TODAY’S S&P 500 SET-UP – September 29, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.05% downside to 1962 and 0.56% upside to 1994.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.93 from 1.95
- VIX closed at 14.85 1 day percent change of -5.05%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, Aug., est. 0.3% (prior 0.2%)
- 9am: Fed’s Evans speaks in Chicago
- 10am: Pending Home Sales m/m, Aug., est. -0.5% (prior 3.3%)
- 10:30am: Dallas Fed Mfg Activity, Sept. est. 10.5 (prior 7.1)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M, $24b 6M bills
GOVERNMENT:
- Senate, House out of session
- President Obama attends DNC event, India’s Prime Minister Modi attends dinner at White House
- Sen. Ted Cruz addresses National Security Action Summit
- U.S. ELECTION WRAP: Nunn Calls Perdue Ad ‘Lie’; Cotton Donors
WHAT TO WATCH:
- Yahoo’s Mayer Says Will Review Starboard Letter Carefully
- Pimco Suffers $10b of Outflows After Gross’s Departure: WSJ
- Allianz Won’t Sell Pimco After Gross Departure: FT
- Encana Schedules Conference Call Before U.S. Market Open
- Stock Exchanges Plan to Meet Deadline for SEC Audit System
- U.S. Judge Rules U.S. Bank Must Face Some Peregrine Claims
- DreamWorks Animation Studio Said Weighing Sale to SoftBank
- Family Dollar: State AGs to Probe Dollar General Share Deals
- Ex-Apple CEO Sculley Says IPhone Rollout Drama Overstated
- Russia Oil Chief Says Sanctions No Bar to Work in Arctic
- Greenberg Team to Grill Bernanke, Paulson, Geithner on AIG
- Commerzbank Said to Face Probe of Money-Laundering Controls
- Oracle Cloud Product to Match Amazon.com’s Pricing: Ellison
- Alibaba Said to Pay Credit Suisse, Morgan Stanley Top IPO Fees
- U.S. Iraq Strikes are ‘Not America Against ISIL’: Obama
- ‘Equalizer’ Tops Box Office; Washington Shows His Worth
EARNINGS:
- Cal-Maine Foods (CALM) 6:30am, $1.17
- Cantel Medical (CMN) 8am, $0.27
- Cintas (CTAS) 4:15pm, $0.75
- Ferrellgas (FGP) 7am, $(0.28)
- Synnex (SNX) 4:05pm, $1.48
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Set for Biggest Loss in a Week With Brent Before Data
- ICE Europe Takes Liffe Commodities Markets After 18 Years
- Hedge Funds Raise Bullish Cocoa Bets on Ebola Risk: Commodities
- Nickel Heads for Bear Market on Record Inventories Even With Ban
- Gold Rises on Demand for Alternative Investment as Stocks Drop
- LME Introducing One-Off Membership Application Fee as of Jan. 1
- Iron Ore’s ‘Credible Guy’ Albanese Says Weak Prices Will Endure
- Singapore Bourse to Start Kilobar Gold Trading to Lure Investors
- Soybeans Drop to Four-Year Low as China Suspends Import Approval
- Raw Sugar Rises for Fifth Session Before Expiry; Cocoa Advances
- ABN Amro Commits to China Commodity Finance Growth Post Qingdao
- Peanut Butter in Maple-Bacon Sandwiches as Prices Tumble: Retail
- Rebar in Shanghai Falls to Record Low as Iron Ore Price Plunges
- LME Raises Average Transaction Fees by 34% to Cover Investment
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
