TODAY’S S&P 500 SET-UP – June 20, 2013
As we look at today's setup for the S&P 500, the range is 45 points or 1.10% downside to 1611 and 1.66% upside to 1656.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.09 from 2.05
- VIX closed at 16.64 1 day percent change of 0.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, June 15, est. 340k (prior 334k)
- 8:30am: Continuing Claims, June 8, est. 2.958m (prior 2.973m)
- 8:58am: Markit US PMI Preliminary, June
- 9:45am: Bloomberg Economic Expectations, June (prior -1)
- 9:45am: Bloomberg Consumer Comfort, June 16
- 10am: Philadelphia Fed Factory Index, June, est. -2 (prior -5.2)
- 10am: Existing Home Sales, May, est. 5m (prior 4.97m)
- 10am: Leading Indicators, May, est. 0.2% (prior 0.6%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector
- 1pm: U.S. to sell $7b 30Y TIPS in reopening
GOVERNMENT:
- 8:55am: Inter-American Development Bank President Luis Alberto Moreno delivers keynote remarks at Woodrow Wilson Center event on Latin America, Asia relations
- 9:30am: House Ways and Means Cmte health panel holds hearing on 2013 Medicare Trustees Report
- 10:30am: Senate Appropriations Cmte marks up several FY2014 spending bills, including the Agriculture, Rural Development, FDA and Related Agencies Appropriations Bill
WHAT TO WATCH
- European stocks sink as Bernanke outlines paring of stimulus
- Goldman Sachs drops Ebix deal as U.S. prosecutors open probe
- Facebook said to plan unveiling Instagram video sharing
- Microsoft reverses stance on trading games for Xbox One
- Men’s Wearhouse founder said ousted amid clash with CEO
- Ford’s Mulally calls Japan currency manipulator
- Ford CEO opens $300m China plant as sales surge
- Fiat judge seen leaving Marchionne in lurch over Chrysler
- Boeing, Airbus tighten jet-order grip as upstarts falter
- AirAsia orders $8.6b CFM engines to power A320 planes
- Airbus explores A380 superjumbo refresher to help sales
- “Candy Crush Saga” maker said to enlist bankers for IPO
- Ex-AMD worker seeks probation in insider case on aid to U.S.
- IEA says U.S. natgas production to accelerate next year
- Credit Suisse, Baer seen facing delay in U.S. tax deal
- Five U.K. banks must raise $21.2b total in capital, BOE says
- Stratasys to acquire 3-D printer rival MakerBot for $403m
- China manufacturing contraction deepens amid cash pinch
- Tata wins over IBM, Dell in India as solar cheaper than grid
EARNINGS:
- Pier 1 Imports (PIR) 6am, $0.19
- IHS (IHS) 6am, $1.05
- Rite Aid (RAD) 7am, $0.09
- Kroger (KR) 8:30am, $0.88 - Preview
- Oracle (ORCL) 4:01pm, $0.87
- TIBCO Software (TIBX) 4:05pm, $0.19
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Tumbles to 2 1/2-Year Low as Bear Market Extends After Fed
- SocGen’s Haigh Sees Gold Lower After Calling Rout: Commodities
- Commodities From Gold to Oil Slump on Fed Outlook, China Crunch
- Copper Reaches Seven-Week Low on Fed Concern and China Slowdown
- WTI Crude Drops a Second Day on Chinese Slowdown, Fed Easing
- Socgen’s Bhar Sees Silver Sliding to $10-$15 ‘Quite Quickly’
- Corn Exports From India Seen Climbing to Record on Bigger Crop
- Gold Imports by India Seen Tumbling 40% This Month From May
- Gold ‘Bubble’ Is Fit to Burst as Funds Unwound: Chart of the Day
- Glencore to BP Widen Fuel Oil Price Gap in Spree: Energy Markets
- Rebar Falls for First Day in Six on Steel Output, China Data
- LNG Market Will Be Tight Through 2014 on Asia Demand, IEA Says
- Russia’s Oil Champion Shunned as Putin Weighs Share Sale: Energy
- SPDR Gold Assets Drop Below 1,000 Tons as $30 Billion Erased
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team