TODAY’S S&P 500 SET-UP – September 30, 2014
As we look at today's setup for the S&P 500, the range is 25 points or 0.80% downside to 1962 and 0.47% upside to 1987.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.93 from 1.91
- VIX closed at 15.98 1 day percent change of 7.61%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9am: ISM Milwaukee, Sept., est. 61 (prior 59.63)
- 9am: S&P/Case-Shiller Home Prices m/m July est 0.0% (pr -0.2%)
- 9:45am: Chicago Purchasing Mgr, Sept., est. 62 (prior 64.3)
- 10am: Consumer Confidence Index, Sept., est. 92.5 (pr 92.4)
- 10:45am: Fed’s Powell speaks in Washington
- 11:30am: U.S. to sell $30b 4W bills
- 3pm: Fed issues QE schedule for Oct.
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Senate, House out of session
- Obama, Modi hold bilateral meetings at White House
- 10am: House Oversight and Govt. Reform Cmte hearing on Secret Service security protocols w/agency director Pierson
- 10:30am: FCC open meeting; subjects incl. sports blackouts
- 12:30pm-2:15pm: Hillary Clinton speaks at Congressional Hispanic Caucus Institute conference
- 2pm: Attorney General Eric Holder delivers remarks at Global Alliance Conf. against child sexual abuse
- 3:45pm: Speaker Boehner, Democratic leader Pelosi, Modi media availablity after meeting
- U.S. ELECTION WRAP: Ballot Law Key in Kan. Race; Sen. Outlook
WHAT TO WATCH:
- iPhone 6, 6 Plus to be available in China from Oct. 17
- Apple’s Irish tax deal doesn’t comply with EU standards
- U.S. seeks to reverse locks on Apple, Google smartphone data
- Iron Mountain said to consider more than $2b Recall bid
- FCC said to consider rules to help web TV svcs. access shows
- Netflix to co-produce ‘Crouching Tiger’ sequel
- Computer Sciences said to approach Blackstone, Bain on LBO
- AMC said close to $200m deal for stake in BCC America
- Argentina found in contempt of court on bond payment fight
- Euro-region inflation slows as ECB prepares for policy meeting
- Pimco talks to Morgan Stanley, BofAML on strategy: WSJ
- Total Return fund cut to bronze by Morningstar
- GM CEO Barra to give detailed plan for cash, WSJ says
- Schlumberger said to remove U.S., EU staff from Russia
- Supervalu, Albertson’s discover new holes in card networks
- AIG bailout by U.S. was ‘extortion,’ Greenberg lawyer says
- Lawmakers to quiz Secret Service chief on White House breaches
- Venezuela’s Maduro says on TV that Clorox abandoned country
EARNINGS:
- Walgreen (WAG) 7:30am, $0.74 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Falls to Lowest Since January as Metal Set for Monthly Drop
- Oil Heads for Biggest Quarterly Drop Since 2012 on Ample Supply
- Gluts Spur Investor Exit Signaling Prolonged Slump: Commodities
- European Coal Set for 10th Quarterly Drop as Power Demand Wanes
- Iron Ore Heads for Record Run of Losses as Global Surplus Builds
- Freeport Says Grasberg Copper Shipments Continue Amid Suspension
- Rubber in Tokyo Trims Third Quarterly Loss as Thai Exports Fall
- U.K.’s Wheat Farmers May Delay Planting After Driest September
- Soybeans Head for Quarterly Slide Before USDA on Harvest Outlook
- Nasdaq OMX Plans First German Renewable Power Futures in 2015
- Rebar Pares Record Quarterly Loss as Recent Drop Seen Excessive
- Corn Price Rout Seen Nearly Complete by UBS as U.S. to Cut Area
- Dubai Gold & Commodities Exchange Pushes Back New Gold Contract
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team