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TODAY’S S&P 500 SET-UP – October 3, 2014


As we look at today's setup for the S&P 500, the range is 25 points or 0.42% downside to 1938 and 0.86% upside to 1963.                                                               

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.91 from 1.90
  • VIX closed at 16.16 1 day percent change of -3.29%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Trade Balance, Aug., est. -$40.8b (prior -$40.5b)
  • 8:30am: Change in Nonfarm Payrolls, Sept., est. 215k (pr 142K)
  • Unemployment Rate, Sept., est. 6.1% (prior 6.1%)
  • Avg Weekly Hours All Employees, Sept., est. 34.5 (prior 34.5)
  • 9:45am: Markit U.S. Services PMI, Sept. final, est. 58.5 (pr 58.5)
  • 10am: ISM Non-Mfg Composite, Sept., est. 58.5 (pr 59.6)

GOVERNMENT:

  • Senate, House out of session
  • 9am: U.S. Chamber of Commerce holds annual Supreme Court Pre-Term briefing focusing on business cases
  • U.S. chief negotiator Dan Mullaney for Transatlantic Trade and Investment Partnership, EU’s chief negotiator Ignacio Garcia Bercero, hold media briefing on 7th round of talks
  • U.S. ELECTION WRAP: Alaska’s Fish Debate; Gun Control Ad Wars

WHAT TO WATCH:

    • Jobs-Day Guide: U.S. Payrolls, Participation, Wages and Hours
    • JPMorgan Password Said to Lead Hackers to 76m Households
    • Salix Pharmaceuticals, Cosmo Agree to End Merger Agreement
    • Salix Said in Sale Talks With Actavis as Allergan Deal Fades
    • BP Seeks Revised Negligence Judgment or New Trial Over Spill
    • RadioShack Said to Reach Refinancing Deal With Standard General
    • Fed Lawyer Says AIG Got Billions Without 2008 Bailout Paperwork
    • American Cameraman for NBC News Diagnosed With Ebola in Liberia
    • Apple Encryption Will Slow Not Stop Snooping by Cops, Spies
    • Tobacco CEOs Urge FDA to Move More Quickly With E-Cig Standards
    • Disney Extends Iger’s Term, Keeping Staggs-Rasulo Race Alive
    • UBS Drops on Report of Potential $6.2b Fine in France
    • Iliad Said to Prepare Offer for Bigger Stake in T-Mobile
    • U.K. Services Growth Cools in Sign Recovery Is Losing Momentum
    • Eurozone Aug. Retail Sales Up 1.2% M/m; Est. Up 0.1% M/m
    • Hong Kong Protesters Besiege Government Building Before Talks
    • Trump Entertainment Judge Set to Rule on Dropping Union Pension
    • Goldman Losing Faith in $100 Brent While WTI Discount Seen Wider
    • Cameron Says U.K. Won’t Send Combat Troops Back to Afghanistan
    • American Airlines Asks U.S. for Tokyo Flight Slot Held by Delta
    • Takeda Accused of Putting Actos Profit Ahead of Patient Safety
    • Goldman Considering Setting Up New Infrastructure Fund: Reuters
    • Facebook Explores Plan to Connect Users With Ailments: Reuters
    • IMF, G-20, Fed Minutes, BOE, Brazil, Swaps: Wk Ahead Oct. 4-11

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude on Brink of Bear Market Amid Swelling Global Supply
  • Gold Drops Close to Erasing This Year’s Gains on Rising Rates
  • Diamond Hunters Giving Up on Gems Too Hard to Find: Commodities
  • Port Hedland Iron Ore Shipments to China Decline From Record
  • Nickel Advances Before U.S. Payroll Data as Copper Also Gains
  • West Texas Intermediate Crude Seen Falling in Analyst Survey
  • Soybean Meal Poised to Rise 11% After Testing ‘Key Support’
  • Palm Rebounds From Biggest Drop Since August on Demand Outlook
  • Ebola Serious Threat to West African Miners, Deutsche Bank Says
  • Zambia Said to Mull Replacing Mine Tax With Higher Royalties
  • Americas Dominate New Copper Supply as Africa, Asia Trail
  • Rail Jams Snarl Canada Grain Sales Even as Crop Shrinks: Freight
  • Orphaned Russian Oil Heads to U.S. West on Asia Overflow: Energy
  • Nickel Leads Metals Higher Before U.S. Payroll Data: LME Preview

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team