TODAY’S S&P 500 SET-UP – August 26, 2014
As we look at today's setup for the S&P 500, the range is 35 points or 1.15% downside to 1975 and 0.60% upside to 2010.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.88 from 1.88
- VIX closed at 11.7 1 day percent change of 2.01%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: Durable Goods, July, est. 8% (pr 0.7%, rev 1.7%)
- 8:55am: Redbook weekly sales
- 9am: FHFA House Price Index m/m, June, est. 0.3% (prior 0.4%)
- 9am: S&P/Case Shiller 20-City m/m SA, June, est. 0.0% (pr -0.31%)
- 10am: Consumer Confidence Index, Aug., est. 89 (prior 90.9)
- 10am: Richmond Fed Manufacturing Index, Aug., est. 6 (prior 7)
- 11:30am: U.S. to sell $50b 4W bills
- 1:00pm: U.S. to sell $29b 2Y notes
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- President Obama at American Legion convention, Charlotte, N.C.
- Senate, House out on August recess
- U.S. ELECTION WRAP: Primaries in Ariz., Fla.; Curtis Diary
WHAT TO WATCH:
- Buffett said to help finance Burger King’s tax-saving deal
- Ackman gains 30% in 2014 with Burger King, Herbalife wagers
- Muni assets said to be excluded for U.S. bank liquidity rule
- GM’s Chevrolet, Buick achieve sole gains in annual auto survey
- GMO crop curbs overturned by judge in Hawaii: WSJ
- Telefonica board said to discuss improving GVT bid this week
- U.S. surveillance planes fly over Syria: AP sources
- Putin set to meet Poroshenko as Ukraine border tension grows
AM EARNS
- Bank of Montreal (BMO CN) 7am, C$1.66 - Preview
- Bank of Nova Scotia (BNS CN) 6am, C$1.41 - Preview
- Best Buy (BBY) 7am, $0.31 - Preview
- DSW (DSW) 7am, $0.32
- Movado (MOV) 7am, $0.54
- Sanderson Farms (SAFM) 6:30am, $3.80
- Tech Data (TECD) 6am, $0.77
PM EARNS
- Analog Devices (ADI) 4:04pm, $0.63
- Aruba Networks (ARUN) 4:05pm, $0.23
- Bob Evans Farms (BOBE) 4:01pm, $0.10
- Heico (HEI) 4:23pm, $0.44
- Nimble Storage (NMBL) 4:05pm, $(0.16)
- Smith & Wesson (SWHC) 4:05pm, $0.25
- Solera (SLH) 4:08pm, $0.80
- TiVo (TIVO) 4:01pm, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Hedge Fund Citrine Picks Zinc, Nickel as Best Base Metal Wagers
- Iron Ore Risks Extending Drop as Price Falls to Lowest Since ‘12
- Brazil Coffee Output Set for Worst Slump Since 1965: Commodities
- Gold Climbs Most in Almost Three Weeks as Decline Spurs Buying
- WTI Trades Near Seven-Month Low Before Supply Data; Brent Steady
- China’s 2014 Copper Imports to Sustain Last Yr’s Pace: Antaike
- Sanderson Profit Disappoints After It Misses Poultry Forecast
- Turkey to Belarus Gold Reserves Said by IMF to Decrease in July
- Raw Sugar Imports Rising 29% in Indonesia as Drinks Demand Booms
- Soybean Futures Drop for Second Day to Lowest Since Sept. 2010
- China Requires U.S. Govt GMO Certification for DDGS: Cngrain.com
- Corn Futures Seen Extending Decline to Year-End, UBS Says
- Wells Fargo Sees Energy Rebound as Crude, Gas Weakness Temporary
- Billionaires Lose Wealth as India Mine Permits Ruled Illegal
- Nexen’s Buzzard Field Said Not to Have Restarted as Planned
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team