TODAY’S S&P 500 SET-UP – September 22, 2014
As we look at today's setup for the S&P 500, the range is 19 points or 0.67% downside to 1997 and 0.28% upside to 2016.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.01 from 2.01
- VIX closed at 12.11 1 day percent change of 0.67%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Activity, Aug. est. 0.33 (pr 0.39)
- 9am: ECB’s Draghi speaks in Brussels
- 10am: Existing Home Sales, Aug., est. 5.20m (prior 5.15m)
- 10:05am: Fed’s Dudley speaks in New York
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $23b 6M bills
- 7:30pm: Fed’s Kocherlakota speaks in Marquette, Mich.
GOVERNMENT:
- Senate, House out of session
- 8:15am: FDIC Chairman Martin Gruenberg speaks at American Banker Regulatory Symposium in Arlington, Va.
- 4pm: Treasury Sec. Jack Lew gives speech on economics of climate change at Hamilton Project-hosted event, followed by roundtable discussion with former Treasury Sec. Robert Rubin
- 4:15pm: Comptroller of the Currency Thomas Curry speaks at American Banker Regulatory Symposium in Arlington, Va.
WHAT TO WATCH:
- Siemens buys Dresser-Rand for $7.6b to expand in oil equipment
- Tesco starts probe after overstating profit guidance by ~$408m
- Alibaba’s bankers said to increase shr sale size to record $25b
- Apple iPhone 6 Plus outselling smaller model: Piper survey
- Apple iPhone weekend sales preview
- Deutsche Bank says currency trader dismissed on misreporting
- U.S. Treasury seeking to close tax address loophole, Lew says
- Blackstone halting efforts to find deals in Russia: FT
- Google selects HTC to make 9-inch Nexus tablet: WSJ
- Emirates airline plans U.S. expansion as widebody fleet grows
- Insider buying dries up defying $275b of buybacks
- Clorox said to reject takeover offer with 20% premium: NYPost
- Mitsubishi Corp. offers to buy Norway’s Cermaq for $1.4b
- Total to cut costs, sell assets after lowering output forecast
- SK buys shale gas asset from Continental Resources: MoneyToday
- German union calls strikes at Amazon warehouses: Reuters
- China Finance Chief Lou say eco growth faces downward pressure
- UN’s Ban joins 310,000-strong march for climate action
EARNINGS:
- AutoZone (AZO) 7am, $11.26
- Neogen (NEOG) 8:45am, $0.23
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Nickel Leads Industrial Metals Lower on Outlook for Slower China
- Commodities Extend Declines to Five-Year Low in ‘Capitulation’
- Hedge Funds Make Record Bet on Lower U.S. Diesel Prices: Energy
- Gold Is Little Changed Near Eight-Month Low as Silver Declines
- Corn Declines With Soybeans to 2010 Lows on Increasing Supplies
- Brent Crude Declines on Concern China Growth Slowing; WTI Drops
- Indonesian Police Probe Clears 82 Tin Containers for Exports
- Iron Ore Futures Decline Below $80/MT to Record Low in Singapore
- Rubber Production Seen Declining by Consortium of Top Exporters
- Merkel’s Taste for Coal to Upset $130 Billion Green Drive
- Al-Amoudi to Invest $500 Million in Ethiopian Coffee, Oranges
- U.K. Royal Mint Starts Online Trading Site for Gold Coins
- Libya Crude Oil Production at 700k B/D, NOC Spokesman Says
- Gasoline Pump Prices Seen Falling After Slump to 7-Month Low
- Gold Bulls Extend Longest 2014 Exit as Prices Drop: Commodities
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team