TODAY’S S&P 500 SET-UP – September 10, 2014
As we look at today's setup for the S&P 500, the range is 17 points or 0.32% downside to 1982 and 0.53% upside to 1999.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.96 from 1.95
- VIX closed at 13.5 1 day percent change of 6.64%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Sept. 5 (prior 0.2%)
- 9:45am: Bank of England’s Carney speaks in Parliament
- 10am: Wholesale Inventories m/m, July, est. 0.5% (prior 0.3%)
- 10:30am: DOE Energy Inventories
- 1pm: U.S. to sell $21b 10Y notes
GOVERNMENT:
- 9:30am: Senate Homeland Security Cmte hearing on Islamic State terrorism and cybersecurity
- 10am: House Ways and Means Chairman Dave Camp, R-Mich., CEA Chairman Jason Furman speak at “Tax Reform: Lessons Learned and the Path Forward” discussion at Business Roundtable
- 12:30pm: Rep. Mike Fitzpatrick, R-Pa., holds conf. call on legislation introduced to “squeeze” financial assets of Islamic State
- 2pm: House Financial Services subcmte holds hearing on credit reporting system
- 9pm: President Obama speaks to nation from White House about strategy to degrade, destroy Islamic State terrorist group
- U.S. ELECTION WRAP: Presidential Failure; Udall Misstep; Ads
WHAT TO WATCH:
- Microsoft said to near $2b deal to buy Minecraft maker
- Dollar General will make hostile Family Dollar bid, Reuters Says
- EU weighs more Russian sanctions amid fragile Ukraine cease-fire
- TransFirst said to draw interest from TSYS after IPO filing
- Sprint CEO deploys ‘IPhone for Life’ plan to win back customers
- Hertz seen taking $200m writedown on aging vehicle fleet
- Detroit reaches Syncora deal that may change bankruptcy plan
- Vivendi said to eye Italy comeback via Mediaset pay-TV stake
- China said to consider letting car dealers sell multiple brands
- Japan’s Recruit plans $1.7b IPO to fund deals, expansion
- AngloGold raising $2.1b amid international split plan
- Ferrari chief Montezemolo steps down after clash with Fiat
EARNINGS:
- Empire Co (EMP/A CN) 7:31am, C$1.35
- Five Below (FIVE) 4:01pm, $0.14
- Lands’ End (LE) 7am, $0.17
- Men’s Wearhouse (MW) 4pm, $1.06
- Restoration Hardware (RH) 4:02pm, $0.64
- Vera Bradley (VRA) 8am, $0.19
- Wet Seal (WTSL) 4:05pm, $(0.15)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Industrial Metals Extend Drop on China Concern and Dollar Rally
- Brent Trades Below $100 for Longest Run in 16 Months on Surplus
- Steaks for Argentines Mean EU Diners Eat Uruguayan: Commodities
- Philippine House Ore Export-Ban Debates Unlikely Until Late 2015
- Corn to Soybeans Trade Near 4-Year Lows on Record Crop Outlook
- No Named Storms First Time in 22 Years as Hurricane Season Peaks
- White Sugar Declines for Fifth Day as Arabica Coffee Rebounds
- Former Obama Aide Summers Backs End of U.S. Crude Oil Export Ban
- Olam Hires Alex Tan as Head of Palm Oil Trading From Golden Agri
- Goldman Calls End to Iron Age After ‘Dramatic’ Drop in Ore Price
- Gold Is Little Changed Near Three-Month Low on Stronger Dollar
- Ivory Coast Cocoa-Growing Areas Got Increased Rainfall Last Week
- China Province to Cut Irrigated Wheat to Save Water: Heibei News
- Philippine Ore Ban Bill Not Priority for President, Senator Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team