TODAY’S S&P 500 SET-UP - September 8, 2010
As we look at today’s set up for the S&P 500, the range is 21 points or 0.53% (1,086) downside and 1.39% (1,107) upside. Equity futures are trading mixed tracking a weak close in Asia and lower European indices as worries about the state of some European economies and the banking sector keep investors away. Today's macro highlights include: MBA Mortgage Purchase Applications, Beige Book and July Consumer Credit.
- President Obama is expected to say that Bush-era tax cuts for the wealthiest Americans shouldn’t be extended when he speaks in Cleveland at 2:30 p.m.
- Altera (ALTR) boosted 3Q rev. growth forecast to 10%-14% from 4%-8%
- AngioDynamics (ANGO) forecast 1Q EPS 7c-8c, vs est. 11c
- Phillips-Van Heusen (PVH) boosted FY adj. EPS guidance to $3.70-$3.80 from $3.55-$3.65, vs est. $3.62
- RTI Biologics (RTIX) cut FY EPS forecast to 10c-12c from 15c-17c
- UDR (UDR) agreed to buy five communities in Calif., Mass and Md., and one pre-sale venture in Mass., for $455.1m
- Wet Seal (WTSLA) plans to buy back as much as $25m shares
- One day: Dow (1.03%), S&P (1.15%), Nasdaq (1.11%), Russell 2000 (2.19%)
- Month-to-date: Dow +3.25%, S&P +4.05%, Nasdaq +4.49%, Russell +4.52%
- Quarter-to-date: Dow +5.80%, S&P +5.93%, Nasdaq +4.72%, Russell +3.74%
- Year-to-date: Dow (0.84%), S&P (2.09%), Nasdaq (2.66%), Russell +0.63%.
- ADVANCE/DECLINE LINE: -1416 (-3115)
- VOLUME: NYSE: 830.38 (-12.24%) - summer is no longer an excuse
- SECTOR PERFORMANCE: All sectors were down yesterday
- MARKET LEADING/LAGGING STOCKS YESTERDAY: Oracle +5.85%, US Steel +4.57% and Newmont +1.97%/Goodyear Tire -6.02%, H&R Block -5.94% and KLA -5.57%
- VIX: 23.80 +11.7% - YTD PERFORMANCE - (+9.8%)
- SPX PUT/CALL RATIO: 2.00 from 2.08
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 17.18 0.468 (2.797%)
- 3-MONTH T-BILL YIELD: .14% trading flat
- YIELD CURVE: 2.12 from 2.20
- CRB: 273.81 +1.04%
- Oil: 74.09 -0.68%
- COPPER: 347.05 -0.84% - First down day in three
- GOLD: 1,256 +0.55%
- EURO: 1.2732 -1.12% - Looking to be down for three days
- DOLLAR: 82.82 +0.95% - two day rally
- Nikkei (2.18%); Hang Seng (1.46%); Shanghai Composite (0.11%)
- Asian markets followed Wall Street down today.
- In China, financials slumped, and property stocks went down on a report that the government may launch a new round of measures to cool the property market.
- Steel stocks fell on profit-taking.
- FTSE 100: (0.61%); DAX: (0.65%); CAC 40: (0.54%) (as of 04:55 ET)
- European markets opened modestly lower, pared declines to trade little changed, with pan-European indices seeing slight gains, before moving sharply lower as concerns over the financial sector again hurt sentiment.
- Peripheral markets led declines as worries over Irish banks continued and news that National Bank of Greece will raise approx €2.8B in capital sent Greek banks down over (5%).
- Defensive sectors led performance, with three sectors, utilities, food & beverage and healthcare, trading higher on the day.