TODAY’S S&P 500 SET-UP – June 13, 2014
As we look at today's setup for the S&P 500, the range is 38 points or 0.89% downside to 1913 and 1.08% upside to 1951.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.15 from 2.16
- VIX closed at 12.56 1 day percent change of 8.28%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: PPI Final Demand, May, est. 0.1% (prior 0.6%)
- 9:55am: UMich Confidence, June, est. 83 (prior 81.9)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House, Senate schedules TBA; No votes in either chamber
- President Obama to visit Sioux tribe in North Dakota
- 8:30am: U.S.-EU financial services discussion at Peterson Institute for International Economics
- 9:30am: British Ambassador to U.S. Peter Westmacott speaks to Bloomberg reporters, editors at Bloomberg Government breakfast
- U.S. ELECTION WRAP: Cantor Aftermath; Jockeying on Coal
- Clinton’s popularity drops to 52% in poll as 2016 edge shrinks
WHAT TO WATCH:
- Intel revenue gets boost as businesses upgrade office computers
- Express soars after Sycamore Partners says it plans to make bid
- Obama won’t rule out airstrikes as Iraq battles militant group
- Oil rises as extremist advance in Iraq threatens crude supply
- Amaya to acquire Rational, owner of PokerStars, for $4.9b
- Musk makes Tesla patents “open source” to boost battery cars
- Tesla teams up w/Soho to add car-charging outlets in Beijing
- BOJ sticks with easing as analysts delay extra action calls
- Abe plans company tax cut in 2015 as Kuroda warns on budget
- China’s May output growth signals economy is stabilizing
- LinkedIn ordered to face claims it misused user e-mail contacts
- Malone taking F-1 stake said to hang on $1b value gap
- Bitcoins seized from Silk Road to be sold at auction in June
- Cimarex Energy to replace Intl Game Technology in S&P 500
- Apollo Global in talks to buy Encana’s Bighorn properties: WSJ
- Relativity Media seeking close of $1b placement: N.Y. Post
- Fed Decision, CFTC, Amazon, Oracle: Week Ahead June 14-21
EARNINGS:
- No earnings scheduled by S&P 500 cos.
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Oil Heads for Year’s Biggest Weekly Gain as Iraq Unrest Worsens
- Iraq Insurgency Risks Biggest Source of New OPEC Oil, IEA Says
- Commodities Advance to Nine-Month High as Oil Rallies on Iraq
- Gold Poised for First Back-to-Back Weekly Increase Since April
- Copper Advances on Indications Lower Prices Attracted Buyers
- Naimi’s Good Times Will Last as Lost Output Lifts Prices: Energy
- Wheat Trims Fifth Weekly Loss as Bear Market May Spur Demand
- LBMA Gets 10 Proposals to Develop Alternative to Silver Fixing
- Platinum Producers See Miners’ Return Next Week If Deal Accepted
- Ukraine Ready to Pay Debt if Russia Agrees to $326 Gas: Naftogaz
- Cocoa Farmers at Odds With Industry on Benefits of Certification
- GrainCorp Says Shipped Grain to Brisbane From Southern Australia
- Natural Gas Bull & Bear Pits Demand vs. Robust Supply: Outlook
- Sunny Weather Boosts U.K. Wheat Crop Potential Before Harvest
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team