THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 2, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 1.17% downside to 1980 and 0.28% upside to 2009.                                                        

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.88 from 1.86
  • VIX closed at 11.98 1 day percent change of -0.58%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Manufacturing PMI, Aug. final (prior 58)
  • 10am: ISM Manufacturing, Aug., est. 57 (prior 57.1)
  • ISM Prices Paid, Aug., est. 58.8 (prior 59.5)
  • 10am: Construction Spending, July, est. 0.8% (prior -1.8%)
  • 10am: IBD/TIPP Economic Optimism, Sept., est. 45.5 (prior 44.5)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $28b 3M bills, $24b 6M bills, $15b 11-day cash management bills

GOVERNMENT:

    • Senate, House out on final week of summer recess
    • Presdident Obama leaves for a trip to Europe; in Estonia tomorrow to meet with Baltic state presidents
    • Moelis names Eric Cantor as vice chairman, member of board

WHAT TO WATCH:

  • Iliad said in talks w/buyout firms on new T-Mobile US bid
  • Apple said to partner with Visa, MasterCard on iPhone wallet
  • Norwegian Cruise said near $3b buy of Prestige Cruises: Rtrs
  • AT&T to buy America Movil Mexico assets, Financiero reports
  • America Movil said to hire BofA to sell assets
  • BofA asks judge to dismiss Countrywide fraud verdict
  • Apollo said to mull $2b offer for Kloeckner Pentaplast
  • Compuware said to be near deal to sell itself: WSJ
  • J&J’s Pinnacle hips face first trial over poisoned patients
  • Goldman Sachs loaned Banco Espirito Santo $835m in July
  • Apple probes report iCloud hacked to gain stars’ nude photos
  • Cipla targets U.S. w/Glaxo’s Advair, anti-AIDS medicines
  • Symantec said to narrow CEO picks, with Brown leading list
  • Fiat plans to sell withdrawal shares with New York listing
  • Sanofi-Regeneron drug cuts cholesterol, has prevention promise
  • Heineken to sell Mexican packaging unit to Crown Holdings
  • Aluminum warehousing antitrust suits dismissed by U.S. judge
  • Mozilo sees no villainy at Countrywide as govt. closes in
  • Facebook purchase of WhatsApp gets review by EU regulators
  • Kellogg seeks stake in Egyptian sweets-maker Bisco Misr
  • Exelis to cut 70% of jobs; COMET-1 trial fails to meet endpt
  • Calif. lawmakers set to adjourn without incentives for Tesla
  • NBA’s Durant to sign $300m Nike deal, besting Under Armour
  • Microchip says any offer for CSR likely to be in cash
  • Akzo’s cost-cutting CEO said to be solicited for $7b deal
  • Russia said to plan sovereign fund move over sanctions
  • Macau casino rev. falls for 3rd month on China graft probes
  • France urges ECB action to weaken euro on deflation threat
  • Swiss economy unexpectedly stalls as euro area takes toll

EARNINGS:

    • Conn’s Inc. (CONN) 7am, $0.75
    • Guidewire Software (GWRE) 4:05pm, $0.28
    • TerraForm Power (TERP) Post-mkt, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Advances in London With U.S. Manufacturing Seen Expanding
  • China Banks Boost Precious Metals Hoard Amid Gold-Leasing Demand
  • Agriculture ETPs Losing Investors on Record Harvest: Commodities
  • Gold Falls to 1-Week Low as Palladium Trades Below 13-Year High
  • Arabica Coffee Rises to 1-Month High on Brazil; Raw Sugar Gains
  • Corn Climbs as Ukraine Escalation Spurs Black Sea Export Concern
  • Ebola Putting West Africa Harvests at ‘Serious Risk’, FAO Says
  • BullionVault’s Gauge of Client Buying Falls Toward Four-Year Low
  • Palm Rebounds From 2009 Low on Demand Recovery, Weaker Ringgit
  • Heraeus Joins Shanghai Gold Exchange’s Free-Trade Zone Bourse
  • Keystone Redux Haunts Trans Mountain as Fight Shifts to Climate
  • Japan Seeks to Buy 110,146 Tons of Milling Wheat in Tender
  • A Mile Below Paris Drillers Hit Hot Pools to Warm Houses: Energy
  • Palm Oil Seen Rebounding by Sime’s Dass as Demand Recovers

 

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team