TODAY’S S&P 500 SET-UP – September 16, 2014
As we look at today's setup for the S&P 500, the range is 18 points or 0.36% downside to 1977 and 0.55% upside to 1995.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.02 from 2.05
- VIX closed at 14.12 1 day percent change of 6.09%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: PPI Final Demand m/m, Aug., est. 0.0% (prior 0.1%)
- 8:55am: Redbook weekly sales
- 11am: Fed to purchase $2b-$2.5b in 2021-2024 sector
- 11:30am: U.S. to sell $30b 4W bills, $25b 52W bills
- 2pm: Net Long-term TIC Flows, July, est $25b (prior -$18.7b)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 8:30am: FCC holds Open Internet Roundtable discussion
- 9am: Sen. Johnny Isakson, R-Ga., remarks at Bipartisan Policy Center summit
- 9:15am: SEC Chairwoman Mary Jo White keynote at SAIS Global Conf. on Women in the Boardroom; 1:30pm Sec. Penny Pritzker
- 10am: Business Roundtable 3Q CEO Economic Outlook Survey results, including tax reform’s impact on U.S. investment
- 12pm: American Constitution Society hosts Supreme Court preview
- 2:30pm: CDC Director Tom Frieden speaks before Senate Health, Education Cmte
- 2:30pm: Senate Commerce panel holds hearing on oversight of NHTSA
- U.S. ELECTION WRAP: Polls in N.C., N.H; Attack Ad Responses
WHAT TO WATCH:
- Alibaba boosts U.S. IPO size to $21.8b or $66/shr-$68/shr
- Calpers to cut entire $4b in hedge funds on costs, complexity
- Allergan agrees with Pershing, Valeant on Dec. 18 meeting
- Pioneer to sell DJ business to KKR for ~60b yen: Nikkei
- World’s biggest banks said to overhaul FX trading
- German ZEW Sept. investor expectations at 6.9, est. 5.0
- Orange offers to buy Jazztel of Spain for $4.4b
- Google algorithm must be transparent, German minister says: FT
- House GM defects probe said to fault federal regulators: NYT
- U.S. said to complain to China over anti-monopoly crackdown
- Boeing, Lockheed JV to develop new rocket engine: Reuters
- Fed rate raises seen as gradual in survey as inflation muted
EARNINGS:
- Adobe Systems (ADBE) 4:15pm, $0.26
- Apogee Enterprises (APOG), 4:30pm, $0.33
- FactSet Research Systems (FDS) 7am, $1.31
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Uranium Enters Bull Market Amid Russian Sanctions, Strike
- WTI Trades Near One-Week High Before Supply Data; Brent Stable
- U.S. Can’t Get Sugar for Dum Dums With Import Limit: Commodities
- Gold Rises in London on Signs of More Buying as Fed Meets Today
- Copper Advances O.5% to $6,856 a Ton in London Trading
- Rubber Climbs to 1-Week High as Lower Prices Reduce Thai Output
- India’s Rice Crop Prospects Improve as Rains Revive, Group Says
- Rebar Falls to Near Record Low After Foreign Investments Drop
- China Bans Use of Coal With High Ash or Sulfur to Fight Smog
- China Reduces Wheat Irrigation as Farming Depletes Groundwater
- Nigeria to Triple Natural-Gas Production to Meet Power Needs
- World Hunger Declines as One-in-Nine Seen Chronically Underfed
- Scotland Gold Demand Seen Rising Before Independence Referendum
- Gold Party Ends as Volatility Drops to 4-Year Low Before Fed
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team