TODAY’S S&P 500 SET-UP – June 24, 2013
As we look at today's setup for the S&P 500, the range is 56 points or 1.66% downside to 1566 and 1.86% upside to 1622.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.22 from 2.16
- VIX closed at 18.9 1 day percent change of -7.76%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Natl Activity Index, May (prior -0.53)
- 10:30am: Dallas Fed Manuf Activ, June, est. -1.8 (pr -10.5)
- 11am: Fed to buy $3b-$3.75b debt in 2019-2020 sector
- 11:30am: U.S. to sell $30b 3-mo. bills, $25b 6-mo. bills
- 1pm: Fed’s Fisher speaks in London
- U.S. Weekly Rates Agenda
GOVERNMENT:
- Supreme Court begins what is scheduled to be the final week of its term and may rule on cases including:
- Affirmative-action dispute over whether the University of Texas may consider race in admissions
- Calif. initiative banning same-sex marriage, law denying federal benefits to legally married gay couples
- Whether Voting Rights Act can require some states to get “preclearance” from federal government before changing voting rules
- Obama meets with business leaders on immigration overhaul
- Senate cloture vote on border-security amendment to immigration bill, 5:30pm
- Senate Homeland Security and Governmental Affairs Cmte vote on the nominations of Howard Shelanski to be OMB administrator, Daniel Tangherlini to be administrator of the GSA, 5:30pm
- Senate Homeland Security and Governmental Affairs Cmte hearing on “Curbing Prescription Drug Abuse in Medicare,” 3pm
- Washington Weekly Agenda
- U.S. demands Russia expel Snowden as he seeks Ecuador asylum
WHAT TO WATCH
- Vodafone reaches $10.1b deal to acquire Kabel Deutschland
- Rio Tinto to keep diamond unit after scrapping sale plans
- Google confirms FTC has contacted co. over Waze acquisition
- China may fine-tune policy as cash squeeze threatens growth
- Facebook working on newspaper for mobile devices, WSJ says
- DZ Bank drops MBS suits against JPMorgan over ~$645m
- BP acted w/gross negligence in 2010 spill, plaintiffs say
- Apple CEO Cook adjusts bonus in shift to performance rewards
- Fiat said able to triple Chrysler payout after refinancing
- Hostess’s Twinkies back on store shelves nationwide in July
- AIG revives plane unit IPO after extending China sale deadline
- N.Y. lawmakers set aside bill threatening to cut Tesla sales
- Gartner says PC, tablet, mobile shipments to rise 5.9% in 2013
- ENRC founders, Kazakhstan make bid valuing miner at $4.7b
- U.K. regulator said to study banks’ share-sale lockup waivers
- Oracle to reveal plans for cloud-computing expansion, FT says
- German business confidence rises for 2nd month on recovery
- Obama to announce emission curbs on power plants tomorrow
- Disney’s “Monsters,” with $82m, tops Pitt’s zombies
- Autos probably led consumer spending up: U.S. Wkly Eco Preview
- 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
- U.S. Supreme Court, EU Summit, Wimbledon: Wk Ahead June 24-29
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Leads Industrial Metals Lower as China Adds to Oversupply
- Gold Wagers Slump as $55 Billion Erased From Funds: Commodities
- LME Looking at Feasibility of Clearing Products in Yuan, Li Says
- Brent Trades Near Three-Week Low on Concern China Growth to Slow
- Gold Drops With Silver on Fed Outlook as Goldman Cuts Forecasts
- Rubber Trades Near Lowest in Nine Months on China Demand Concern
- Shanghai Rebar Falls on Liquidity Crunch and Stock Market Slump
- Freeport Indonesia Set to Increase Open-Pit Mining After Restart
- Indian Jewelers to Halt Gold Bar, Coin Sales to Retail Buyers
- China Moves Production Overseas to Avoid EU Solar Duties: Energy
- White Sugar Near 3-Month High on Limited Supplies; Coffee Gains
- Copper Stockpiles at Decade High as Warehouses Lure Excess Metal
- Gold’s 2 1/2-Year Low Extending Below $1,200: Technical Analysis
- LME Woos China’s Metal Traders as Shanghai Vies for Global Stake
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team