TODAY’S S&P 500 SET-UP - September 7, 2010
As we look at today’s set up for the S&P 500, the range is 20 points or 1.59% (1,087) downside and 0.23% (1,107) upside. Equity futures are trading lower tracking a mixed close in Asia and weak trade in Europe as concerns over the state of the European banking sector keeps investors cautious.
- Air Products & Chemicals boosted hostile takeover bid for Airgas by 3% to $65.50 in cash and said it will walk away unless ARG shareholders support its proposals at meeting next week
- Watch CLF, BTU, NEM, CDE after Australia’s Julia Gillard won support to form govt. (Rio Tinto, BHP Billiton both down at least 0.9% in London)
- One day: Dow +1.24%, S&P +1.32%, Nasdaq +1.53%, Russell +1.76%
- Month-to-date: Dow +4.33%, S&P +5.26%, Nasdaq +5.66%, Russell +6.86%
- Quarter-to-date: Dow +6.89%, S&P +7.16%, Nasdaq +5.9%, Russell +5.56%
- Year-to-date: Dow +0.19%, S&P (0.95%), Nasdaq (1.56%), Russell +2.87%
- ADVANCE/DECLINE LINE: 1699 (+471)
- VOLUME: NYSE - 946.541 (-1.51%) - volume drying up ahead of the long weekend
- SECTOR PERFORMANCE: All sectors up last Friday
- MARKET LEADING/LAGGING STOCKS LAST WEEK: Monster WW +7.03%, Janus +6.64% and Genworth Fin +5.99%/Campbell -2.97%, Family Dollar -2.98% and Newmont Mining -1.07%
- VIX: 21.31 -8.11% - down 12.84% in past week YTD PERFORMANCE: (-1.71%)
- SPX PUT/CALL RATIO: 2.08 up from 1.31
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 16.74 trading flat on the day
- 3-MONTH T-BILL YIELD: .14% trading flat
- YIELD CURVE: 2.20 from 2.13
- CRB: 272.77 +0.60% Up 2% last week
- Oil: 74.60 -0.56%
- COPPER: 351.80 +0.51% - Dr. Copper ragging ahead again
- GOLD: 1,249 flat
- EURO: 1.2876 -0.16% - Trading down big this AM
- DOLLAR: 82.042 +0.03%
- Nikkei (0.81%); Hang Seng +0.22%; Shanghai Composite +0.08%
- Asian markets ended mixed ahead of key August data from China expected later this week.
- Bank of Japan keeps overnight call rate target unchanged at 0.1%
- Australia leaves cash rate unchanged at 4.5%
- FTSE 100: (0.70%); DAX (0.54%); CAC 40 (0.95%)
- Major European indices are trading lower on concerns about the state of the region’s banks following a WSJ report that European stress tests understand holdings off risky government debt.
- A report from the German banking association that the 10 biggest banks in the country may need €105B worth of additional capital.
- Healthcare and Food & Beverage are the only two sectors higher.