TODAY’S S&P 500 SET-UP – June 19, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 1.48% downside to 1928 and 0.15% upside to 1960.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.14 from 2.14
- VIX closed at 10.61 1 day percent change of -12.02%
MACRO DATA POINTS (Bloomberg Estimates)
- 8:30am: Initial Jobless Claims, June 14, est. 313k (prior 317k)
- Continuing Claims, June 7, est. 2.6m (prior 2.614m)
- 9:45am: Bloomberg Economic Expectations, June (prior 42.5)
- Bloomberg Consumer Comfort, June 15 (prior 35.5)
- 10am: Philadelphia Fed Business Outlook, June., est. 14 (prior 15.4)
- 10am: Leading Index, May, est. 0.6% (prior 0.4%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
GOVERNMENT:
- 8:50am: Dpty CMS Admin Cavanaugh at Accountable Care Summit
- 9:30am: House Energy and Commerce panel meets on EPA’s proposed carbon dioxide rules for power plants
- 10am: House Armed Services Cmte holds hearing on negotiations over Iran’s nuclear program
- 12pm: FDIC Vice Chair Thomas Hoenig at Nat’l Economists Club
- 2pm: House Republicans hold election to replace Majority Leader Eric Cantor; if House Majority Whip Kevin McCarthy wins that post, election will be held to replace him
- U.S. ELECTION WRAP: Landrieu Touts Senate Panel’s Keystone Vote
WHAT TO WATCH:
- GE’s Immelt in final push to sell France on Alstom bid
- House Republicans hold leadership election to replace Cantor
- Obama tells lawmakers he can act without Congress on Iraq
- President distances U.S. from Maliki; see Iraq crisis wrap
- Blackrock urging regulators to study risk of investor flight
- Facebook working again after temporary site outage
- Wal-Mart China to grow hypermarkets, e-commerce: China Daily
- Markit raises $1.3b pricing increased IPO at $24 midpoint
- T-Moble offers 7-day IPhone trial to tempt users to brand
- Electronic Arts exec. says NCAA refused licensing rule change
- Senators criticize marketing of e-cigarettes: Reuters
- Ex-Goldman trader says bonus unfairly cut to $8.25m
- FHLBs said to suspend admissions of insurers used by REITs
EARNINGS:
- BlackBerry (BB CN) 7am, ($0.26) - Preview
- IHS (IHS) 6am, $1.44
- Kroger (KR) 8:45am, $1.05 - Preview
- Oracle (ORCL) 4:01pm, $0.96
- Rite Aid (RAD) 7am, $0.04
- Smith & Wesson Holding (SWHC) 4:05pm, $0.40
- TIBCO Software (TIBX) 4:05pm, $0.13
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Fleeing Migrant Workers in Thailand Seen Delaying Rice Shipments
- Brent Trades Near Nine-Month High on Iraq Conflict; WTI Rises
- New Silver Benchmark Seen Heralding Gold Fix Revamp: Commodities
- Commodities Climb to Highest Since August as Oil Rallies on Iraq
- Zinc Climbs to Highest in Almost 16 Months as Stockpiles Shrink
- Silver Fix Benchmark Replacement Should Be Announced Early July
- Wheat Extends Gains as Rain Threatens to Thwart U.S. Harvest
- Raw Sugar Retreats From Three-Month High; Arabica Coffee Drops
- Steel Rebar Near Record Low as Traders Weigh Output, Economy
- Half-Price Kurd Oil Threatens Iraq Breakup With Turkish Help
- Ukraine Wants U.S. and EU Companies to Hold Gas-Pipeline Stake
- Modi’s Inflation-Curbing Drive Seen Failing by Onion Traders
- Iraqi Violence Jeopardizes PetroChina, Petronas Oil Investments
- Gold Trades Near Highest in Three Weeks on Fed’s Rate Outlook
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
