TODAY’S S&P 500 SET-UP – August 27, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.00% downside to 1980 and 0.55% upside to 2011.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.86 from 1.90
- VIX closed at 11.63 1 day percent change of -0.60%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Aug. 22 (prior 1.4%)
- 10:30am: DOE Energy Inventories
- 11:30am: U.S. to sell $13b 2Y FRN reopening
- 1pm: U.S. to sell $35b 5Y notes
GOVERNMENT:
- Senate, House out on August recess
- 10am: SEC meeting on whether to adopt rules revising disclosure, reporting and offering process for asset-backed securities
- 10am: CBO to update 10-year budget outlook, followed by 11am news conference with CBO officials
- U.S. ELECTION WRAP: Hagan and Obama; Parties’ Digital Strategies
WHAT TO WATCH:
- Apple said to prepare new 12.9-inch iPad for early next year
- Covidien holder sues to block $42.9b Medtronic deal
- Repsol said stalled in Talisman energy assets buy talks: WSJ
- Credit raters to face new conflict restictions under SEC rules
- Snapchat said near funding with Kleiner at $10b valuation
- Fyffes, Chiquita target additional cost savings from deal
- NYSE promotes Arca chief amid broader management changes
- Apollo’s Momentive gets conditional bankruptcy plan approval
- Heartbleed hack still threat to big cos. 6 months later
- FreedomPop gets ‘acquisition interest’ from 2 mobile carriers
- Weyerhaeuser to move headquarters to Seattle’s Pioneer Square
- Putin calls Ukraine summit positive as political talks start
- Dubai World said to agree on $10b deal with creditors
AM EARNS:
- Brown Shoe (BWS) 7am, $0.35
- Brown-Forman (BF/B) 7:30am, $0.72
- Canadian Western Bank (CWB CN) 8:30am, C$0.70 - Preview
- Chico’s (CHS) 7:31am, $0.26
- Donaldson (DCI) 6am, $0.47
- Express (EXPR) 7am, $0.00
- Natl Bank of Canada (NA CN) 7:15am, C$1.11 - Preview
- Tiffany & Co (TIF) 6:59am, $0.85 - Preview
- Yingli Green Energy (YGE) 6am, $(0.16)
PM EARNS:
- Bally Technologies (BYI) 4:01pm, $1.20
- Greif (GEF) 4:06pm, $0.81
- Guess (GES) 4:03pm, $0.29
- Lannett (LCI) 4:04pm, $0.58
- Williams-Sonoma (WSM) 4:05pm, $0.53
- Workday (WDAY) 4:02pm, $(0.14)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palm Seen by Mistry at Risk of Decline as Prices Drop to ’09 Low
- Switzerland Combats Counterfeit Cheese With DNA Fingerprinting
- Sugar Seen Needing Deeper Shortages to Ensure Recovery in Prices
- WTI Trades Near Three-Day High Before Supply Data; Brent Steady
- Philippines May Rerun Rice Tender After Prices in Sale Too High
- Sugar Reserves in China May Climb to 9.4M Tons by Sept. 30: Liu
- Cooking Oil Prices May Recover on Biofuel Demand, Oil World Says
- Rubber in Tokyo Rebounds as Yen Weakens After U.S. Goods Data
- Iron Ore May Recover Close to $100/T Toward Year-End, ANZ Says
- Rusal Offering Japan Buyers $460 Aluminum Premium
- Palm Oil Futures Trade Near Five-Year Low as Ringgit Strengthens
- Rebar Falls to Record Low as Iron Ore Slumps on Port Inventory
- Russia Poultry Prices Surge Amid Imported Meat Ban: Vedomosti
- Steelmakers Hurting Profits by Chasing Sales, Roland Berger Says
- Coffee Extends Gains on Brazil Dry Weather Concern; Sugar Rises
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
