TODAY’S S&P 500 SET-UP – July 31, 2013
As we look at today's setup for the S&P 500, the range is 16 points or 0.18% downside to 1683 and 0.77% upside to 1699.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.29 from 2.30
- VIX closed at 13.39 1 day percent change of 0.00%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, July 26 (prior -1.20%)
- 8:15am: ADP Employment Change, July, est. 180k (prior 188k)
- 8:30am: Employment Cost Index, 2Q, est. 0.4% (prior 0.5%)
- 8:30am: GDP Q/q, 2Q, est. 1% (prior 1.8%)
- 8:30am: Personal consumption, 2Q, est. 1.6% (prior 2.6%)
- 8:30am: U.S. Treasury quarterly refunding announcement
- 9am: ISM Milwaukee, July, est. 52 (prior 51.55)
- 9:45am: Chicago Purchasing Mgr, July, est. 54 (prior 51.6)
- 10:30am: DOE Energy Inventories
- 2pm: FOMC rate decision
- 3pm: Fed Aug. schedule for tentative outright Treasury buys
GOVERNMENT:
- President Obama meets w/ House, Senate Democrats
- Biggest U.S. equity exchange operators, trade group plan to ask SEC to delay final phase of market-wide program aimed at curbing sudden stock swings that takes effect Aug. 1
- 9:30am: Senate Environment and Public Works Cmte hearing on toxic chemical threats
- 10am: Senate Judiciary Cmte hearing on Foreign Intelligence Surveillance Act programs
- 12:30pm: House Budget Cmte hearing on poverty
- 2pm: Joint Economic Cmte hearing on tax laws, eco growth
- 2:30pm: Senate Finance Cmte hearing on principles for energy tax changes
- 2:30pm: Senate Commerce, Science and Transportation Cmte hearing on energy drinks, concerns about marketing to youth
- Senate confirms 5 to U.S. Labor Board, averting shutdown
WHAT TO WATCH
- Ebbing finl-mkt risk gives Fed option to delay tapering
- Alexion said to enlist Goldman to advise amid Roche overture
- Bill Ackman to unveil $2b investment, WSJ says
- Cubist buys Trius, Optimer to expand stable of antibiotics
- Intuit settles antitrust suit on pact to not hire from rivals
- U.S. economy probably grew at slower pace in 2Q
- HP says ex-SEC general counsel advising on Autonomy deal probe
- Amgen boosts yr EPS view; Phase 2 AMG-747 study terminated
- KKR said to consider bidding for Hutchison’s ParknShop
- Las Vegas Sands loses bid to vacate $101.6m trial verdict
- Honda maintains forecast after profit misses ests.
- Schneider Electric to buy Invensys for GBP3.4b cash, shrs
- Blackstone said to buy 7 Australian offices from GE Capital
- UBS to pay $60m fine to settle SEC mortgage-bond probe: WSJ
- BlackRock starts retirement indexes in push for retail assets
- German retail sales drop in sign of slow recovery
- Euro-area July consumer prices up 1.6% Y/y; est. 1.6%
- Toyota said to prepare to raise output target above 10m
- China leadership pledges steady growth w/ eco reforms
- EADS to adopt Airbus name, reflecting dominance of unit
EARNINGS:
- Humana (HUM) 6am, $2.47 - Preview
- ADT (ADT) 6am, $0.43
- Huntsman (HUN) 6am, $0.39
- Athabasca Oil (ATH CN) 6am, C($0.04)
- CGI Group (GIB/A CN) 6:30am, C$0.58
- NiSource (NI) 6:30am, $0.23
- Regency Centers (REG) 6:30am, $0.64
- Energen (EGN) 6:30am, $0.61
- SPX (SPW) 6:30am, $0.65
- Ingredion (INGR) 6:35am, $1.17
- Intact Financial (IFC CN) 6:55am, C$0.75
- Comcast (CMCSA) 7am, $0.63 - Preview
- American Tower (AMT) 7am, $0.90
- Delphi Automotive (DLPH) 7am, $1.14
- Wisconsin Energy (WEC) 7am, $0.47
- RioCan REIT (REI-U CN) 7am, C$0.40
- Garmin (GRMN) 7am, $0.65
- Burger King Worldwide (BKW) 7am, $0.19
- Booz Allen Hamilton (BAH) 7am, $0.40
- Jones Group (JNY) 7am, ($0.12)
- AllianceBernstein (AB) 7:02am, $0.38
- Southern (SO) 7:30am, $0.68
- Exelon (EXC) 7:30am, $0.54
- Hess (HES) 7:30am, $1.40
- Invesco (IVZ) 7:30am, $0.51
