TODAY’S S&P 500 SET-UP – October 2, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 0.98% downside to 1927 and 0.87% upside to 1963.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.90 from 1.87
- VIX closed at 16.71 1 day percent change of 2.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: Challenger Job Cuts y/y, Sept. (prior -20.7%)
- 7:30am: RBC Consumer Outlook Index, Oct. (prior 52.4)
- 7:45am: ECB seen holding refinance rate at 0.5%
- 8:30am: Init Jobless Claims, Sept. 27, est. 297k (prior 293k)
- 8:30am: ECB’s Draghi holds news conference
- 9:45am: ISM New York, Sept. (prior 57.1)
- 9:45am: Bloomberg Consumer Comfort, Sept. 28 (prior 35.5)
- 10am: Factory Orders, Aug., est. -9.5% (prior 10.5%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. to announce plans for auction of 3M/6M bills, 3Y/10Y notes, 30Y bonds
- 12pm: Fed’s Dudley speaks in New York
- 1pm: Fed’s Lockhart speaks in Atlanta
- 8pm: Fed’s Bullard speaks in Tupelo, Miss.
GOVERNMENT:
- President Obama speaks on economy at Northwestern University
- Supreme Court may issue list of cases it plans to consider
- Senate, House out of session
- FHFA Director Mel Watt, housing experts, community leaders hold town-hall meeting at Detroit Public Library
- 11am: IMF Managing Director Christine Lagarde delivers remarks on “The Challenges Facing the Global Economy”
- U.S. ELECTION WRAP: No Democrat in Kan. Race; Debates in Alaska
WHAT TO WATCH:
- BofA CEO Brian Moynihan Named Chairman as Crisis Struggles Fade
- Draghi Buying Spree Seen Starting Modestly in ECB Program
- WTI Slips Below $90 for First Time in 17 Months on Supply
- Tesla’s Musk Says Company Will Introduce New Product Next Week
- Box Said to Delay IPO Until 2015 on Market Volatility
- Citigroup Ordered to Turn Over Banamex Files to Pension Fund
- Trump Entertainment Pegs Casino Survival on Icahn’s $100m
- Ebola Patient’s Flight Spanned 4 Airports on 3 Continents
- RealD Gets Takeover Offer From Yahoo! Activist Starboard Value
- Sands’ Adelson Predicts Macau High-Roller Rebound in 2 Months
- ‘Pirates’ Sequel to Film in Australia as Lower FX Cuts Cost
EARNINGS:
- Actuant (ATU) 8am, $0.52
- Constellation(STZ) 7:30am, $1.15
- Global Payments (GPN) Bef-mkt, $1.14
- McCormick (MKC) 6:30am, $0.81
- Resources Connection (RECN) 4pm, $0.14
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Slips Below $90 for First Time in 17 Months on Supply
- Rubber Slumps to 2009 Low as Producers Seen Needing to Do More
- Pork Wounds Heal as Hogs Profit From U.S. Corn Bust: Commodities
- Gold Climbs on Demand for Alternative Investment as Stocks Drop
- Europe Skirting Freeze Preserves Gas Stocks Amid Ukraine Crisis
- Copper Swings as Dollar Remains Near Highest Level Since 2010
- Corn Declines on Outlook for Abundant U.S. Harvest; Wheat Climbs
- Arabica Coffee Rises to One-Month High While Cocoa Futures Drop
- Saudis Cut OSPs Deeply to Regain Asian Mkt Share: Bernard Leung
- FinEx Capital Expanding in Commodities Led by Simon Smith
- OPEC ’Appears to Be Gearing Up for Price War’: Commerzbank
- Thailand Shifts Away From Buying Crops as Junta Tackles Reserves
- Pacific Sees Storm Deja Vu as Atlantic Starts to Run Out of Time
- Investors Pull Most Money From Commodity ETFs in ‘14 on Glut
- Gold Sales at Perth Mint Reach 11-Month High as Prices Retreat
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team