TODAY’S S&P 500 SET-UP – June 26, 2013
As we look at today's setup for the S&P 500, the range is 54 points or 1.77% downside to 1560 and 1.64% upside to 1614.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.16 from 2.20
- VIX closed at 18.47 1 day percent change of -8.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, June 21 (prior -3.3%)
- 8:30am: GDP Q/q, 1Q final, est. 2.4% (prior 2.4%)
- 8:30am: Personal Consumption Expend., 1Q final, est. 3.4%
- 8:30am: GDP Price Index, 1Q final, est. 1.1% (prior 1.1%)
- 10am: Fed’s Fisher, Lacker testify on financial regulation to House Financial Services Committee
- 10:30am: DOE Energy Inventories
- 11am: Fed to buy $2.75b-$3.5b debt in 2020-2023 sector
- 1pm: U.S. to sell $35b 5Y notes
GOVERNMENT:
- 10am: Supreme Court will rule on Prop. 8, Calif. initiative banning same-sex marriage, and DOMA, a law denying federal benefits to legally married gay couple
- 10am: Sen. Finance Cmte hearing on future of health care
- 10am: House Budget Cmte hearing on energy development for economic growth, jobs
- House Finl Svcs Cmte holds hearing on possibility of further taxpayer-funded bailouts resulting from Dodd-Frank; FDIC Vice Chairman Thomas Hoenig testifies
- 10:30am: Senate Budget Cmte holds hearing on consequences of federal budget decisions on future generations
- 1:30pm: House Energy and Commerce panel on energy, power holds hearing on the renewable fuel standard
WHAT TO WATCH
- Gold hits lowest since Sept. 2010, silver lowest since Aug. 2010
- China swaps drop a 4th day as PBOC eases cash squeeze
- Democrat Markey wins Mass. Senate race for Kerry’s seat
- Las Vegas Sands says Kay will leave as CFO
- Draghi says deficit cuts in euro area should be growth friendly
- EU resumes battle of how to impose losses at failing banks
- Wal-Mart India head leaves 7 mos. after local CFO suspended
- Australian PM Julia Gillard calls Labor party leadership vote
- Marc Rich, commodities trader, died aged 78 in Switzerland
- Stratasys plans acquisitions for 3-D printers that use metals
- China starts investigation to ensure accuracy of eco. data
- Square to process payment online, taking on PayPal: WSJ
EARNINGS:
- General Mills (GIS) 6:58am, $0.54 - Preview
- Lindsay (LNN) 7am, $1.80
- UniFirst (UNF) 8am, $1.38
- Monsanto (MON) 8am, $1.59 - Preview
- AGF Management (AGF/B CN), 8am C$0.16
- Herman Miller (MLHR) 4pm, $0.36
- Paychex (PAYX) 4:01pm, $0.38
- Bed Bath & Beyond (BBBY) 4:15pm, $0.93 - Preview
- Progress Software (PRGS) 4:15pm, $0.22
- HB Fuller (FUL) 5:25pm, $0.70
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Marc Rich, Fugitive Commodities Trader During 1980s, Dies at 78
- Gold Bear Market Hits Hardest in South Africa Mines: Commodities
- Australia Cuts Iron Ore Estimate as China’s Expansion Slows
- Gold Slips to 34-Month Low as Precious Metals Slide on Fed View
- Copper Seen Dropping on Slower Chinese Growth as Stockpiles Gain
- Gold’s Slump Signals Fed Can’t Fuel Inflation: Chart of the Day
- Government to Call Meeting of Malaysian Palm Planters Over Haze
- WTI Crude Drops as U.S. Supplies Remain Near Three-Decade High
- Rubber Declines to Lowest in Nine Months on China Demand Concern
- Soybeans Decline on Concern USDA May Raise U.S. Acreage Estimate
- Coal Crippled by Supply in Worst Quarter in Year: Energy Markets
- France Says ‘Satisfied’ With Farm Ministers’ Agreement on Policy
- Europe-to-U.S. Gasoline Arbitrage Cargoes Increase 64% in Survey
- China’s Corn Crop Seen Rising to Record as Imports Set for High
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team