THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 3, 2013


As we look at today's setup for the S&P 500, the range is 28 points or 0.93% downside to 1599 and 0.80% upside to 1627.      

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.10 from 2.12
  • VIX closed at 16.44 1 day percent change of 0.43%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, June 28
  • 7:30am: Challenger Job Cuts, June (prior -41.2%)
  • 7:30am: RBC Consumer Outlook Index, July (prior 51.8)
  • 8:15am: ADP Employment Change, June., est. 160k (prior 135k)
  • 8:30am: Trade Deficit, May, est. -$40.1b (prior -$40.3b)
  • 8:30am: Init Jobless Claims, June 29, est. 345k (prior 346k)
  • 8:30am: Cont Claims, June 22, est. 2960k (prior 2965k)
  • 9:45am: Bloomberg Consumer Comfort, June 30, prior -28.3
  • 10am: ISM Non-Manuf Index, June, est. 54 (prior 53.7)
  • 10am: Freddie Mac mortgage rate survey
  • 10:30am: DoE weekly inventories
  • 11am: Fed to buy $4.75b-$5.75b notes, 4/30/18-3/31/19 range
  • Noon: EIA natural gas
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • House, Senate not in session
    • Treasury Sec. Jack Lew speaks at naturalization ceremony ahead of July 4 natl holiday, 10am
    • President Barack Obama returns from trip to Africa

WHAT TO WATCH

  • U.S. stock markets mostly closing at 1pm today
  • Markets closed tmw for Independence Day holiday
  • Prudential is first to challenge Treasury’s risk tag
  • Credit Suisse, Deutsche, Barclays ratings cut by S&P
  • Biggest U.S. exchanges said to seek delay in regulations
  • N.Y. state AG examing Wal-Mart, Home Depot fee system
  • Softbank bid for Sprint said to win majority vote at FCC
  • Gardner Denver investors say former CEO helped KKR on deal
  • Yahoo buys iPhone video app maker Qwiki
  • Nasdaq seeking to have Facebook suit dismissed, WSJ says
  • US Airways-AMR merger is subject of antitrust lawsuit
  • Apple said to near deal with Time Warner Cable
  • Fmr. Yves St. Laurent CEO hired by Apple
  • Michael Dell said to have not answered request to raise bid

EARNINGS:

    • Intl Speedway (ISCA) 7:30am, $0.48

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Rises Above $100 on Drop in U.S. Stockpiles, Egypt Unrest
  • Israel Chemicals Moves Dead Sea Salt for $1 Billion: Commodities
  • Copper Gains as Traders Close Bearish Bets Amid Supply Concern
  • Wheat Advances for Second Day After Egypt Purchases 180,000 Tons
  • China Said to Buy U.S. Wheat With Purchases Seen at 600,000 Tons
  • Gold Swings as Investors Weigh Physical Demand Against Stimulus
  • Abe’s Third Arrow Seen Striking Tariffs From Pork to Beef
  • Cocoa Climbs on Speculation About Crop Delays; Coffee Declines
  • Japan Nears Switching on Reactors After Tepco’s Meltdown: Energy
  • Paris Wheat Futures Seen Extending Decline: Technical Analysis
  • Wheat-Less in the Pampas Worsens Dollar Drain: Argentina Credit
  • Carbon Plan Wins EU Parliament Backing After Glut Spurs Collapse
  • Nickel Inventories Ease Pace of Growth, Still at Highs: BI Chart
  • Europe-to-U.S. Gasoline Arbitrage Cargoes Seen Plunging 28%

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team