TODAY’S S&P 500 SET-UP – August 29, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.24% downside to 1972 and 0.61% upside to 2009.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.84 from 1.84
- VIX closed at 12.05 1 day percent change of 2.29%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, July, est. 0.3% (prior 0.4%)
- 8:30am: Personal Spending, July, est. 0.2% (prior 0.4%)
- 9am: ISM Milwaukee, Aug., est. 60 (prior 63.87)
- 9:45am: Chicago Purchasing Manager, Aug. 56.5 (prior 52.6)
- 9:55am: UMich Confidence, Aug. final, est. 80 (prior 79.2)
- 1pm: Baker Hughes rig count
- 3pm: New York Fed to release Sept. QE schedule
GOVERNMENT:
- President Obama to Westchester, N.Y., for DNC fundraiser, Newport, R.I., for DCCC event
- Senate, House out on August recess
- IMF executive board meeting; considering Ukraine reforms, actions, add’l $1.4b traunche in aid
- U.S. ELECTION WRAP: Immigration Politics; Dark Money; Platforms
WHAT TO WATCH:
- Takeda, Lilly lose bid to overturn $9b Actos award
- Fiat clears Chrysler-merger hurdle as withdrawals below cap
- JPMorgan hack said to start mos. ago exploiting multiple flaws
- Schaeuble sees Draghi at end of road to help spur euro region
- J&J said to be exploring sale of Cordis devices business
- Microsoft cuts 1,050 jobs in Finland as talks end, YLE reports
- IBM, Ford win dismissal in U.S. of claims they aided apartheid
- Google takes rivalry w/Amazon to the skies with drone testing
- Tesla signs deal w/China Unicom to set up 400 charging points
- Google’s Smith said to be headed to D.C. for U.S. CTO Role
- Tesco slumps as retailer cuts div. 75% on lower outlook
- Omega Pharma said to get interest from Perrigo to Boehringer
- U.S. joins EU denouncing Russia over surging Ukraine warfare
- U.S. Jobs, Fed, ECB, BOE, NATO, Abe: Wk Ahead Aug. 30-Sept. 6
- U.S. markets closed Monday for Labor Day holiday
EARNINGS:
- Big Lots (BIG) 6am, $0.30
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Sugar From Thailand Heading for NY Bourse Amid Global Glut
- Aluminum Set for Record Run of Monthly Gains as Supplies Shrink
- Corn Heists Turning Port Into Argentina’s Chicago: Commodities
- WTI Oil Set for First Weekly Gain in Six on Economy; Brent Rises
- Gold Falls for First Time in Four Days on Improving U.S. Economy
- Wheat Extends Climb as Black Sea Tensions May Threaten Supplies
- German Power Set for More Spikes in Winter on Supply Risk
- Rubber Has Biggest Monthly Drop Since April on Ample Supplies
- Russia-Ukraine Interim Gas Accord Sought by EU as Winter Nears
- Morgan Stanley Extends Diesel-Buying Spree Amid Supply Surge
- Rebar Drops for 2nd Month to Near Record Low on Weakening Demand
- U.S. LNG Export Market Smaller if EU Enters Deflationary Period
- WTI Oil Seen Rising on Ukraine-Russia Conflict in Analyst Survey
- Sugar Rises in New York on Brazil Supply Concern; Coffee Gains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team