TODAY’S S&P 500 SET-UP – July 9, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 1.31% downside to 1619 and 0.58% upside to 1650.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.28
- VIX closed at 14.78 1 day percent change of -0.74%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Bus. Optim, June, est. 94.6 (prior 94.4)
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 10am: JOLTs Job Openings, May, est. 3790k (prior 3757)
- 11am: Fed to buy $2.75b-$3.5b notes in 8/15/2020-5/15/2023
- 11:30am: U.S. to sell 4wk bills
- 12pm: DoE Short-Term Energy Outlook
- 1pm: U.S. to sell $32b 3Y notes
- 4:30pm: API crude, oil product inventories
GOVERNMENT:
- House Financial Svcs panel holds hearing with CFPB Acting Deputy Director Steven Antonakes on how CFPB collects and uses of consumer data, 10am
- FDIC board meets to consider interim final regulatory capital rules including those needed for implementation of Basel III intl banking accords, 10am
- House Financial Svcs panel holds hearing on Dodd-Frank Act, with witnesses including lawyer Boyden Gray, 2pm
- House Energy and Commerce panel meets on “Cyber Espionage and the Theft of U.S. Intellectual Property and Technology,” with CSIS’s Jim Lewis testifying, 10:15am
- NTSB holds first of two investigative hearings on 2012 New Jersey train derailment, haz-mat release, 9am
WHAT TO WATCH
- FDIC meets to vote on final capital rules of Basel III
- Glass Lewis backs Michael Dell $13.65-shr buyout offer
- BlackBerry to hold annual shareholder meeting
- China inflation stays below target; PPI falls 2.7%
- CFTC weighs delay of swaps rules, WSJ says
- U.S. apartment vacancies unchanged in 2Q, Reis says
- DirectTV, Time Warner Cable meet deadline to bid on Hulu
- Alcoa 2Q EPS, rev. beat; reaffirms 2013 aluminum outlook
- Barnes & Noble edges closer to breakup as CEO quits
- Shell names Van Beurden to succeed Voser as CEO
- U.K. manufacturing unexpectedly falls in May
- Greece wins release of $3.9b in aid from Europe
EARNINGS:
- Wolverine World Wide (WWW) 6:30am, $0.34
- Jean Coutu Group (PJC/A CN) 7am, C$0.26
- Alimentation Couche-Tard (ATD CN) 11:45am, $0.77
- Helen of Troy (HELE) After-mkt, $0.70
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodity Traders’ Buildup on Easy Money Seen as Risk in Report
- Gold Bulls Defy Price Slump as Paulson Loss Widens: Commodities
- Copper Falls as Slumping Chinese Prices Reflect Slowing Economy
- Russian Grain Harvest Seen Below Government Target After Drought
- Gold Gains to One-Week High on China Inflation, Physical Demand
- WTI Crude Trades Near 14-Month High Before U.S. Inventory Data
- Coffee Reaches One-Month High on Supply-Curb Signal; Cocoa Gains
- Gold-Dollar Deviation Signaling Shift of Faith: Chart of the Day
- Hedge Fund Crude Oil Bets Jump Amid Egypt Strife: Energy Markets
- Rebar Erases Gains to Decline as Overcapacity Damps Sentiment
- Libya Oil Output Slides as Power Cuts Mix With Protests: Energy
- Tanker Demolitions Slumping as Rupee Reaches Record Low: Freight
- Quebec Explosion Exposes Risks of Rising Urban Oil Shipments
- China’s Wheat Imports Seen Higher Than USDA Forecast After Rains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team