TODAY’S S&P 500 SET-UP – September 23, 2014
As we look at today's setup for the S&P 500, the range is 34 points or 0.87% downside to 1977 and 0.84% upside to 2011.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 2.02
- VIX closed at 13.69 1 day percent change of 13.05%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9am: FHFA House Price Index, July, est. 0.5% (prior 0.4%)
- 9am Fed’s Bullard speaks in St. Louis at community banking conf.
- 9:20am: Fed’s Powell speaks
- 9:30am: Fed’s George speaks
- 9:45am: Markit US Mfg PMI, Sept., est. 58 (prior 57.9)
- 10am: Richmond Fed Mfg Index, Sept., est. 10 (prior 12)
- 11:30am: U.S. to sell $40b 4W bills
- 1pm: U.S. to sell $29b 2Y notes
- 2pm: Fed’s Kocherlakota speaks in Marquette, Mich.
- 4:30pm: API weekly oil inventories
- 9:15pm: Fed’s George speaks in Cheyenne, Wyo.
GOVERNMENT:
- Senate, House out of session
- Obama in N.Y. for UN General Assembly, at Climate Summit, attends evening reception for heads of state
- Hillary Clinton speaks at Clinton Global Initiative
- American Banker Regulatory Symposium:
- 8:15am: FDIC’s Hoenig
- 9:45am: Treasury’s Fin. Crimes Enforcement Network’s Calvery
- 10:15am: U.S. Bancorp CEO Davis
- 10am: Center for American Progress holds discussion on “Finding Consensus to Improve Our Tax Code”
- 1:30pm: White House Council of Economic Advisers Chairman Jason Furman joins Brookings Institution discussion
- 1:30pm: HHS Secretary Burwell remarks on Affordable Care Act
- U.S. ELECTION WRAP: Rajat Gupta and Kansas Race, Ties to Orman
WHAT TO WATCH:
- U.S. expands airstrikes into Syria to hit Islamic State
- Lew tries to rein in tax-cut deals with anti-inversion crackdown
- AstraZeneca, Shire fall after Lew comments
- Yara Seeks CF merger in fertilizer deal with $20b sales
- Allergan said to revive discussions to buy Salix Pharmaceuticals
- Herbalife rebounds as concerns abate that Icahn is selling stake
- Boeing said to near $3.3b 777 jet order from Kuwait Air
- Housing to outrun capital spending in next leg of U.S. growth
- ‘Frozen’ is still hot as Disney dominates early holiday toy list
EARNINGS:
- AAR (AIR) 4:05pm, $0.38
- Bed Bath & Beyond (BBBY) 4:15pm, $1.14 - Preview
- CarMax (KMX) 7:35am, $0.67
- Carnival (CCL) 9:15am, $1.44 - Preview
- Copart (CPRT) 8:08pm, $0.41
- Steelcase (SCS) 7:58am, $0.23
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Rises From 1-Week Low on China Manufacturing; WTI Gains
- Nickel Seen by Lennon Advancing in 2015 on Shift to Deficit
- Lemon Lovers Get Bitter Shock on California Drought: Commodities
- Soybean Futures Rebound From Lowest Price Since 2010 on China
- Money Managers Raised Bullish Copper Bets on LME, Cut Aluminum
- Gold Rises From Eight-Month Low on Syria to Physical Purchases
- Copper Advances on China PMI as Nickel Trims Losses: LME Preview
- Robusta Coffee Rises for First Time in Five Sessions in London
- India May Boost Crude Steel Capacity 32%, Based on Current Plans
- Palm Futures Rebound From One-Week Low on Indian Demand Outlook
- Russia-U.S. West Coast Arb Stays Open on Weak Sokol: Julian Lee
- Walter’s Bonds Lose $363 Million on Coal Woes: Distressed Debt
- Commodities Drop Signals Global Growth Concern: Chart of the Day
- China Steel Consumption Set to Increase in 2015, CISA Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
