TODAY’S S&P 500 SET-UP – September 11, 2014
As we look at today's setup for the S&P 500, the range is 16 points or 0.64% downside to 1983 and 0.17% upside to 1999.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.97 from 1.97
- VIX closed at 12.88 1 day percent change of -4.59%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, Sept. 6, est. 300k (pr 302k)
- 8:45am: Bloomberg U.S. Economic Survey, Sept.
- 9:45am: Bloomberg Consumer Comfort, Sept. 7 (prior 37.7)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. to announce plans for auction of 3M/6M/1Y bills, 10Y TIPS
- 12pm: USDA WASDE crop report for Sept.
- 1pm: U.S. to sell $13b 30Y bonds in reopening
- 2pm: Monthly Budget Stmt, Aug., est. -$130b (pr -$147.914b)
GOVERNMENT:
- House, Senate receive briefings on Islamic State
- 7:30am: National Association of Federal Credit Unions holds 3rd day of Congressional Caucus Lineup, with Sen. Toomey, R-Pa.; HUD Secretary Castro; Sen. Johanns, R-Neb.; House Foreign Affairs Chair Royce, R-Calif.; Rep. Moore Capito, R-W.Va.; CEA Chairman Furman; Freddie Mac CEO Layton
- 8:30am: Sen. Hatch of Utah ranking Republican on Senate Finance Cmte, at U.S. Chamber of Commerce event on tax reform
- 9am: House Armed Services Chairman McKeon, R-Calif. makes remarks Islamic State following Middle East leader mtg last wk
- 10am Sir Richard Branson speaks at CSIS event on “Time to Rethink Global Drug Policy”
- 6pm: GWU discussion with Iraqi Ambassador to the U.S. Faily
- U.S. ELECTION WRAP: GOP Cavalry Rides to Kansas; Attack Ads
WHAT TO WATCH:
- RBS, Lloyds London move ‘irreversible’ after Scot turmoil
- Investors Pull $2b From U.K. Funds Ahead of Scottish Vote
- Credit Agricole said to near accord in U.S. sanctions probe
- MasterCard loses fight at top EU court over card-fee limits
- McDonald’s sued in Russia on claim of understating calorie count
- BofA’s Merrill said to appeal $136m Takefuji verdict
- Axa said in advanced talks to sell Hong Kong pension-fund unit
- Paulson opposes ‘destructive’ AngloGold share sale plan
- JDSU breakup plan said to follow push from hedge fund Sandell
- Twitter seeks up to $1.5b in convertible debt offering
- RadioShack financing deal said prepared by UBS, Standard Gen
- Obama relying on Middle East allies to carry Islamic State fight
EARNINGS:
- Dollarama (DOL CN) 7:30am, C$1.03
- Kroger (KR) 8:30am, $0.69 - Preview
- Lululemon Athletica (LULU) 7:15am, $0.29 - Preview
- North West (NWC CN) 4:30pm, C$0.40
- RadioShack (RSH) 6am, ($0.66)
- Transcontinental (TCL/A CN) 10:05am, C$0.46
- Ulta Salon Cosmetics (ULTA) 4pm, $0.82
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Food Prices Near Four-Year Low as Milk to Cooking Oils Fall
- Commodities Drop to 4-Year Low With Abundant Corn to Oil Supply
- Saudi Arabia Cuts Production as Brent Slips Below $100 a Barrel
- Fungus Stoked by Warming Threatens Organic Coffee: Commodities
- IEA Cuts Demand Estimate as Saudi Exports Drop to 2011 Low
- Spot Gold Extends Drop to Fall 0.8% to Lowest Since Jan. 31
- Wheat Tumbles With Soybeans to Four-Year Low Before USDA Report
- Copper Falls to Lowest Since June as Dollar Gains Erode Demand
- Palm Imports by India Seen Surging 60% as Prices Slump on Glut
- Coffee Reserves in Vietnam Seen Shrinking to Lowest Since 2011
- Glencore Offers Bonds in Australia as It Assesses Local Targets
- Gold-Oil Link Strongest in 11 Months as Europe Woes Drive Losses
- Raw Sugar Futures Extend Decline in New York; Cocoa Also Falls
- California’s Water-Starved Farmers Stymied by Fish Protections
- Brent Crude Falls to 16-Month Low With WTI as IEA Cuts Estimates
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team