TODAY’S S&P 500 SET-UP – June 9, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.25% downside to 1925 and 0.34% upside to 1956.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.21 from 2.19
- VIX closed at 10.73 1 day percent change of -8.13%
MACRO DATA POINTS (Bloomberg Estimates):
- No major reports scheduled
- 9:10am: Fed’s Bullard speaks in Florida
- 12:45pm: Fed’s Tarullo speaks in Washington
- 1:30pm: Fed’s Rosengren speaks in Guatemala
GOVERNMENT:
- Obama said to prepare action to ease student debt payments
- Kerry calls threats of freed Taliban to resume war ’baloney’
- House Veterans’ Affairs Cmte hearing on “Data Manipulation and Access to VA Healthcare: Testimony from GAO, IG and VA
- 9:30am/10am: Supreme Court to issue orders, opinions
- 11am: NABE holds conf call to discuss economic outlook
- 9pm: Former Sec. of State Hillary Clinton to be interviewed on ABC News on new book ‘‘Hard Choices”
- U.S. ELECTION WRAP: Mississippi Politics; Calif. 31st CD Race
- Washington Week Ahead
WHAT TO WATCH:
- Tyson said to win bid for Hillshire, besting Pilgrim’s Pride
- Treasury discloses limits on bank-data sharing w/spy agencies
- Credit Suisse may sell more of fixed-income venture
- Netflix holders vote whether to split chairman/CEO role
- China said to suspend import permits for Sygenta’s MIR 162
- McDonald’s May comp-sales growth seen led by Asia, Europe
- SABMiller seeks to ramp up shr of U.S. premium-beer mkt: FT
- Buffett auction gets $2.17m winning bid from Singaporean
- Kraft joins J.M. Smucker in raising coffee prices
- Japan growth picks up more than estimated on investment
- Macau yr gaming growth est. cut to 12% at Deutsche Bank
EARNINGS:
- Casey’s General Stores (CASY) 4pm, $0.53
- Comverse (CNSI) 6:50am, $(0.06)
- Ferrellgas Partners (FGP) 7am, $0.59
- Hertz (HTZ) 6:02am, $0.09
- Pep Boys-Manny Moe & Jack (PBY) 4:30pm, $0.06
- Triangle Petroleum (TPLM) 5:48pm, $0.12
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near Three-Day High on U.S. Employment; Brent Rises
- Cotton Acres Expanding in India as Prices Climb to Two-Year High
- Copper Bets Cut Most in Month as Metal Leads Losers: Commodities
- China Said to Suspend Import Permits for U.S. Corn Product
- Copper Declines as Lower Chinese Imports Stoke Demand Concern
- Corn Drops as U.S. Crop Conditions Boost Production Prospects
- Gold Near One-Week High as Palladium Reaches Highest Since 2011
- Sugar Rises Amid Signs Physical Demand May Recover; Coffee Falls
- Steel Rebar Falls as China Imports Drop Signals Weakening Demand
- Hedge Funds Retreat From Record Crude Wagers on Supplies: Energy
- Vale Too Rich for Barclays on Iron’s 30% Plunge: Brazil Credit
- World Needs Saudi Arabia to Supply Record Oil as OPEC Meets
- U.S. Mint Gold Coin Sales Fall 49% on Fed Tapering, Flat Prices
- Mitsubishi UFJ Trust’s Gold ETF Grows to Record as Prices Drop
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team