TODAY’S S&P 500 SET-UP – August 25, 2014
As we look at today's setup for the S&P 500, the range is 30 points or 1.08% downside to 1967 and 0.43% upside to 1997.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.89 from 1.91
- VIX closed at 11.47 1 day percent change of -2.47%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl, July, est. 0.20 (prior 0.12)
- 9:45am: Markit U.S. Composite PMI, Aug. prelim (prior 60.6)
- 9:45am: Markit U.S. Services PMI, est. 58.0 (prior 60.8)
- 10am: New Home Sales, July, est. 429k (prior 406k)
- 10:30am: Dallas Fed Mfg, Aug., est. 12.8 (prior 12.7)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $29b 3M bills, $24b 6M bills
GOVERNMENT:
- Senate, House out on August recess
- FCC deadline for comments on proposed Comcast-Time Warner Cable merger
- 1pm: Atlantic Council briefing on “Mexico’s Energy Reform: Ready to Launch” report
WHAT TO WATCH:
- Roche to buy InterMune for $8.3b, adding lung drug
- Roche said to have decided against bidding for rest of Chugai
- CME opens electronic futures trading after 4-hour delay
- Burger King mulls Tim Hortons deal in tax-saving Canada move
- Occidental talks to Mubadala on $3b asset, PIW reports
- Jackson Hole theme is labor markets can’t take higher rates
- Pershing, Valeant say Allergan investors demand mtg on deal
- Wal-Mart said to move India COO Mediratta to U.S. ops
- Advaxis, Merck enter clinical trial pact for cancer treatment
- Goldman’s new partner class unlikely to grow from 2012: WSJ
- California quake to cost insurers up to $1b, Eqecat says
- German business confidence drops for 4th month as risks rise
- China urges U.S. to halt close air surveillance
- Friends Life said to hire Goldman for sale of intl unit
EARNINGS:
- OSI Systems (OSIS) 8:30am, $1.17
- Prospect Capital (PSEC) 4pm, $0.32
- Qihoo 360 (QIHU) 5pm, $0.67
- Renren (RENN) 6pm, ($0.08)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent, WTI Oil Prices Reverse Decline as Libya Tensions Persist
- China Gold Imports Drop for Fifth Month on Weak Consumer Demand
- Speculators Lower Gold Bull Wagers on Rate Outlook: Commodities
- Soybeans Slump to Lowest Since 2010 as U.S. Crop Seen at Record
- CME Opens Electronic Trading on Futures After Four-Hour Delay
- Copper in New York Swings Near 3-Week High After Trading Delay
- Palm Oil Prices Seen Rebounding in 4Q on Demand, CIMB’s Ng Says
- Hedge Fund Crude Bets Tumble Amid Surging Global Supply: Energy
- Kurdish Oil Shipments From Turkey Said to Resume as Tanker Loads
- TOP Oil Market News: Brent Rebounds on Libya to Iraq; WTI Steady
- Rhodium Rally Pushes Price Past Platinum, Gold: Chart of the Day
- BNP Paribas Recommends Selling Oct. Singapore Fuel Oil Crack
- California Quake Crumples Buildings With Scores Injured in Napa
- Gold Falls as Dollar Advances on Fed Outlook; Silver Halts Drop
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team