TODAY’S S&P 500 SET-UP – September 8, 2014
As we look at today's setup for the S&P 500, the range is 15 points or 0.68% downside to 1994 and 0.06% upside to 2009.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.94 from 1.95
- VIX closed at 12.09 1 day percent change of -4.35%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $26b 3M bills, $23b 6M bills
- 3pm: Consumer Credit, July, est. $17.0b (prior $17.255b)
GOVERNMENT:
- Senate, House return from summer recess
- 8:45am Treasury Sec. Lew speaks on tax reform
- 9:30am: HHS SEC. Burwell speaks to students, staff and faculty
- U.S. ELECTION WRAP: Roberts Shakes Up Campaign; Polls
- Obama’s immigration delay forced by Republican amnesty attacks
WHAT TO WATCH:
- Electrolux to acquire GE’s appliances unit for $3.3b
- FMC buys Cheminova for $1.8b as CEO tweaks break-up plan
- Facebook’s WhatsApp takeover faces fast EU review, Almunia says
- EU seeks to extract Google concessions to rescue antitrust pact
- CenturyLink said seeking to acquire Rackspace for cloud services
- Brent crude declines below $100 for first time since 2013
- Alibaba M&A spree to be questioned at Waldorf as IPO starts
- U.K. races to extend powers to Scots to blunt independence drive
- Scotland independence seen risking $23b of power projects
- Disney’s ‘Guardians’ leads slowest box office weekend since 2001
- EU Banks sidestepping bonus cap face crackdown from regulators
- German trade surplus at record as exports rise to all-time high
- GM to introduce hands-free driving in Cadillac model in 2016
- Schumer draft proposal on inversions could reach back 20 yrs
- Ryanair said poised for $11b purchase of Boeing Max Jets
- Rakuten in talks to buy U.S. online shopping operator Ebates
- U.S. expands air offensive to protect Iraqi dam from militants
- Ukrainian deaths test cease-fire as both sides report casualties
- U.S. gasoline falls to $3.4631 a gallon in Lundberg Survey
EARNINGS:
- Campbell Soup (CPB) 7am, $0.49
- Casey’s General Stores (CASY) 4pm, $1.25
- FuelCell Energy (FCEL) 4:10pm, ($0.03)
- Korn/Ferry Intl (KFY) 4:05pm, $0.40
- NCI Bldg Systems (NCS) 4:05pm, $0.09
- Triangle Petroleum (TPLM) 5:58pm, $0.15
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Climbs to 9-Week High on Philippine Ore Supply Concerns
- Brent Crude Declines Below $100 for First Time in 14 Months
- Raw Sugar Rebounds From 7-Month Low While New York Cocoa Drops
- Gold Bulls Retreat as $1.6 Billion Erased From ETPs: Commodities
- Palm Oil Rises to Two-Week High as Exports May Expand on Waiver
- Gold Trades Little Changed Near 12-Week Low on U.S. to Ukraine
- Corn Declines as Traders Weigh Record U.S. Production Outlook
- Philippine House Body Approves Bill Banning Mineral Ore Exports
- Drillers Piling Up More Debt Than Oil Hunting Fortunes in Shale
- BNP Paribas Said to Curb Commodity-Trade Finance to Trafigura
- China Aluminum Exports Rise With Steel as Demand at Home Wanes
- Hedge Funds Reduce Bullish Gas Bets as Volatility Slides: Energy
- Clearinghouses Get CFTC Scrutiny So Solution Isn’t Problem
- China’s Import Drop Caused by Falling Commodity Prices, CBA Says
- Credit Suisse Sees Aluminum Rally Overdone Amid Plentiful Supply
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team