TODAY’S S&P 500 SET-UP – June 10, 2013
As we look at today's setup for the S&P 500, the range is 45 points or 1.18% downside to 1624 and 1.56% upside to 1669.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.87
- VIX closed at 15.14 1 day percent change of -8.96%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:50am: Fed’s Bullard speaks in Montreal
- 11:00am: Fed to purchase $1b-$1.5b notes in 2017-2043 sector
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- U.S. Rates Weekly Agenda
GOVERNMENT:
- President Obama speaks on Equal Pay Act’s 50th anniv.
- Jeff Chiesa, R-N.J., is sworn in as U.S. Senator
- House, Senate in session
- Senate Commerce Cmte votes on nominations of Penny Pritzker for Commerce Sec., Anthony Foxx for Transportation Sec.
- Senate to vote on Leahy amendment to farm bill, S. 954, followed by final passage, 5:30pm
- Fed issues interim rule on how to treat American branches of foreign banks for a section of Dodd-Frank that prevents bailouts of swaps dealers
WHAT TO WATCH
- Google said to be buying Waze for $1.1b for social maps
- Apple holds Worldwide Developers Conf.; to unveil new iOS
- Elan board rejects raised $6.7b Royalty Pharma offer
- AstraZeneca to buy Pearl Therapeutics for up to $1.15b
- SoftBank’s clearance for Sprint deal confirmed by officials
- China May industrial output rose 9.2% vs est. 9.4%
- Marchionne says Fiat may acquire Chrysler stake before IPO
- JBS said to agree to buy Seara food assets from Marfrig
- Exide files for Chapter 11 bankruptcy after losing Wal-Mart
- McDonald’s May global comp. sales seen gaining 1.9%
- GE CFO Sherin said to take over finance arm as soon as summer
- CBS said nearing $2.7b in upfront advertising commitments
- Hawke horror film “The Purge” outsells Vaughn/Wilson duo
- Japan revises growth to annual 4.1% in boost for Abe
- Obama tells Xi that China must act against cybertheft
- Pentagon’s cybersecurity plan calls for $23b through 2018
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- Retail sales probably rose in May: U.S. Weekly Eco Preview
- U.S. Retail Sales, BOJ, Iran, U.S. Open: Wk Ahead June 10-15
EARNINGS:
- Navistar International (NAV) 4pm, $(1.20)
- Lululemon Athletica (LULU) 4pm, $0.30
- Diamond Foods (DMND) 4:01pm, (-$0.19)
- Annie’s (BNNY) 4:06pm, $0.28
- Pep Boys (PBY) 4:41pm, $0.09
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near Two-Week High on Economy; Sudan Oil Threatened
- Gold Bull Bets Reach Seven-Week High Before Retreat: Commodities
- China Approves Gold-Backed ETPs as Domestic Buyers Chase Bullion
- Gold Declines to Two-Week Low in London on U.S. Stimulus Outlook
- Corn Drops With Soybeans as Dry Weather May Aid Crop Conditions
- Freeport May Declare Force Majeure If Grasberg Shutdown Extends
- JBS Becomes Largest Chicken Producer With Marfrig Deal
- Rupee Slump Set to Boost Costs for India Bullion Importers
- Palm Oil Falls From Two-Month High on Concern India May Buy Less
- Allana in Ethiopia Snubs Potash Supply Concern: Corporate Canada
- Sudan Threatens to Shut South Sudan Oil Over Rebel Support
- San Onofre Seen as Latest Setback for U.S. Nuclear Power: Energy
- Bullion Bear Market Seen Extending to $1,303: Technical Analysis
- Deutsche Bank Starts Singapore Gold Vault With 200 Ton Capacity
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
