TODAY’S S&P 500 SET-UP – August 28, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 0.76% downside to 1985 and 0.64% upside to 2013.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.83 from 1.85
- VIX closed at 11.78 1 day percent change of 1.29%
MACRO DATA POINTS (Bloomberg Estimates)
- 8:30am: GDP Annualized, 2Q revised, est. 3.9% (prior 4%)
- 8:30am: Initial Jobless Claims, Aug. 23, est. 300k (pr 298k)
- 9:45am: Bloomberg Consumer Comfort, Aug. 24 (prior 36.6)
- 10am: Pending Home Sales m/m, July, est. 0.5% (prior -1.1%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City Fed Mfg Activity, Aug., est. 7 (prior 9)
- 11am: U.S. to announce plans for auction of 3M/6M bills
GOVERNMENT:
- Senate, House out on August recess
- Federal Deposit Insurance Corp releases quarterly report on bank earnings
- 12pm House Dem. Leader Nancy Pelosi press conf. call on women’s agenda, including equal pay legislation
WHAT TO WATCH:
- Russian hackers said to attack 5 banks seeking customer data
- U.S. sees Russia directing rebel counteroffensive in Ukraine
- Lagarde to explain her role in French legal case to IMF board
- Boeing, Airbus vying for $2b order from India’s Air One
- Goldman cedes NYSE post as speed traders seize stock floor
- Telefonica lifts GVT bid to $9.8b to rival Telecom Italia
- Dollar General reports earns; Family Dollar deal a focus
- Paramount said to plan $2.5b IPO in biggest REIT offering
- Google extends local advertisements on smartphones to desktops
- Ford begins production of first Mustang to be sold worldwide
- Glaxo’s Ebola vaccine set to begin tests in humans next week
- Sands sues brother of trader in Chinese probe over casino debt
- Wal-Mart’s Massmart profit plunges on weaker S. Africa spend
- CSR rejects Microchip approach; says is considering options
- Spain growth picks up as consumer prices drop most since 2009
- TripAdvisor to begin trading on Nasdaq today under TRIP
- Tel Aviv switch to Mon.-Fri. trading backed by TASE brokers
AM EARNS:
- Abercrombie & Fitch (ANF) 7:30am, $0.11 - Preview
- CIBC (CM CN) 6am, C$2.21 - Preview
- Coty (COTY) 6:30am, $0.05
- Dollar General (DG) 7am, $0.83 - Preview
- Genesco (GCO) 7:28am, $0.55
- Hanwha SolarOne (HSOL) 6am, no est.
- Laurentian Bank of Canada (LB CN) 8:33am, C$1.40 - Preview
- Pall (PLL) 7am, $1.06
- Signet Jewelers (SIG) 7am, $0.98
- Toronto-Dominion Bank (TD CN) 6:30am, C$1.09 - Preview
PM EARNS:
- Avago Technologies (AVGO) 4:05pm, $1.05
- OmniVision Technologies (OVTI) 4:18pm, $0.53
- Pacific Sunwear (PSUN) 4pm, $(0.03)
- Splunk (SPLK) 4:02pm, $(0.02)
- Veeva Systems (VEEV) 4:02pm, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Declines as Crude Stockpiles Expand at Cushing; Brent Steady
- Gold-Price Indicator Fades as ETPs Lose $71 Billion: Commodities
- Commodity Income at Top 10 Banks Seen Climbing 21% in First Half
- New Ship Rules Come Amid Worst Barge Spills Since 2008: Freight
- Aluminum Advances for Fourth Day as LME Stockpiles Decline
- Sugar Rises in New York on Brazil Supply Outlook; Coffee Falls
- China Commodity Buyer Changhua Says Banks Resume Credit Line
- Congo Copper Shipments Halt as Botswana Bars Entry to Stem Ebola
- Rubber in Tokyo Falls on Yen as Thai Price Slumps to 5-Year Low
- Palm Oil Climbs From Five-Year Low on Chinese Demand Outlook
- Cotton Seen Dropping to Lowest Since ’09 by Gap’s Indian Partner
- Drier Sept.-Nov. Seen for Parts of Southeast Australia: Bureau
- Glencore Says Company is Preferred Proponent for Bauxite Project
- Modi’s Faster Green Permits Seen Fueling Growth: Corporate India
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team