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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team