TODAY’S S&P 500 SET-UP – June 11, 2014
As we look at today's setup for the S&P 500, the range is 24 points or 0.81% downside to 1935 and 0.42% upside to 1959.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.20 from 2.21
- VIX closed at 10.99 1 day percent change of -1.43%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, June 6 (prior -3.1%)
- 8am: Treasury Sec. Jack Lew speaks at Economic Club of NYC
- 10:30am: DOE Energy Inventories
- 2pm: Monthly Budget Statement, May, est. -$131b (prior from May 2013 -$138.7b)
GOVERNMENT:
- Shaun Donovan testifies on his nomination to lead OMB
- President Obama gives commencement address at Worcester Mass. Technical High School
- Goldman Sachs Energy summit is held in NYC, Vice President Joe Biden, Mexican Finance Sec. Luis Videgaray Caso scheduled
- 8:30am: House Ways and Means Chairman Dave Camp, R-Mich. Speaks at Natl Assn of Professional Employer Orgs
- 10am House/2pm Senate: Shaun Donovan testifies on his OMB nomination
- 12pm: House Budget Cmte’s Price gives Heritage Foundation economic address
- U.S. ELECTION WRAP: Primaries Today; Ernst Leading in Iowa
WHAT TO WATCH:
- AIG names Hancock CEO to rebuild co. shrunk by predecessors
- U.S. prosecutors seek $17b for BofA settlement, NYT reports
- Airbus suffers worst order loss as Emirates scraps A350 buy
- Intel set for EU judgment day 5 yrs after $1.4b fine
- IBM said near deal w/Globalfoundries for chip-making unit
- World Bank cuts global growth forecast after 2014 bumpy start
- Google said to plan deeper energy push w/tools for utilities
- Amazon stops taking advance orders for Warner videos, NYT says
- EU to investigate Apple tax break in Ireland: RTE
- MSCI says China A-Shrs will not join Emerging Markets Index
- BR Towers said to join TorreSur in $4b tower sale boom
- House Majority Leader Cantor loses in Republican primary
- Takata tells carmakers including Honda airbags may need fixes
- Toyota expands vehicle recall in Japan for Takata airbag fix
- Pentagon contracts slid 29% in May in extended budget slowdown
- U.K. unemployment falls more than forecast as recovery gains
EARNINGS:
- Dominion Diamond (DDC CN) 5:40pm, $0.08
- H&R Block (HRB) 8am, $3.23
- Restoration Hardware Holdings (RH) 4:05pm, $0.11
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- OPEC Maintains Current Production Target, Person Says
- WTI Trades Near Three-Month High on U.S. Supplies; Brent Steady
- War on Cornfield Pest Sparks Clash Over Insecticide: Commodities
- Saudi Oil Minister Says Supply, Demand, Prices Are Good
- Goldman Says Keeping U.S. Oil-Export Ban to Add Value to Economy
- OPEC Majority at Ease With Oil Markets Before Vienna Meeting
- Gold Nears Highest in Two Weeks as Palladium Below 3-Year High
- Palm Imports by India Tumbling as Refiners Buy Soybean Oil
- Steel Rebar Slips to Record Low as Dalian Iron Ore Futures Slump
- China’s Record Hoarding Seen Keeping Crude Above $100: Energy
- Cocoa Shortage Seen by Olam as Beans Considered Poor Man’s Crop
- Russia Sets Ukraine June 16 Deadline as Gas Talks Resume
- Nordic Power Funds Post Losses in May Amid Narrow Trading Range
- Nickel Declines Amid Liquidation of Wagers on Price Increases
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team