ELECTION WRAP: Hawaii Primary Timeline in Flux; Debates
WHAT TO WATCH:
- Coca-Cola to gain Monster Beverage stake in $2.15b deal
- Berkshire redoes pay-TV bets with Charter stake, less DirecTV
- Billionaire Paulson keeps stake in world’s biggest gold ETP
- Icahn takes new activist position in Gannett, backs split plan
- John Paulson bets on Allergan, takes 5.6m shr stake
- J.C. Penney’s loss narrows as return to roots boosts sales
- Supervalu says hackers may have stolen U.S. shoppers’ card data
- Citigroup, JPM, others report July credit-card delinquencies
- ZF talks to buy TRW Automotive said to hinge on Bosch JV exit
- Chiquita sticks to Fyffes deal as Cutrale-Safra offer rejected
- Applied Materials forecasts sales that may top analyst ests.
- BlackBerry shipments rise from prior quarter under Chen’s watch
- GM plans top-range Cadillac car, redesigned SRX for next year
- Maliki resigns as Iraqi prime minister to make way for Abadi
- U.K. keeps momentum in second quarter with 0.8% GDP growth
- BOJ officials said to mull cutting growth forecast for 2014
- Hong Kong cuts 2014 growth target after unexpected contraction
- BHP eyes Billiton assets split to focus on iron ore to coal
- Impala Platinum sees profit falling as much as 75% after strike
- Ackman’s Pershing Square sues U.S. over Fannie, Freddie bailout
- Samsung buys startup SmartThings to move into smart homes
- U.S. video-game industry sales rise 16% on console spending
- Ebola outbreak in W. Africa worse than cases suggest, WHO says
- Jackson Hole, Yellen, Draghi, Fed Minutes: Wk Ahead Aug. 16-23
EARNINGS:
- Estee Lauder (EL) 7:30am, $0.55
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Billionaire Paulson Keeps Stake in Top Gold Fund as Price Climbs
- WTI Oil Set for Weekly Loss With Brent on Weaker Demand Outlook
- Brazil Turns Aluminum Importer as Power Costs Surge: Commodities
- Copper Rises Before U.S. Factory Output Data as Stockpiles Drop
- London Silver Price Set at $19.86 an Ounce on First Day
- Soybeans Drop as Rain Seen Helping Crop; Corn Climbs With Wheat
- ABN Amro Adds Heads of Metals, Energy to Asia Commodities Team
- Panama Says a $5.3 Billion Canal Expansion May Not Be Big Enough
- Libyan Gas Flows to Italy Climb as Russian Supplies Threatened
- Traders Lured to Bet on Power Overloads Worth Billions: Energy
- Oil Sands Profits Most at Risk From Falling Crude Price: Study
- BHP Eyes Billiton Assets Split to Focus on Iron Ore to Coal
- Copper Traders Bearish on Slowing Economies to Demand Weakness
- HSBC, Mitsui, ScotiaMocatta to Participate in New Silver Price
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
