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TODAY’S S&P 500 SET-UP – September 5, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 1.03% downside to 1977 and 0.42% upside to 2006.                                                   

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.91 from 1.92
  • VIX closed at 12.64 1 day percent change of 2.27%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, Aug., est. 230k (pr 209k)
  • Unemployment Rate, Aug., est. 6.1% (prior 6.2%)
  • 1pm: Baker Hughes rig count
  • 3:45pm: Fed’s Rosengren speaks in Boston

GOVERNMENT:

    • Senate, House out on final week of summer recess
    • President Obama views fly-over ceremony, attends NATO summit in Wales, holds press conference, returns to Washington
    • 10am: Nebraska Supreme Court hears constitutionality arguments on Keystone XL pipeline route through state
    • U.S. ELECTION WRAP: Kansas Senate Race; Koch-Backed Ads

WHAT TO WATCH:

  • Jobs-Day guide: U.S. payrolls, participation, wages and hours
  • Barclays, Citigroup accused in suit of manipulating ISDAfix
  • Apple plans new security features after hack of celebrity photos
  • Ukraine ready for truce as NATO cautions on Russian peace offer
  • Gap falls as August same-store sales trail analysts’ estimates
  • Keryx has 82% chance of winning FDA Zerenex approval: analysts
  • Nvidia sues Samsung, Qualcomm after patent deal talks fail
  • German industrial production expands in sign of eco. rebound
  • Eurozone GDP stagnates in 2Q; flash reading unchanged q/q
  • Median incomes fell for all but richest in 2010-13, Fed says
  • Swaps rule requires $644b in collateral, regulator says
  • Autonomy CFO told Lynch of "imaginary deals’’ before HP sale
  • Dollar General’s Family Dollar bid may not be enough: Reuters
  • Bain Capital’s Atento may start U.S. IPO next week: Reuters
  • Apple files reality navigation patents: AppleInsider

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Long-Term Oil Demand to Slow Even With Higher China Consumption
  • Copper Rises in London Before U.S. Jobs as Surplus Seen Elusive
  • Chemical Boom at Risk as U.S. Ethane Heads Abroad: Commodities
  • WTI Heads for Weekly Drop as Refiners Slow Rates; Brent Steady
  • Raw Sugar Extends Drop to 7-Month Low While Arabica Coffee Falls
  • Gold Is Little Changed Near 12-Week Low Before U.S. Jobs Data
  • Sugar Output in India’s Biggest Producer Seen at Three-Year High
  • Corn Rebounds as Cooler U.S. Temperatures Raise Frost Concern
  • Russia Reports Outbreak of Classical Swine Fever in Southwest
  • Rebar Posts Biggest Weekly Loss in 15 Months as Demand Wanes
  • Palm Trims Biggest Weekly Gain Since November as Reserves Climb
  • Pears Rot in Europe as Putin’s Retaliation Pushes Price Down 70%
  • Copper Traders Most Bearish in Month as Demand Seen Stalling
  • One Putin Ally Sells Stake in Chemical Maker to Son of Another

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team