TODAY’S S&P 500 SET-UP – September 15, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.43% downside to 1977 and 0.63% upside to 1998.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.04 from 2.05
- VIX closed at 13.31 1 day percent change of 3.98%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Mfg, Sept., est. 16 (prior 14.69)
- 9:15am: Industrial Production, Aug., est. 0.3% (prior 0.4%)
- 9:15am: Capacity Utilization, est. 79.3% (prior 79.2%)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $23b 6M bills
GOVERNMENT:
- Senate, House in session
- 9:30am: FHA Commissioner Carol Galante speaks on future of agency at housing summit hosted by Bipartisan Policy Center
- 3pm: Senate Homeland Security and Governmental Affairs Cmte hearing on D.C. statehood
- 8:15pm: Hillary Clinton delivers keynote address at Cardiovascual Research Foundation’s Transcatheter Cardiovascular Therapeutics Conf.
WHAT TO WATCH:
- Danaher agrees to buy Nobel Biocare for ~$2.2b in cash
- Heineken spurned SABMiller offer, will stay independent
- Alibaba said to raise top end of price range to <$70 vs $60-$66
- Sinopec sells $17.5b stake in fuel unit to investors
- Micro focus to buy Attachmate in $1.2b all-share deal
- Denmark’s TDC to buy Norway cable provider Get AS for $2.2b
- Ackman’s Pershing fund aims to raise $2b in Amsterdam IPO
- ZF selling steering-venture stake to Bosch to help TRW deal
- United Rentals, Universal Health to join S&P 500
- Independent Scotland faces GBP14b hole in budget: study
- Beheading spurs coalition efforts in fight vs Islamic State
- Gold industry needs ‘cleansing’ of weakest miners: Fidelity
- Salix’s budesonide foam for treating colitis awaits FDA verdict
- Sony’s ‘No Good Deed’ beats ‘Guardians’ to lead NA box office
- Citigroup, JPMorgan, others report monthly credit-card data
- BARRON’S ROUNDUP: New AmEx, Alibaba, Lam, Popular, Allstate
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Extend Decline to Lowest Since ’09 on China Slowdown
- Brent Crude Falls to Two-Year Low as China Industry Output Slows
- Hedge Funds Lower Crop Bets to Lowest Since January: Commodities
- Nickel Falls for Fifth Session as China Data Indicates Slowdown
- Arabica Coffee Drops on Outlook for Rain in Brazil; Sugar Falls
- U.K. Gas Contracts Climb Most in Two Weeks Amid Reduced Flows
- Iron Ore Rebound Seen by Morgan Stanley as Vale Predicts $100
- Wheat Drops Below $5 for First Time Since 2010 on Global Output
- Steel Rebar Rises as Record Low Price Spurs Restocking Demand
- Cotton Extends Loss in N.Y., Heads for Biggest Drop Since July
- Gold Industry Needs ‘Cleansing’ of Weakest Miners, Fidelity Says
- H.K. Gold Bourse Approved to Build Precious-Metal Vault in China
- Major Hurricane Odile Set to Rake Mexico’s Baja California Sur
- Palm Oil Seen Dropping as Mistry Has Buy Call on Planter Stocks
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team