TODAY’S S&P 500 SET-UP – June 10, 2014
As we look at today's setup for the S&P 500, the range is 26 points or 1.09% downside to 1930 and 0.24% upside to 1956.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.18
- VIX closed at 11.15 1 day percent change of 3.91%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Business Optimism, May, est. 95.8 (prior 95.2)
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 10am: JOLTs Job Openings, April, est. 4.05m (prior 4.014m)
- 10am: Wholesale Inventories, April, est. 0.5% (prior 1.1%)
- Wholesale Trade Sales, April, est. 0.9% (prior 1.4%)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Primaries held in Va., Nev., Maine, S.C.
- President Obama hosts Tumblr Q&A on college affordability
- 8:45am: House Approps. energy, water spending bill markup
- 9:30am: House Appropriations Cmte marks up defense spending bill
- 10am: Senate Armed Services Cmte gets briefing on prisoner exchange for Army Sgt Bowe Bergdahl
- 10am: World Bank issues Global Economic Prospects report
- 10:30am: Senate Banking Cmte receives semi-annual report on CFPB from Director Richard Cordray
- 10:30am: PCAOB open meeting to consider auditing standard
- 1:25pm: Vice President Joe Biden delivers keynote remarks at the National Association of Manufacturing 2014 summi
WHAT TO WATCH:
- ICE says Euronext IPO values exchange at up to $2.4b
- PPL to spin off some U.S. power plants into new firm w/fund
- Merkley urges Fed to restrict bank ownership of commodities
- High-speed trading to be examined by Levin at hearing next wk
- Apollo Global said to raise $1.5b CLO fund with JPMorgan
- Time Warner said to be in talks for stake in Vice Media
- GM faces punitive damages over switch defect, lawyers warned
- Berkshire to expand energy wager as far as ’eye can see’
- China inflation quickens to fastest pace since Jan. on food
- U.K. industrial output posts biggest annual increase since ’11
- LG Display said in talks to supply OLED TV panels to Panasonic
- Sony says PS4 users will get early look at Destiny video game
- China auto sales climb 13% as Ford surges, Great Wall slumps
- Hillary Clinton’s book, “Hard Choices,” released
- CFPB delivers semi-annual report to Senate Banking Cmte
- MSCI index classification review announced ~5pm
EARNINGS:
- Burlington Stores (BURL) 6:12am, $0.22
- Francesca’s Holdings (FRAN) 7:30am, $0.22
- HD Supply Holdings (HDS) 6am, $0.17
- NCI Building Systems (NCS) 4:01pm, ($0.03)
- Oxford Industries (OXM) 4pm, $0.87
- RadioShack (RSH) 7am, ($0.51)
- Science Applications Int’l (SAIC) 4:05pm, $0.67
- Ulta Salon Cosmetics (ULTA) 4pm, $0.74
- United Natural Foods (UNFI) 4:05pm, $0.73
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palladium Reaches 3-Year High as South Africa Strike Talks Fail
- Brent Oil Premium to WTI Narrows to Two-Month Low on Inventories
- Soy Farmers See Rally Ending on Record U.S. Harvest: Commodities
- Copper Falls Amid Concern Banks Might Further Restrict Financing
- Wheat Rebounds on Speculation Slump May Spur Demand; Corn Drops
- Rubber Climbs by Most in 3 Weeks as Thailand May Support Prices
- China’s Commodity Financing Seen Unwinding by Goldman Amid Probe
- Platinum Jobs Threat Seen Rising by Minister as Strike Persists
- Coffee Harvest in Vietnam Set to Drop From Record as Yields Fall
- Port Hedland Engineers Join Tugboat Workers in Approving Strikes
- China’s Clean-Fuel Focus Tests U.S. Coal-Export Lifeline: Energy
- USDA’s Glauber Says China Grain Trade Disruption Seen Temporary
- LNG Imports Drop 45%, Risking Future Utility Returns: Bear Case
- Some Chinese Banks Said to Limit Credit for Iron Ore Financing
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team