TODAY’S S&P 500 SET-UP - September 21, 2010
As we look at today’s set up for the S&P 500, the range is 25 points or -2.07% downside to 1119 and 0.11% upside to 1144. Equity futures trading mixed as the market continues to closely watch the bond auctions in Europe and ahead of the FOMC meeting later today. Today's macro highlights include: August Housing Starts, August Building Permits and FOMC rate decision.
- Commonwealth REIT (CWH) said it will sell 5m shares
- Cypress Sharpridge Investments (CYS) plans to offer 10m shares
- Hatteras Financial (HTS) said it will sell 5m shares
- Health Care REIT (HCN) will offer 7m shares
- Invesco Mortgage Capital (IVR) 3Q dividend $1-shr vs est. 83c
- TeleNav (TNAV) extended deal Sprint Nextel to end of 2012
- One day performance: Dow +1.37%, S&P +1.52%, Nasdaq +1.74%, Russell +2.83%
- Month-to-date: Dow +7.37%, S&P +8.88%, Nasdaq +11.39%, Russell +11.22%
- Quarter-to-date: Dow +10.01%, S&P +10.85%, Nasdaq +11.64%, Russell +9.86%
- Year-to-date: Dow +3.11%, S&P +2.46%, Nasdaq +3.77%, Russell +7.07%
- ADVANCE/DECLINE LINE: +1928 (+1374)
- VOLUME: NYSE - 955.36 (-48.51%)
- SECTOR PERFORMANCE: Every sector was positive yesterday- Several companies reported better than expected earnings (DFS +3.8% and LEN +8.2%) and M&A activity continues to provide an upward bias (IBM +1.2% for NZ +14.9%). The XLB was the laggard….
- MARKET LEADING/LAGGING STOCKS YESTERDAY: Office Depot +10.20%, Lennar +8.22% and Teradata +7.53%/Intl Paper --6.35%, Weyerhaeuser -2.32% and US Steel -1.60%
- VIX: 21.50 +2.32% - YTD PERFORMANCE: (-0.83%)
- SPX PUT/CALL RATIO: 2.16 from 2.40 -9.85%
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 13.92 -0.102 (-0.726%)
- 3-MONTH T-BILL YIELD: 0.17% +0.01%
- YIELD CURVE: 2.25 from 2.27
- CRB: 279.64 flat
- Oil: 74.86 +1.63%
- COPPER: 350.45 -0.50%
- GOLD: 1,279 +0.23%
- EURO: 1.3073 +0.17%
- DOLLAR: 81.335 -0.08%
- European Markets: FTSE 100: +0.36%; DAX: +0.43%; CAC 40: +0.48% - European markets opened higher in a continuation of yesterday's strong performance with Financial, Oil & Gas and Construction & Material leading the way. Volume remains light ahead of FOMC rate decision.
- Nokia trades lower after announcing further delays to its N8 smart phone.
- BNP-Paribas trades higher after CEO Baudouin Prot rules out need to raise additional capital.
- Nikkei (0.25%); Shanghai Composite +0.11%. Japan’s markets were open again after yesterday’s holiday and declined while most Asian markets posted small gains today.
- Property developers kept Hong Kong positive.
- Australia gave up early gains and turned slightly negative. BHP Billiton edged down on extending its offer for Potash.
- Japan started up but lost its gains in the early afternoon.
- South Korea is closed through 23-Sep for Chusok.
- The yen is trading at 85.53 to the US dollar.