TODAY’S S&P 500 SET-UP – July 18, 2013
As we look at today's setup for the S&P 500, the range is 38 points or 1.07% downside to 1663 and 1.20% upside to 1701.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.18 from 2.19
- VIX closed at 13.78 1 day percent change of -4.44%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init Jobless Claims, July 13, est. 345k (prior 360k)
- 9:45am: Bloomberg Economic Expectations, July (prior -1)
- 9:45am: Bloomberg Consumer Comfort, July 14 (prior -27.3)
- 10am: Fed’s Bernanke delivers semi-annual report to Senate
- 10am: Philadelphia Fed Index, July, est. 8 (prior 12.5)
- 10am: Leading Indicators, June, est. 0.3% (prior 0.1%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 1pm: U.S. to sell $15b 10Y TIPS
- G-20 Finance Ministers’ and Central Bank Governors’ deputies meet in Moscow (through July 19)
GOVERNMENT:
- Bernanke delivers his semi-annual monetary policy report, known as Humphrey-Hawkins, to Senate Banking Cmte, 10am
- Obama speaks on health-care law, 11:25am
- Obama attends ambassador credentialing ceremony
- Vice President Joe Biden attends CAP event on U.S. policy toward Asia-Pacific region, 1pm
- House, Senate in session
- Treasury IG for Tax Admin J. Russell George testifies on probe of IRS political targeting of tax-exempt orgs. at Cmte on Oversight and Govt Reform hearing, 11am
- House Judiciary Committee panel holds hearing on Voting Rights Act following Supreme Court’s ruling, 11am
- Senate Banking Cmte votes on Mel Watt to be FHFA director; Jason Furman to be CEA chairman; Kara Stein, Michael Piwowar to be SEC members; Richard Metsger to be a NCUA member; Mary Jo White for SEC chairman, 10:30am
- House Financial Services Cmte holds hearing on housing finance, 1pm
WHAT TO WATCH
- Dell $24.4b buyout plan is a nail-biter as vote looms
- Icahn “definitely” has a candidate for Dell CEO
- Almost 30% of Dell shares to vote against deal, WSJ Says
- Intel rev forecast misses some ests; EBay 3Q view below est
- IBM raises yr forecast after earnings exceed ests
- AmEx record profit beats ests as card spending climbs
- China June new-home prices rise Y/y in 69 cities
- U.K. retail sales rose for 2nd month in June
- Gupta ordered to pay $13.9m in SEC insider-trading case
- PepsiCo said not to plan to acquire Mondelez at Peltz’s urging
- JPMorgan, FERC near settlement on electricity mkt probe: WSJ
- Netflix’s “House of Cards” may get Emmy nomination
- Credit Suisse sued for $350m over marketing resort loans
- GM delays Chevy Cruze debut by a yr, Reuters says
EARNINGS:
- BB&T (BBT) 5:45am, $0.74
- Huntington Bancshares (HBAN) 5:55am, $0.16
- UnitedHealth Group (UNH) 6am, $1.25
- Danaher (DHR) 6am, $0.87
- AutoNation (AN) 6:15am, $0.73
- KeyCorp (KEY) 6:17am, $0.20
- BlackRock (BLK) 6:30am, $3.81
- Fifth Third (FITB) 6:30am, $0.42
- Quest Diagnostics (DGX) 6:31am, $1.09 - Preview
- Hubbell (HUB/B) 6:58am, $1.30
- Philip Morris International (PM) 7am, $1.41
- Baxter International (BAX) 7am, $1.13
- Johnson Controls (JCI) 7am, $0.75
- Omnicom Group (OMC) 7am, $1.08
- Dover (DOV) 7am, $1.29
- AMR (AAMRQ) 7am, $0.80
- Scholastic (SCHL) 7am, $0.82
- PPG Industries (PPG) 7:10am, $2.35
- Morgan Stanley (MS) 7:15am, $0.43 - Preview
- Verizon Communications (VZ) 7:30am, $0.72 - Preview
- Sonoco Products (SON) 7:30am, $0.58
- Fairchild Semiconductor (FCS) 7:30am, $0.08
- Shoppers Drug Mart (SC CN) 7:45am, C$0.72
- Union Pacific (UNP) 8am, $2.35
- Blackstone Group (BX) 8am, $0.48
- Sherwin-Williams (SHW) 8am, $2.57
- Amphenol (APH) 8am, $0.94
- upervalu (SVU) 8am, $0.04
- Cypress Semiconductor (CY) 8am, $0.07
- Marriott Vacations Worldwide (VAC) 8am, $0.48
- Genuine Parts Co (GPC) 8:49am, $1.21
- Nucor (NUE) 9am, $0.30 - Preview
- Safeway (SWY) 9am, $0.51
- Google (GOOG) 4pm, $10.80 - Preview
- Stryker (SYK) 4pm, $1.03 - Preview
- Cubist Pharmaceuticals (CBST) 4pm, $0.37
- Align Technology (ALGN) 4pm, $0.28
- Microsoft (MSFT) 4:01pm, $0.75
- Chipotle Mexican Grill (CMG) 4:01pm, $2.81
- Athenahealth (ATHN) 4:01pm, $0.22
- People’s United Financial (PBCT) 4:02pm, $0.19
- Capital One Financial (COF) 4:05pm, $1.73
- Intuitive Surgical (ISRG) 4:05pm, $4.24
- Associated Banc-Corp (ASBC) 4:05pm, $0.26
- Rambus (RMBS) 4:05pm, $0.04
- Advanced Micro Devices (AMD) 4:15pm, $(0.12)
- Skyworks Solutions (SWKS) 4:30pm, $0.53
- Celanese (CE) 5:15pm, $1.16
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near One-Week High as U.S. Crude Stockpiles Decline
- Wells Fargo Overtakes JPMorgan as Financing Expands: Commodities
- Gold Swings Between Gains and Drops Following Bernanke Comments
- Currency to Oil Rates Targeted for Tougher Rules After Libor
- Copper Swings in London Trading Following Testimony by Bernanke
- Jewelers in India to Seek Idle Household Gold to Cut Imports
- Sugar Climbs to One-Week High on Brazil Real, Rain; Cocoa Rises
- Siberian Grain Seeds Seen at Weight Risk Following Sowing Delay
- Dated Brent Oil Price Ascends to 16-Week High: BI Chart
- Temasek Racing Exxon to Build Biggest LNG Stash: Southeast Asia
- Rebar Advances for Seventh Day Amid Rally in Iron Ore Prices
- France’s Rouen Port Grain Exports Fall 79% as U.K. Is Sole Buyer
- Carbon Supply Crunch Set to Extend Longest Rally: Energy Markets
- Tanaka’s Quarterly Gold Sales Exceed Buying for 1st Time in Year
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team