TODAY’S S&P 500 SET-UP – August 21, 2014
As we look at today's setup for the S&P 500, the range is 39 points or 1.59% downside to 1955 and 0.38% upside to 1994.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.97 from 1.96
- VIX closed at 11.78 1 day percent change of -3.52%
MACRO DATA POINTS (Bloomberg Estimates):
- Kansas City Fed symposium at Jackson Hole, Wyo. (runs through Aug. 23)
- 8:30am: Initial Jobless Claims, Aug. 16, est. 303k (prior 311k)
- Continuing Claims, Aug. 9, est. 2.520m (prior 2.544m)
- 9:45am: Markit U.S. Manufacturing PMI, Aug. preliminary, est. 55.7 (prior 55.8)
- 9:45am: Bloomberg Consumer Comfort, Aug. 17 (prior 36.8)
- 10am: Philadelphia Fed Business Outlook, Aug., est. 19.7 (prior 23.9)
- 10am: Existing Home Sales, July, est. 5.02m (prior 5.04m)
- 10am: Index of Leading Economic Indicators, July, est. 0.6% (prior 0.3%)
- 11am: U.S. to announce plans for auction of 3M/6M bills, 2Y/5Y/7Y notes, 2Y FRN
- 1pm: U.S. to sell $16b 5Y TIPS in reopening
GOVERNMENT:
- President Obama on vacation on Martha’s Vineyard
- Senate, House out on August recess
- 8:30am: FedScoop holds summit on lowering cost of govt with IT, with CIOs, CTOs from federal agencies panelists
- U.S. ELECTION WRAP: McConnell’s Senate Plan; Ads Hit Sullivan
WHAT TO WATCH:
- Countrywide co-founder Mozilo said to face subprime lawsuit
- BofAML mortgage settlement with U.S. may come today
- BofAML said to plan salary increase for junior bankers
- JPMorgan said to consider raising some staff salaries >20%
- Citigroup said to consider ~20% raise for junior bankers
- Wal-Mart to lower prices for iPhone 5c, 5s: L.A. Times
- Dollar General says it was misled during Family Dollar talks
- Northrup, BAE, GD among 5 cos. splitting Navy CANES contract
- Carlyle’s 2012 buyout Axalta files for $100m U.S. IPO
- Media General cut price for Lin Media on loss of CBS deal
- TV networks seek larger share of pay TV channel sales: WSJ
- Independent TV studios attract big media M&A: N.Y. Post
- Chinese hackers affecting U.S. medical tech, pharma cos.
- Ford planning new hybrid car for late 2018: Reuters
- Hertz investors said to want former Dollar Thrifty CEO
- USAF grounds 82 F-16 jets due to cracks: L.A. Times
- GE considering S. Korean fighter jet development: Yonhap
- Chinese PMI misses ests., falls for first time since March
AM EARNS
- Buckle (BKE) 7am, $0.53 - Preview
- Dollar Tree (DLTR) 7:31am, $0.64 - Preview
- Hormel Foods (HRL) 6:30am, $0.48
- Nordson (NDSN) 7am, $1.13
- Perry Ellis Int’l (PERY) 7am, ($0.12)
- Sears Holdings (SHLD) 6am, ($2.58)
- Stage Stores (SSI) 6am, $0.52
PM EARNS
- Accuray (ARAY) 4:01pm, ($0.06)
- Aeropostale (ARO) 4:01pm, ($0.50) - Preview
- Brocade Communications Systems (BRCD) 4pm, $0.19
- Fresh Market (TFM) 4:02pm, $0.35
- GameStop (GME) 8:30am, $0.18
- Gap (GPS) 4pm, $0.69 - Preview
- Intuit (INTU) 4pm, $0.07
- Marvell Technology Group (MRVL) 4:05pm, $0.28
- Mentor Graphics (MENT) 4:05pm, $0.15
- Ross Stores (ROST) 4pm, $1.08 - Preview
- Salesforce.com (CRM) 4:05pm, $0.12
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Drops to 2-Month Low on Fed Rate Outlook as Platinum Falls
- Palm Oil Seen by UBS Extending Decline on Outlook for Supplies
- Philippines Nickel Exports to China Plug Gap Left by Indonesia
- U.S. Mint Platinum Coins Bypassed in Rush for Gold: Commodities
- All Eyes on Atlantic as Potential Tropical Storm Starts Stirring
- Israel Nears Gas Sales to Egypt as Mideast Unrest Flares: Energy
- Market Shrugs 3M B/D Oil Supply Loss to Geopolitics: Julian Lee
- China Spot Copper Fees Seen Rising as Mine Output Increases
- U.K. Natural Gas Options Trading Signals Ukraine Supply Concerns
- Wheat Extends Decline as Ukraine Tension Fails to Disrupt Supply
- Ebola Virus Threat Sees Sierra Leone Miner Cut Iron-Ore Target
- India Raises Royalty on Iron Ore Output to 15% From 10%
- Wheat Harvest in Australia Seen Exceeding Forecast After Rains
- Brent Spread May Widen as Speculators Add Bets: Chart of the Day
- Gold Refiner Predicts Import Curbs by India Probably Permanent
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
