TODAY’S S&P 500 SET-UP – October 1, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.78% downside to 1957 and 0.70% upside to 1986.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.91 from 1.92
- VIX closed at 16.31 1 day percent change of 2.07%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Sept. 26 (prior -4.1%)
- 8:15am: ADP Employment Change, Sept., est. 205k (prior 204k)
- 9:45am: Markit US Mfg PMI, Sept. final, est. 57.9 (prior 57.9)
- 10am: ISM Manufacturing, Sept., est. 58.5 (prior 59)
- 10am: Construction Spending m/m, Aug., est. 0.5% (prior 1.8%)
- 10:30am: DOE Energy Inventories
GOVERNMENT:
- Senate, House out of session
- 9:30am-1pm: Energy Sec. Moniz speaks at energy security event
- Panel afterwards incl. IHS Vice Chair Yergin, White House counselor Podesta
- 10:30am: Former President Bill Clinton World Energy Engineering Congress keynote address
- 2pm: SEC Commissioner Gallagher speaks at mkt structure conf.
- 2:45pm FINRA CEO Richard Ketchum and SEC head of trading, Steve Luparello, also speak
- 2:45pm: SEC Chair White speaks at panel at Intl Organization of Securities Commissions meeting in Rio De Janeiro
- 4pm: Sec. of State Kerry to meet with Chinese counterpart Wang Yi at State Dept
- U.S. ELECTION WRAP: Latino No-Shows; Senate Control Consensus
WHAT TO WATCH:
- Pershing Square Raises Size of IPO to $2.73b From About $2b
- Eurozone Sept. Manufacturing PMI 50.3; Est. 50.5
- First Ebola Case Diagnosed in U.S. Confirmed in Dallas: CDC
- Japan Stock Orders of $617b Scrapped in Trading Error
- Bristol-Myers Transfers $1.4b of Pension Risk to Prudential
- Nomura, Goldman Sachs Among Firms to Lead Japan Post IPO
- FAA Orders New Pilot Displays for 1,300 Boeing Jets: WSJ
- Oracle Seeks Partners in China to Expand Cloud Service Business
- Fannie, Freddie Investors Lose Suits Over Profits Taken by U.S.
- Wal-Mart Judge Says Retailer Must Face Mexican-Bribe Probe Suit
- Apple Said to Add Gold Option to IPad in Effort to Boost Sales
- BNY Mellon to Shutter Its Derivatives Sales, Trading Group
- U.S. Said to Reach Accord With Brazil Ending Cotton Trade Fight
- Hong Kong Leader Jeered by Protesters on China National Day
- President Obama meets with Israeli Prime Minister Netanyahu
- GM, Chrysler, Ford Sept. Auto sales; SAAR may drop vs Aug.
EARNINGS:
- Acuity Brands (AYI) 8:56am, $1.22
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn Extends Drop to Five-Year Low as U.S. Supply Tops Estimates
- Goldman Sees Corn to Soybeans Extending Losses on U.S. Supplies
- WTI Crude Rebounds Before U.S. Stockpile Report; Brent Climbs
- Nickel Declines to Six-Month Low as Stockpiles Expand to Record
- Arabica Coffee Rises on Outlook for Brazil’s Crop; Cocoa Falls
- Platinum Drops to 5-Year Low as Palladium Declines on Car Sales
- Top Cotton Trader Says Prices Need to Fall More to Cut Surpluses
- U.S. Oil Exports Seen Breaking 1957 Record as Traders Dodge Ban
- Palm Oil Declines After Posting Biggest Monthly Gain Since 2009
- Marubeni Offloads $1 Billion Canadian Coal Mine for a Buck
- Gas Allure in U.K. Power Poised to Extend Into Winter on Outages
- Worst Seen Over for Global Oil Prices as Saudis Cut Output
- Shanghai-London Parity Signals Aluminum Rally: Chart of the Day
- Mideast Turmoil Keeps Gasoline at 45 Cents in Oil States: Energy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
