TODAY’S S&P 500 SET-UP – June 27, 2013
As we look at today's setup for the S&P 500, the range is 60 points or 2.82% downside to 1558 and 0.92% upside to 1618.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.14 from 2.16
- VIX closed at 17.21 1 day percent change of -6.82%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Personal Income, May, est. 0.2% (prior 0.0%)
- 8:30am: Init Jobless Claims, June 22, est. 345k (prior 354k)
- 9:45am: Bloomberg Consumer Comfort, June 23 (prior -29.4)
- 10am: Pending Home Sales M/m, May, est. 1.0% (prior 0.3%)
- 10am: Freddie Mac mortgage rates
- 10am: Fed’s Dudley speaks on labor market in New York
- 10:30am: Fed’s Powell speaks on monetary policy in D.C.
- 10:30am: EIA natural-gas storage change
- 11am: Kansas City Fed Manuf Activity, June, est. 3 (prior 2)
- 11am: Fed to buy $4.25b-$5.25b debt in in 2017-2018 sector
- 12:30pm: Fed’s Lockhart speaks on economy in Marietta, Ga.
- 1pm: U.S. to sell $29b 7Y notes
GOVERNMENT:
- 10am: Senate Banking Cmte hears from Rep. Mel Watt, D-N.C., to be head of FHFA, Jason Furman on his nomination to be CEA chairman, and Kara Stein, Michael Piwowar to be SEC members
- 10am: House Transportation panel hears from Federal Railroad Administration chief Joseph Szabo on national rail policy
- 10am: House Ways and Means Cmte hears from acting IRS Commissioner Danny Werfel on agency’s taxpayer targeting practices
- 10am: Senate Environment and Public Works Cmte holds hearing on federal oversight of chemical plants, including those in West, Tx., and Geismar, La.
- 10:30am: FCC Acting Chairwoman Mignon Clyburn will seek protection against disclosure of some information stored on mobile devices at agency monthly meeting
- 10:30am: Qualcomm’s Dean Brenner, CTIA’s Christopher Guttman-McCabe, NTIA’s Karl Nebbia, Defense Dept CIO Teri Takai testify before House Energy and Commerce Cmte on equipping carriers, agencies in wireless era
- 11am: Center on Budget and Policy Priorities briefing on changing projections in long-term budget outlook, incorporating Social Security, Medicare trustees’ reports, CBO’s May budget baseline
WHAT TO WATCH
- EU finance chiefs reach deal on how to handle failing banks
- New York Times set to sell Globe for ~10% of purchase price
- U.K. 1Q GDP rises 0.3%, matching previous est.
- U.K. disposable income in 1Q fell most in 25 yrs
- HD Supply, CDW raise 31% less than sought after stocks tumble
- Oracle, Salesforce.com to hold call on partnership at 4pm
- Canada regulators to rule on BCE’s bid to acquire Astral Media, 4pm
- Eurozone June economic confidence rises to 91.3; est. 90.4
- German unemployment unexpectedly drops as eco. recovery seen
- FHFA nominee faces Senate skepticism of skills to oversee GSEs
- KKR submits formal bid for Bushnell, N.Y. Post says
EARNINGS:
- McCormick (MKC) 6:30am, $0.61
- Commercial Metals (CMC) 7am, $0.18
- ConAgra Foods (CAG) 7:30am, $0.59
- KB Home (KBH) 8am, $(0.06)
- Worthington Industries (WOR) 8:30am, $0.63
- Empire (EMP/A CN) 9:30am, C$1.33
- Accenture (ACN) 4:01pm, $1.14
- Nike (NKE) 4:15pm, $0.74 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- StanChart to Build Hong Kong as Metals Center as East Moves
- Corn Futures Swing to Limits on China-Sized Errors: Commodities
- Risk of Cookie Shortage Prompts Japan to Test New Wheat Tender
- WTI Rises for a Fourth Day on U.S. Refining Boost, China Profits
- Nickel Leads Metals Rebound as Lower Prices Attract Investors
- Palm Oil Drops to One-Month Low on Rising Soybean Oil Supplies
- Sugar Falls After Unica Report on Higher Output; Cocoa Declines
- HKEx, LME and China Beijing Intl Mining Exchange Sign Agreement
- Rebar Pares Quarterly Loss as China’s Industrial Profit Improves
- Aluminum Shipments by Japan Decrease For Seventh Month in May
- LNG in Paradigm Shift as Shippers See Savings: Energy Markets
- Cocoa Crop in Ivory Coast Seen by Growers Boosted After Rain
- Colombia Coffee Growers Threaten Road Blocks, Strikes, Protests
- Corn Declines for a Sixth Day as Record Production Is Forecast
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team