TODAY’S S&P 500 SET-UP – June 17, 2014
As we look at today's setup for the S&P 500, the range is 35 points or 1.12% downside to 1916 and 0.68% upside to 1951.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.13 from 2.13
- VIX closed at 12.65 1 day percent change of 3.86%
MACRO DATA POINTS (Bloomberg Estimates)
- Fed opens two-day policy meeting
- 7:45am: ICSC weekly sales
- 8:30am: CPI y/y, May, est. 2% (prior 2%)
- CPI ex-food and energy y/y, May, est. 1.8% (prior 1.8%)
- 8:30am: Housing Starts, May, est. 1.03m (prior 1.072m)
- Building Permits, May, est. 1.050m (prior 1.080m, revised 1.059m)
- 8:55am: Redbook weekly sales
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House, Senate in session
- Obama travels to Pittsburgh to speak on economy, then to NYC for DNC-LGBT gala, second DNC event
- WHR CEO Fettig, WMT’s Gloeckler at Select USA forum
- 8am: Senate Finance Cmte Chairman Ron Wyden
- WSJ CFO conference in Washington, see program
- 9am: Natl Assn of Manufacturers President Jay Timmons, Sr VP Aric Newhouse speaks at Bloomberg Government breakfast
- 9:30am: Senate Permanent Subcmte on Investigations holds hearing on high-frequency trading
- 1pm: Rep. Patrick McHenry, R-NC, head of House Financial Services’ Oversight panel
- 10am: Senate Banking Cmte considers nominees: Julian Castro for HUD secretary, Laura Wertheimer for inspector general of Federal Housing Finance Agency
- 11am: Sifma gives mid-year outlook for monetary policy, economic growth, employment
- U.S. ELECTION WRAP: Members Vie to Replace McCarthy as GOP Whip
WHAT TO WATCH:
- Fed will raise rates faster than investors expect: survey
- GE to add commitment to protect French jobs to Alstom bid: FT
- Boing, Lockheed JV starts work on new rocket engine: Reuters
- Apple reaches settlement with U.S. states over e-book pricing
- Hackers seen using complicit YouTube to sell stolen cards
- N.Y. retailers agree to list unit prices on website
- Sony May console sales beat Microsoft fifth straight month
- Truckers fight federal rest rules after Morgan crash: NYT
- Retail gasoline seen rising to 6-yr seasonal high
- U.K. inflation falls more than forecast
- Chinese holdings of U.S. Treasuries falls to 14-month low
- ISIL militants attack north of Baghdad as Obama mulls options
EARNINGS:
- Adobe Systems (ADBE) 4:05pm, $0.30
- Bob Evans Farms (BOBE) 4:02pm, $0.41
- FactSet Research Systems (FDS) 7am, $1.25
- John Wiley & Sons (JW/A) 8am , $0.68
- La-Z-Boy (LZB) 4:10pm, $0.32
- Yingli Green (YGE) 6am, ($0.23)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Crude Drops for Second Day as Iraqi Oil Secured; WTI Falls
- Gold Extends Drop From Three-Week High Before Fed Policy Meeting
- Beef Reaches U.S. Record as Rancher Sees More Gains: Commodities
- China’s Port Probe May Curb Iron Ore Financing, Demand: ABN Amro
- Copper Climbs as Higher Auto Sales Bolster Outlook for Demand
- Kurdish Region Oil Exports At 200K-250K B/D in July: Hawrami
- Kurds Grab Fourth-Largest Iraq Oilfield as Islamists Advance
- Iron Ore Futures in Singapore Slump to Lowest Since April ’13
- Russia’s $8.2 Trillion Oil Trove Locked Without U.S. Know-How
- Corn Trades Near Four-Month Low as U.S. Crop Conditions Improve
- Europe’s Swollen Gas Reserves Guard Against Repeat of ’06
- RasGas Said to Shut LNG Plant in October for Three Weeks
- BP to Sign $20 Billion LNG Supply Deal With China’s Cnooc Today
- El Nino Seen Delayed by Australia as Pacific Ocean Warming Eases
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team