- Hyatt Hotels (H) 7:30am, $0.30
- Energizer (ENR) 7:30am, $1.31
- Hospira (HSP) 7:30am, $0.51
- Level 3 Communications (LVLT) 7:30am, ($0.09)
- Heartland Payment Systems (HPY) 7:30am, $0.58
- SodaStream International (SODA) 7:30am, $0.66
- Sherritt International (S CN) 7:42am, C$0.12
- Mastercard (MA) 8am, $6.29
- Phillips 66 (PSX) 8am, $1.81
- AGL Resources (GAS) 8am, $0.27
- Hudson City Bancorp (HCBK) 8am, $0.10
- Hercules Offshore (HERO) 8am, $0.05
- PG&E (PCG) 8:03am, $0.73
- AGCO (AGCO) 8:15am, $1.81 - Preview
- Allergan (AGN) 9am, $1.20
- Great-West Lifeco (GWO CN) 10:24am, C$0.54 - Preview
- New Gold (NGD CN) Bef-mkt, $0.05 - Preview
- Williams (WMB) 4pm, $0.14
- Bruker (BRKR) 4pm, $0.14
- WebMD Health (WBMD) 4pm, $0.06
- CBS (CBS) 4:01pm, $0.72 - Preview
- Williams Partners (WPZ) 4:01pm, $0.37
- Pioneer Natural Resources (PXD) 4:01pm, $1.11
- Amdocs (DOX) 4:01pm, $0.73
- Open Text (OTC CN) 4:01pm, $1.41
- CBL & Associates Properties (CBL) 4:01pm, $0.53
- Trinity Industries (TRN) 4:01pm, $0.95
- Bloomin’ Brands (BLMN) 4:01pm, $0.23
- DreamWorks Animation SKG (DWA) 4:01pm, $0.20
- Whole Foods Market (WFM) 4:02pm, $0.37 - Preview
- ServiceNow (NOW) 4:02pm, ($0.05)
- Shutterfly (SFLY) 4:02pm, ($0.16)
- Thoratec (THOR) 4:02pm, $0.43
- MetLife (MET) 4:03pm, $1.33
- Yelp (YELP) 4:03pm, ($0.04)
- Allstate (ALL) 4:05pm, $0.98
- Lam Research (LRCX) 4:05pm, $0.71
- Pharmacyclics (PCYC) 4:05pm, ($0.04)
- QEP Resources (QEP) 4:05pm, $0.35
- Seattle Genetics (SGEN) 4:05pm, ($0.21)
- Questar (STR) 4:05pm, $0.22
- Atmel (ATML) 4:05pm, $0.06
- SunPower (SPWR) 4:05pm, $0.11 - Preview
- Rovi (ROVI) 4:05pm, $0.46
- PHH (PHH) 4:05pm, $0.37
- Ruckus Wireless (RKUS) 4:05pm, $0.03
- Ashford Hospitality Trust (AHT) 4:05pm, $0.60
- Atwood Oceanics (ATW) 4:09pm, $1.34
- Lincoln National (LNC) 4:10pm, $1.15
- Western Gas Equity Partners (WGP) 4:10pm, $0.13
- Western Gas Partners (WES) 4:13pm, $0.38
- Microchip Technology (MCHP) 4:15pm, $0.54
- Concur Technologies (CNQR) 4:15pm, $0.37
- Trulia (TRLA) 4:17pm, $0.03
- Yamana Gold (YRI CN) 4:23pm, $0.11 - Preview
- Essex Property Trust (ESS) 4:27pm, $1.85
- Marriott International (MAR) 4:30pm, $0.57
- Charles River Laboratories (CRL) 4:30pm, $0.71
- Eagle Rock Energy Partners (EROC) 4:30pm, $0.05
- Murphy Oil (MUR) 4:31pm, $1.54
- First Quantum Minerals (FM CN) 5pm, $0.21
- Kinross Gold (K CN) 5pm, $0.06 - Preview
- DDR (DDR) 5pm, $0.27
- Ctrip.com International (CTRP) 5pm, $0.30
- Axiall (AXLL) 5pm, $1.18
- Vanguard Natural Resources (VNR) 5:15pm, $0.33
- NXP Semiconductor (NXPI) 8pm, $0.66
- Suncor Energy (SU CN) 10pm, C$0.63 - Preview
- US Silica (SLCA) Aft-mkt, $0.40
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- ANZ Opens 50 Ton Gold Vault in Singapore as Asian Demand Climbs
- Potash’s $20 Billion Market Transformed by Uralkali: Commodities
- Wheat Climbs on Signs Lower Prices Fueled Demand From Importers
- Commodity-Linked Structured Note Sales Slump to Nine-Year Low
- Gold Extends Biggest Monthly Gain Since January 2012 Before Fed
- WTI Set for Best Month Since August Before U.S. Oil Supply Data
- Rebar Advances for Second Month as China Pledges Steady Growth
- Palm Oil Climbs to One-Week High as Weak Ringgit Boosts Exports
- Potash Group Surviving Demise of Russian Rival: Corporate Canada
- Glencore Takes Lead in Metals Storage as Goldman, JPMorgan Cut
- Oil Contango Hazard for Bulls Seen in WTI Prices: Energy Markets
- Shell to Chevron Move Offshore as Nigerian Risks Mount: Energy
- LME Zinc Stocks at 10-Month Low Amid Supply Deficit: BI Chart
- Corn Seen Sliding Below $4.50 on Bear Flag: Technical Analysis
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
