TODAY’S S&P 500 SET-UP – July 1, 2013
As we look at today's setup for the S&P 500, the range is 60 points or 3.01% downside to 1558 and 0.73% upside to 1618.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.16 from 2.13
- VIX closed at 16.86 1 day percent change of 0.00%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:58am: Markit U.S. PMI Final, June, est. 52.4
- 10am: Construction Spending, May, est. 0.6% (prior 0.4%)
- 10am: ISM Manufacturing, June., est. 50.5 (prior 49)
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- U.S. Weekly Rates Agenda
GOVERNMENT:
- House, Senate not in session
- NCUA deadline for comments on its consultation on federal credit union ownership of fixed assets
- U.S. deadline for financial institutions to stop dealing in the rial, Iran’s currency, or face sanctions
WHAT TO WATCH
- Onyx seeks suitors after rejecting $120/shr Amgen bid
- Nokia buys out Siemens in wireless gear venture for $2.2b
- Euro-area PMI contracts less than estimated
- Chinese PMIs fall as slowdown persists
- Apple seeks to trademark ’iWatch’ in Japan
- U.S. 10Y ylds belong at 2.20% as Fed too optimistic: Gross
- SAC’s Cohen said to have declined to testify for grand jury
- Russell reconstitution effective as of Friday’s close
- Final Russell 1000, 2000 membership lists posted today
- News Corp. to start trading as FOXA, NWSA
- 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. Jobs, Iran Sanctions, Croatia, Wimbledon: Week Ahead July 1-6
EARNINGS:
- No earnings scheduled by S&P 500 cos.: Bloomberg data
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- LME Seeks to Reduce Lines at Warehouses Where Wait Is 100 Days
- Hedge Funds Cut Gold Bets as Goldman Lowers Outlook: Commodities
- Rusal Urges Further Aluminum Capacity Cuts to Bolster Prices
- WTI Crude Gains After Quarterly Drop Amid Egypt Mass Protests
- Gold Gains in London as Record Quarterly Drop May Spur Demand
- Copper Rises Before Report Seen Showing U.S. Manufacturing Gain
- ICL Falls to 19-Month Low on Corn Prices, Laws: Tel Aviv Mover
- Raw Sugar Climbs in New York Before July Delivery; Cocoa Drops
- Copper Warehouses Emptying as China Imports: Chart of the Day
- Gas Exporters to Defend Pricing System as Courts Reject Oil Link
- Bullish Natural Gas Bets Fall to Three-Month Low: Energy Markets
- Dutch Gasoline Exports to U.S. Reach 11-Month High: BI Chart
- Africa’s Richest Man Vies With China Over Nigerian Tomatoes
- Rebar Declines as Pace of Manufacturing Growth in China Slows
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team