TODAY’S S&P 500 SET-UP – September 3, 2014
As we look at today's setup for the S&P 500, the range is 24 points or 0.86% downside to 1985 and 0.34% upside to 2009.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.92 from 1.90
- VIX closed at 12.25 1 day percent change of 2.25%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Aug. 29 (prior 2.8%)
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 9:45am: ISM New York, Aug. (prior 68.1)
- 10am: Factory Orders, July, est. 11% (prior 1.1%)
- 11:30am: U.S. to sell $40b 4W bills, $15b 11-day bills
- 2pm: Federal Reserve Beige Book
- 6:15pm: Money Marketeers of New York University dinner featuring Fed’s Powell as speaker
GOVERNMENT:
- Senate, House out on final week of summer recess
- Obama in Talinn, Estonia, to meet with Baltic state leaders
- 8:10am: Defense Undersecretary Kendall delivers remarks on procurement ahead of ComDef 2014 conference
- 10:30am: Fed to meet on liquidity rule, swaps margins
- 12pm: WellPoint CEO Swedish among those at Natl Inst. for Health Care Management holds policy forum on Obamacare
- 2pm: FDIC board vote on margin/capital rules for covered swap entities
- U.S. ELECTION WRAP: Return of Corporate Raider; Usher for Nunn
WHAT TO WATCH:
- Putin, Poroshenko largely agree on Ukraine cease-fire steps
- Concur said to explore sale to software makers including SAP
- GM, Ford, Chrysler give Aug. auto sales: SAAR Est. 16.6m
- FDIC board votes on margin/capital rules for covered swaps
- Warner Bros. studio said planning worker buyouts
- Veritas Capital agrees to acquire BeyondTrust for $310m
- U.K. services growth surges in sign of unbalanced recovery
- Eurozone Aug. composite PMI 52.5 vs flash reading 52.8
- Eurozone July retail sales down 0.4% m/m; est. down 0.3% m/m
- Home Depot’s suspected breach adds pressure to bolster security
- McDonald’s ramps up food safety checks to lure back China diners
- Google unveils Quantum-computing initiative to speed up hardware
- Google executive for satellite Internet access leaves: WSJ *Burger King claim that move won’t save taxes draws skepticism * Warburg Pincus said to invest almost $700m in Huarong
- Steve Wynn joins Bain Capital funding stock-trading venue IEX
- CVS to rename as CVS Health, halt tobacco sales: WSJ
- Magellan sells 90% of BridgeTex oil pipeline capacity: Reuters
AM EARNS:
- Alimentation Couche-Tard (ATD/B CN) 8:40am, $0.44
- G-III Apparel Group (GIII) 7am, $0.16
- Navistar International (NAV) 7:02am, $(0.71) - Preview
- Vince Holding (VNCE) 6am, $0.24
PM EARNS:
- ABM Industries (ABM) 5pm, $0.46
- Bazaarvoice (BV) 4:05pm, $(0.12)
- Dominion Diamond (DDC CN) 5:30pm, $0.19
- H&R Block (HRB) 4:03pm, $(0.39)
- PVH (PVH) 4:02pm, $1.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Crude Rises as Russia-Ukraine Cease-fire Seen Boosting Demand
- Palladium Falls to Two-Week Low on Russia-Ukraine Peace Talks
- Copper Falls as China’s Power Grid Investigation Holds Up Demand
- Grains Drop as Export Prospects Improve as Ukraine Tensions Ease
- Arabica Coffee Declines After Rally as Cocoa Rebounds in London
- Carbon Credits Give $664 Benefits Per Ton, Imperial Says
- Richard’s Bay Coal Prices Fall Close to Lowest Since 2009
- Rebar, Iron Ore Drop to Record Lows on Supply, China Demand
- Trader Who Scored $100 Million Payday Bets Shale Is Dud: Energy
- China Steel Industry Confronts Grim ’New Reality’: Adam Minter
- Glencore May Bid for Anglo American in 2015, Jefferies Says
- Palm Oil Climbs for Second Day as Weaker Ringgit Boosts Demand
- Indonesian Coal Sellers Delay Offers Following New Permit Rules
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team