TODAY’S S&P 500 SET-UP – July 29, 2013
As we look at today's setup for the S&P 500, the range is 24 points or 0.93% downside to 1676 and 0.49% upside to 1700.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.26 from 2.25
- VIX closed at 12.72 1 day percent change of -1.93%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: Pending Home Sales M/m, June, est. -1.2% (prior 6.7%)
- 10:30am: Dallas Fed Manuf, July, est. 6.8 (prior 6.5)
- 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
- 11:30am: U.S. to sell $30b 3M, $25b 6M bills
- 4pm: USDA crop-condition ests.
- U.S. Weekly Rates Agenda
GOVERNMENT:
- NCUA deadline for comments on proposed rule permitting credit unions to engage in limited derivatives activities to mitigate interest rate risk
- 3pm: Treasury issues quarterly borrowing estimates
- Washington Weekly Agenda
- Citigroup says Summers a consultant since at least 2012
WHAT TO WATCH
- Publicis to merge w/ Omnicom to form world’s biggest ad co.
- Perrigo to buy Elan for $8.6b to get Irish tax base
- Michael Dell said to rule out raising offer w/ Silver Lake
- Apple to probe claims of labor rights violations at Pegatron
- Siemens to replace CEO as Loescher fails to mimic German peers
- JPM commodities exit may sap liquidity until others step in
- PPG to get $1.73b from sale of sunglass lens maker stake
- Barclays slips, seen planning fundraising to lift capital
- America Movil free to raise KPN stake above 30% as pact ends
- Rockwood to sell clay-additives unit to Altana for $635m
- Morgan Stanley allowed by judge to pursue Skowron fraud claim
- Boeing urges more jet beacon checks after 787 faults found
- Liberty Global raises stake in Ziggo to 28.5%
- Amazon hiring 5,000 warehouse staff to meet high demand
- China plans nationwide audit of government borrowings
- China Molybdenum to pay $820m for Rio copper mine
- Hugh Jackman’s “Wolverine” leads wknd ticket sales
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- Unemployment probably fell: U.S. weekly economic preview
- Jobs, Fed, Exxon Mobil, Zimbabwe: Wk Ahead July 29-Aug. 3
EARNINGS:
- Loews (L) 6am, $0.73
- Hertz (HTZ) 6am, $0.45
- CNA Financial (CNA) 6am, $0.64
- Simon Property (SPG) 7am, $2.07
- Roper (ROP) 7am, $1.30
- Lincoln Electric (LECO) 7:47am, $0.88
- Tenneco (TEN) 8am, $1.09
- Franklin Resources (BEN) 8:30am, $0.85
- Wynn Resorts (WYNN) Bef-Mkt, $1.57 - Preview
- Vertex Pharmaceuticals (VRTX) 4pm, $(0.20)
- Norwegian Cruise Line (NCLH) 4pm, $0.27
- Caesars Entertainment (CZR) 4pm, $(1.69)
- Express Scripts (ESRX) 4:01pm, $1.10
- General Growth Properties (GGP) 4:01pm, $0.25
- XL (XL) 4:01pm, $0.61
- American Capital Agency (AGNC) 4:01pm, $0.91
- Allison Transmission (ALSN) 4:01pm, $0.33
- National Instruments (NATI) 4:01pm, $0.23
- Sonus Networks (SONS) 4:01pm, $0.00
- Enbridge Energy Partners (EEP) 4:02pm, $0.21
- Plum Creek Timber (PCL) 4:02pm, $0.23
- CNO Financial (CNO) 4:02pm, $0.25
- Anadarko Petroleum (APC) 4:05pm, $0.91
- Alexandria Real Estate (ARE) 4:05pm, $1.06
- Superior Energy (SPN) 4:05pm, $0.43
- PMC-Sierra (PMCS) 4:05pm, $0.08
- Hartford Financial (HIG) 4:15pm, $0.71
- Northeast Utilities (NU) 4:15pm, $0.52
- FMC (FMC) 4:15pm, $0.94
- Herbalife (HLF) 4:15pm, $1.18
- PartnerRe (PRE) 4:15pm, $0.80
- Manitowoc (MTW) 4:27pm, $0.35
- Eastman Chemical (EMN) 4:30pm, $1.63
- Community Health Systems (CYH) 4:30pm, $0.67
- American Financial (AFG) 5pm, $0.85
- Masco (MAS) 5:11pm, $0.20
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Silver Vault Opens in Singapore as Ranks of Asia’s Wealthy Swell
- Hedge Funds Raise Gold Bets as Goldman Sees Decline: Commodities
- Gold Falls in London Before Federal Reserve Policy Makers Meet
- WTI Declines a Second Day; Prince Alwaleed Sees Fading Demand
- Corn Declines to 33-Month Low on Record U.S. Crop, Soybeans Drop
- Copper Swings Between Gains and Drops as China Orders Debt Audit
- Palm Oil Drops as Rising Output Seen Spurring Record Stockpiles
- Thailand’s Rice Output to Gain With Sugar Cane, Rubber in ‘13-14
- Crude Bets Jump to Record High as Storage Falls: Energy Markets
- Coffee Exports From Indonesia Seen Slumping as Beans Rot in Rain
- Rebar Falls to Three-Week Low After Output in China Advances
- China Refined Copper Output Edges Up to All-Time High: BI Chart
- Rio Delays $5.1 Billion Expansion Pending Mongolia Approval
- Gold Premiums in India Double as Supplies Drop on Import Curbs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team