TODAY’S S&P 500 SET-UP – September 24, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.39% downside to 1975 and 0.67% upside to 1996.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.96 from 1.99
- VIX closed at 14.93 1 day percent change of 9.06%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Sept. 19 (prior 7.9%)
- 10am: New Home Sales, Aug., est. 430k (prior 412k)
- 10:30am: DOE Energy Inventories
- 11:30am: U.S. to sell $13b 2Y FRN
- 1:00pm: U.S. to sell $35b 5Y notes
- 12:15pm: Fed’s Mester speaks in Cleveland
- 1pm: Fed’s Evans speaks in Washington
- 10:30pm: Reserve Bank of Australia’s Stevens speaks in Melbourne
GOVERNMENT:
- President Obama, world leaders address UN General Assembly
- 10am: Obama delivers UNGA address; then lunches w/ UN Sec. Ban Ki-Moon; chairs panel on foreign fighters in afternoon
- 4:50pm: Sec. of State Kerry attends Syria Ministerial at UN
- Senate, House out of session
WHAT TO WATCH:
- Citizens raises $3b pricing U.S. IPO below marketed range
- Verizon said to hire TAP advisors for tower sale by end of year
- Starbucks to buy remainder of Japanese unit for $913.5m
- GM forecasts 70,000 Cadillac sales in China as unit separates
- U.S. holiday retail sales seen rising 4.5% on labor mkt gains
- Global equities have modest upside potential, Barclays says
- Wal-Mart partners with Green Dot for checking accounts
- Home Depot breach said to feed card, account frauds: WSJ
- Gross’s Pimco Total Return ETF draws SEC scrutiny, WSJ says
- 21st Century Fox said to discuss acquisition of Starz: LA Times
- German Business Confidence declines more than forecast
- A month of bombs dropped in one night of U.S. strikes on Syria
AM EARNS:
- Accenture (ACN) 7:01am, $1.10 - Preview
- AGF Management (AGF/B CN) 8am, C$0.18
- KB Home (KBH) 8:30am, $0.41 - Preview
- Paychex (PAYX) Bef-mkt, $0.46
- Vail Resorts (MTN) Bef-mkt, $(1.93)
PM EARNS:
- HB Fuller (FUL), 5:20pm, $0.76
- Jabil Circuit (JBL) 4:02pm, $0.01
- Worthington (WOR) Aft-mkt, $0.64
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Price Outlook Cut by Top Shipper as Supply Surges
- WTI Trades Near 16-Month Low Before Stockpile Data; Brent Slips
- Diamond Dealers Face Loan Drought After Losing Bank: Commodities
- Rebar Closes at Record Low as Australia Cuts Iron Ore Outlook
- No Drought Relief Seen for U.S. West Without Deep Mountain Snows
- U.K. Winter Gas Declines in Longest Streak Since June on Ukraine
- India Court Cancels 214 Coal Mine Permits Allocated Since 1993
- Rubber in Tokyo Falls to 5-Year Low as China Growth Seen Slowing
- BofA Peeks Inside Venezuela’s Gold Vault to Ease Default Concern
- Uranium Rally Threatened by Surplus as Mine Strike Eases: Energy
- CF-Yara Talks Show How Shale Gas Is Shaking Up Fertilizer World
- Europe’s Biodiesel Demand to Rise 43% in 2015-2020, Neste Says
- Europe-U.S. Oil-Product Cargo Flow Rises 21% in Broker Survey
- Copper Falls to Lowest in Three Months on China Demand Concern
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team