TODAY’S S&P 500 SET-UP – July 10, 2013
As we look at today's setup for the S&P 500, the range is 37 points or 1.90% downside to 1621 and 0.34% upside to 1658.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.27 from 2.27
- VIX closed at 14.35 1 day percent change of -2.91%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, July 5
- 10am: Wholesale Inventories, May, est. 0.3% (prior 0.2%)
- 10:30am: DOE Energy Inventories
- 11am: Fed to buy $3b-$3.75b notes, 4/30/2019-6/30/2020
- 1pm: U.S. to sell $21b 10Y notes in reopening
- 2pm: Fed releases minutes from June 18-19 FOMC meeting
- 4:10pm: Fed’s Bernanke speaks on economic policy in Boston
GOVERNMENT:
- Senate procedural vote on bill to extend 3.4% interest rate for subsidized Stafford college loans for yr
- 9:30am: House Oversight and Government Reform Cmte hearing on GAO reports that show federal govt is deficient in tracking money, performance
- 10am: House Ways and Means panel hearing on delay of the health-care law’s employer mandate
- 10am: House Financial Svcs panel hearing on “Reducing Barriers to Capital Formation”
- 10am: Joint Economic Cmte hearing on job opportunities for veterans
- 2:30pm: Senate Agriculture, Nutrition and Forestry Cmte holds hearing on “Smithfield Acquisition, Future Foreign Purchases of American Food Companies,” w/ Smithfield CEO Larry Pope
- 3pm: House Republicans meet in private conference to discuss strategy on immigration legislation
WHAT TO WATCH
- DirecTV, Chernin/AT&T group said to bid ~$1b for Hulu
- China’s June exports, imports drop in drag on economy
- T-Mobile said to show quarterly gain in contract subscribers
- Citigroup said to plan sale of 90 Calif. branches for $300m
- EU to unveil euro-area bank-failure plan amid German opposition
- UBS leapfrogs Bank of America to top global wealth manager ranks
- Consumer Bureau to sanction banks over debt collection methods
- Cheapest panel no longer best in solar market: SunPower CEO
- Maxim is said to fetch bids of $20m as losses pile up
- Nintendo, Sony shrs move after report China to end console ban
EARNINGS
- Fastenal (FAST) 6:50am, $0.41
- Family Dollar Stores (FDO) 7am, $1.03
- MSC Industrial Direct (MSM) 7:30am, $0.97
- Pricesmart (PSMT) 4pm, $0.64
- Yum! Brands (YUM) 4:10pm, $0.54
- Cleco (CNL) 4:22pm, $0.66
- Texas Industries (TXI) Aft-mkt, $0.20
- Adtran (ADTN) Aft-mkt, $0.19
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Trades Near One-Week High on Physical Purchases, Dollar
- Cattle Herd at 60-Year Low Cuts Tyson Beef Margins: Commodities
- Gold Contracts Climb to Four-Year High to U.S. Stocks: Options
- Copper Advances as China Imports the Most Metal in Nine Months
- Corn Extends Biggest Gain in 10 Weeks on USDA Production Outlook
- Robusta Coffee Advances as Investors Boost Buying; Cocoa Gains
- Rebar Rises on Higher China Property Demand, Shrinking Supply
- OPEC Sees U.S. Shale Boom Eroding Demand for Its Crude in 2014
- Aluminum Hampered by Lack of Western Supply Cuts: Bear Case
- Wheat Imports From Pakistan May Climb to Highest in Five Years
- Blackstone Treasure Hunt Under Way for German Tankers: Freight
- Williams %R Returns Most in Gold Bear Market: Technical Analysis
- Iran LNG Dreams Vanish as U.S. Shale Gas Looms: Energy Markets
- Gold ETF Assets in India Drop for Third Month as Prices Plunge
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team