TODAY’S S&P 500 SET-UP – June 20, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.66% downside to 1927 and 0.23% upside to 1964.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.19 from 2.17
- VIX closed at 10.62 1 day percent change of 0.09%
MACRO DATA POINTS (Bloomberg Estimates):
• No major economic reports scheduled
• 1pm: Baker Hughes rig count
GOVERNMENT:
- House in session; Senate schedule TBA
- President Obama meets with New Zealand PM John Key
- SEC Chairman Mary Jo White speaks at Economic Club of N.Y.
- 9am: House Judiciary hearing on net neutrality/antitrust law, w/FTC Commissioner Joshua Wright
- 9am: House Ways/Means Cmte hearing on IRS treatment of tax-exempt orgs.
- 9am: House Maj. Whip Kevin McCarthy, Rep. Paul Ryan, N.J. Gov. Chris Christie speak at Faith and Freedom Coalition
- 9:30am: House Nat. Resources panel Nat. Gas Gathering Enhancement Act (H.R. 4293), Energy Infra. Improvement Act (H.R. 1587)
- 9:30am: House Veterans’ Affairs Cmte hearing on Sr. Exec. Service performance subpoena
WHAT TO WATCH:
- Shire rejects AbbVie’s $46.5b takeover bid as too low
- Siemens lifts Alstom Energy bid to $19.9b, defying GE
- Obama sending advisers to give Iraq time to form govt.
- Energy Transfer “high level” talks to acquire Targa terminated
- BofA must face U.S. suit claiming mortgage-securities fraud
- Oracle sales, profit miss estimates amid transition to cloud
- Icahn urges Family Dollar CEO to seek sale “immediately"
- Revel casino files for bankruptcy, seeking savior at auction
- U.K. May budget deficit little changed after 1-time 2013 boost
- NYC Fifth Avenue tower sells to Thor-led group for $595m
- Verizon said meeting with Dish on possible spectrum sale: NYPost
- U.S. GDP, Housing Data, Nike, Wimbledon: Week Ahead June 21-28
EARNINGS:
- CarMax (KMX) 7am, $0.67
- Darden Restaurants (DRI) 7am, $0.94
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Options Signal Sustained Rally as Yellen Shakes Out Boredom
- Brent Heads for Second Weekly Gain on Iraq Violence; WTI Steady
- China Miners’ Loss Is BHP Gain as Iron Slumps 44%: Commodities
- LNG Rally Fading on New Supply as Nukes Set to Restart: Energy
- Copper Gains Most in Three Weeks as Zinc Trades at 16-Month High
- Gold Falls With Rally Seen Overdone as Investors Close Positions
- Soybeans Slide on Expectation U.S. Farmers Expanded Planting
- Asia’s WAF Purchases for July Stable; Nigerian Imports to Rise
- Digital Shipping Platforms Cutting $684 Million Errors: Freight
- Rising German Coal Use Imperils Emissions Deal: Carbon & Climate
- Kansai Electric Said to Agree With Cheniere to Purchase U.S. LNG
- RBI, Finance Ministry Said to Work on Iran Oil Payment Process
- Energy Traders Pay More Than 100 Million Euros to Meet New Rules
- China Metal Probe to Push Copper to LME Depots: Chart of the Day
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team