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
EQUITY SENTIMENT:
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%
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team