TODAY’S S&P 500 SET-UP – September 12, 2014
As we look at today's setup for the S&P 500, the range is 15 points or 0.67% downside to 1984 and 0.08% upside to 1999.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 1.99
- VIX closed at 12.8 1 day percent change of -0.62%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Retail Sales Advance, Aug., est. 0.6% (prior 0%)
- 8:30am: Import Price Index, Aug., est. -1.0% (prior -0.2%)
- 9:55am: UofMich Confidence, Sept. prelim. est. 83.3 (pr 82.5)
- 10am: Business Inventories, July, est. 0.4% (prior 0.4%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, Congress out of session
- 8am: Natl Assn of Federal Credit Unions wraps up congressional caucus mtg, with speakers incl. Treasury’s Gerety
- 11:30am: Keith Higgins, director of SEC’s corp. fin. division. speaks at American Bar Assn mtg
- 11:30am: FTC Chairwoman Ramirez delivers remarks at Hispanic National Bar Association annual convention
- 7:30pm: Attorney General Eric Holder gives keynote address
- U.S. ELECTION WRAP: Iowa Fuel Issue; NRSC Outlook; Ark. Debate
WHAT TO WATCH:
- Citigroup’s Diners Club said to draw interest from Japan banks
- BASF buys oil, gas assets from Statoil to secure European supply
- China credit gauge misses estimate as growth risks rise
- LinkedIn says China needs ‘open door’ for foreign internet firms
- Alliance Data to buy Conversant for advertising technology
- Bank moves to avoid overseas swap rules watched by U.S. treasury
- Google taps biggest app market in effort to close Apple gap
- Hertz reaches deal with billionaire Icahn to replace 3 directors
- GE may invest in Polish wind farms amid renewable law changes
- U.S. video-game industry sales rise 8% on consoles
EARNINGS:
- BRP (DOO CN) 6am, C$0.08
- Darden Restaurants (DRI) 7am, $0.32
- Hudson’s Bay (HBC CN) 7am, (C$0.07)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Wheat Extends Drop to Near Four-Year Low as Global Supply Climbs
- WTI Oil Rises Second Day as Losses Seen Excessive; Brent Steady
- China’s Coal Production Cuts Seen Lifting Prices by 10%: Energy
- Tin Smelters in Indonesia Seeking $600 Premiums to London Rate
- Zinc’s Advance Narrows Biggest Weekly Slump in Almost Two Years
- Solar Storms Sending Biggest Threats to Earth Today and Tomorrow
- Kurd Pipeline Only Realistic Route for Kirkuk Export: Julian Lee
- MRPL to Process Basrah Light Crude First Time in About 15 Years
- Zinc Rises to Pare Biggest Weekly Drop in 23 Months: LME Preview
- Coffee to Cocoa Head for Weekly Declines on Stronger Dollar
- China Coal Ban Plan Might Stop Dry-Bulk Freight Rebound: Platou
- Chinese Delegation to Sign Soybean Purchase Pact With U.S.: News
- Gold Traders Split on U.S. Outlook to Prospects for More Buying
- Gold Falls to 7-Month Low as Silver Slumps on Outlook for Rates
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
