TODAY’S S&P 500 SET-UP – August 2, 2013
As we look at today's setup for the S&P 500, the range is 22 points or 0.99% downside to 1690 and 0.30% upside to 1712.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.38
- VIX closed at 13.45 1 day percent change of 0.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Change in Nonfarm Payrolls, July, est 185k (pr 195k)
- 8:30am: Personal Income, June, est. 0.4% (prior 0.5%)
- 9:45am: ISM New York, July (prior 47)
- 10am: Factory Orders, June, est. 2.3% (prior 2.1%)
- 12:15pm: Fed’s Bullard speaks on economy in Boston
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Obama nominates Hersman for another term as NTSB chairman; GFI Group’s Giancarlo as CFTC commissioner; O’Rielly named to FCC Republican seat
- Natl Governors Assn holds annual mtg in Milwaukee
WHAT TO WATCH:
- Dell holders to vote on Silver Lake, Michael Dell LBO
- Icahn in suit accuses Dell board of trying to force buyout
- Swaps probe finds banks manipulated rate, hurting retirees
- Apple seeks Obama reprieve on iPhone import ban from ITC
- Apple decision in case vs Samsung delayed until Aug. 9
- Dodd-Frank stands; suit by states, Texas bank thrown out
- Payrolls probably grew in July, helping trim jobless rate
- Hewlett-Packard ends LCD pricing suit vs Chunghwa, Tatung
- BofA faces claims from regulators on jumbo mortgages, CDOs
- Tourre’s “junior employee” defense seen leading to loss
- Halliburton, SLB sued on fracking price-fixing claims
- ICU Medical said to be in exclusive talks on sale to GTCR
- Canceling Lockheed F-35 said to be option in Pentagon review
- RBS appoints Ross McEwan as CEO as lender swings to profit
- Potash split has India’s biggest buyer seeking lower price
- Japan exchange in talks with Tocom on trading system
- U.S. Services, BOJ, Carney, HSBC, Rohani: Wk Ahead Aug. 3-10
EARNINGS (AM):
- Alliant Energy (LNT) 6am, $0.56
- Alpha Natural Resources (ANR) 7am, $(0.58)
- American Axle & Manufacturing (AXL) 8am, $0.30
- Bell Aliant (BA CN) 6am, C$0.41
- Berkshire Hathaway (BRK/A) 5pm, $2,166.00
- Brinker International (EAT) 7:45am, $0.74
- Buckeye Partners (BPL) 7am, $0.79
- Cablevision Systems (CVC) 8:30am, $0.05
- CBOE Holdings (CBOE) 7:30am, $0.51
- Chevron (CVX) 8:30am, $2.96 - Preview
- Church & Dwight (CHD) 7am, $0.59
- Eaton (ETN) 6:28am, $1.11
- Eldorado Gold (ELD CN) 7am, $0.08
- Exelis (XLS) 7am, $0.37
- Gartner (IT) 7am, $0.52
- Host Hotels & Resorts (HST) 6am, $0.42
- ImmunoGen (IMGN) 6:30am, $(0.30)
- Manitoba Telecom Services (MBT CN) 4:03pm, C$0.48
- Och-Ziff Capital (OZM) 7:30am, $0.13
- Pinnacle West Capital (PNW) 8am, $1.15
- PNM Resources (PNM) 8:30am, $0.33
- Power of Canada (POW CN) 12:05pm, C$0.60
- Sealed Air (SEE) 6am, $0.25
- Sirona Dental Systems (SIRO) 6:30am, $0.91
- SNC-Lavalin Group (SNC CN) 8:27am, C$0.53
- Telephone & Data Systems (TDS) 7:32am, $0.09
- Ultra Petroleum (UPL) 8am, $0.43
- United States Cellular (USM) 7:32am, $0.17
- Viacom (VIAB) 6:55am, $1.30 - Preview
- Washington Post (WPO) 8:30am, No est.
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Baguette Hopes Fade for Some French Farmers on Low-Protein Wheat
- p Commodities Market, Industry News »
- Gold Bears Dominant Again as U.S. Growth Quickens: Commodities
- WTI Heads for Weekly Advance Before Jobs Data; Brent Tops $110
- Gold Extends Biggest Weekly Drop Since June on Better U.S. Data
- Copper Rises on Buying of Metal to Close Out Bets on a Decline
- Wheat Advances Amid Crop-Quality Concerns From France to U.S.
- Potash Split Prompts India’s Biggest Buyer to Seek Price Cut
- Coffee Climbs After Brazil Plans Aid for Farmers; Cocoa Falls
- Record High-Quality Wheat Prices in China May Spur Imports
- Iron Ore Rally May Firm on Chinese Demand; More Supply Ahead
- Olam Defies Russian Grain-Export Slump as Traders Retreat
- Crude Premium Rises to 2013 High in Asia on Iraq: Energy Markets
- Obama Nominates GFI Group’s Giancarlo as CFTC Commissioner
- COMMODITIES DAYBOOK: Gold Bears Regain Dominance on U.S. Growth
- Wheat Costs in Japan Climbing for Third Time as Abenomics Bites
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team