S&P 500 Fundamental Forecast – September 7, 2016

The S&P 500 added 9 points to trade at 2179.98 slowly moving make toward record highs. Goldman Sachs even changed their projections for the index and are not saying it will hit 3000. The return from summer holidays has started in much the same way as we left off August, with another subdued session that has seen European stocks little changed.

Futures on the S&P 500 Index added 0.1 percent to 2180, after the cash index rose 0.4% on Friday. The overnight M&A flurry saw, in addition to the repeat attempt by Bayer to buy Monsanto, the announcement that Danaher would buy Cepheid for $53/share, while Enbridge announced it would buy Spectra Energy in a stock for stock deal.

Following yesterday’s crude oil fireworks, which sent the energy complex soaring on dashed expectations of an imminent oil supply freeze by Russia and Saudi Arabia, WTI had dipped back under $45, as the market continues to digest yesterday’s Russia-Saudi cooperation agreement, as nations including Venezuela offering support.

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Upcoming Economic Events that you should be monitoring:

 September 7, 2016

Government Bond Auctions

Date Time Country Auction

Sep 07 10:30 Denmark Holds bond auction

Sep 07 11:03 Sweden Holds bond auction

Sep 07 11:30 Germany Eur 5bn 0% Aug 2026 Bund

Sep 08 11:00 Ireland Holds bond auction

Sep 08 17:20 Italy Announces details of bond auction