TODAY’S S&P 500 SET-UP – September 19, 2014
As we look at today's setup for the S&P 500, the range is 20 points or 0.76% downside to 1996 and 0.23% upside to 2016.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.05 from 2.05
- VIX closed at 12.03 1 day percent change of -4.90%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: Leading Economic Indicators, Aug., est. 0.4% (pr 0.9%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 8am: House Intelligence Chairman Mike Rogers, R-Mich., delivers keynote Intelligence and National Security Summit
- 9:30am: Sec. of State John Kerry remarks on importance of inclusive economic growth at New Frontiers in Development forum
- 2pm: Kerry chairs UN Security Council Iraq ministerial debate
- 10am, 1:30pm: FCC holds open Internet roundtable discussions
- 1pm: CVS CEO Merlo speaks at Nat’l Press Club
- U.S. ELECTION WRAP: La., Colo., Kan. Polls; Adelson Donations
WHAT TO WATCH:
- Scotland rejects independence 55% to 45%
- Alibaba raises $21.8b in U.S. IPO
- Ellison becomes Oracle chairman as Catz, Hurd split CEO job
- SAP to buy Concur for $129/share or ~$7.4b
- Home Depot says data breach affected 56m payment cards
- Arkema bids $2.2b for Total’s Bostik adhesives business
- Telefonica to buy Vivendi’s Brazil unit GVT for $9b
- JetBlue names Hayes as CEO as Barger leaving at contract end
- Clorox says executive Benno Dorer to succeed Knauss as CEO
- AIG says Wintrob departs after being passed over for CEO job
- Goldman Sachs faces SEC probe on internship for Libyan: WSJ
- Regulators said to weigh delay for separating banks’ swaps units
- Exxon said to halt Arctic well drilling on Russian sanctions
- Congress clears spending bill with U.S. aid to Syrian rebels
- Lockheed said close to $4b F-35 deal with Pentagon: Reuters
- U.S. said to see chance for progress in nuclear talks with Iran
- Apple IPhone 6 Plus contains Hynix, BRCM, QCOM: iFixit teardown
- China fines Glaxo $489m, ending investigation of bribery
- U.K. prosecutors said to ready more charges on Libor this year
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Oil Falls as Fed Outlook Counters Supply Risk; Brent Steady
- Fortescue’s Forrest Lauds China City Push as Iron Ore Slumps
- Natural Gas Supply Gain Hides Risk of Winter Price Shock: Energy
- Gold Falls Toward 8-Month Low as Fed Outlook Strengthens Dollar
- Copper Heads for a Fourth Weekly Decline on Slowdown in Housing
- Cocoa Climbs to Three-Year High as Ebola Seen Risk to Production
- Wheat Extends Drop to 4-Year Low as Demand Wanes Amid More Crops
- EU Emissions Drop Seen Accelerating as Lawmakers Mull Supply Fix
- Earth Baked in Record Fashion This Summer Even If You Were Cool
- Soybean Traders Bearish for Sixth Week on U.S. Harvest Outlook
- Oil Clogging U.S. Rail Seen Constricting Grain Exports: Freight
- Libya Resumes Oil Flows to EU as Africa Exports Remain Subdued
- Rebar Falls to Record Low as Weak Property Sector Hurts Demand
- India Monsoon Food Grain Output Seen Falling 6.9% to 120.3m Tons
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team