TODAY’S S&P 500 SET-UP – June 23, 2014
As we look at today's setup for the S&P 500, the range is 42 points or 1.88% downside to 1926 and 0.26% upside to 1968.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.14 from 2.15
- VIX closed at 10.85 1 day percent change of 2.17%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity, May, est. 0.2 (prior -0.32)
- 9:45am: Markit US Mfg PMI, June prelim, est. 56.0 (prior 56.4)
- 10am: Existing Home Sales, May, est. 4.74m (prior 4.65m)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $25b 3M bills, $23b 6M bills
GOVERNMENT:
- President Obama, first lady Michelle Obama, VP Joe Biden participate in White House Summit on Working Families
- Senate returns at 2pm; House holds votes at 6:30pm
- House Veterans Affairs Cmte holds hearing on patient care
- House Oversight Cmte hears from IRS Commissioner John Koskinen on missing Lois Lerner e-mails
- Washington Week Ahead
- U.S. ELECTION WRAP: Cochran Runoff Strategy; Senate Predictions
WHAT TO WATCH:
- GE wins Alstom board’s backing for energy-assets deal
- France reaches deal with Bouygues for up to 20% of Alstom
- ISIL advances to Iraq-Jordan border; Obama warns of spillover
- Putin supports Ukraine cease-fire, holding military drills
- BlackRock said attending Russia forum
- China PMI climbs to 7-month high, beats est.
- Lululemon reassures investors after founder steps up pressure
- American Apparel key investor won’t support founder Charney
- BNP said close to $9b accord in U.S. sanctions case
- GE Capital sells Scandinavian consumer finance unit for ~$953m
- Nissan, Honda add >2m cars to air bag recall
- Sterne Agee ousted CEO Holbrook said to face U.S. probe
- InterContinental Hotels rebuffed Wyndham offer this yr: Sky
- Euro-region PMI shows weakening as French woes intensify
- AbbVie may raise Shire bid as high as GBP55/Shr: Jefferies
- Oracle’s $5b deal to buy Micros could be announced today: WSJ
- ‘Think Like a Man Too’ tops N.A. weekend box office
- Aereo decision may be announced by Supreme Court
- Barron’s Roundup: Amgen, Apache, National Oilwell, Pier One
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- U.S. GDP, Housing Data, Nike, Wimbledon: Wk Ahead June 21-28
EARNINGS:
- Micron Technology (MU) 4:02pm, $0.72
- Sonic Corp (SONC) 4:05pm, $0.29
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Traders Barking Orders in London’s Last Open Outcry Get Reprieve
- Gold Trades Below 2-Month High as Fed to Physical Demand Weighed
- Hedge Funds Bet on Sugar as Dryness Threatens Crops: Commodities
- China Palm Oil Imports Seen Falling as Economic Growth Slows
- Copper Extends Longest Rally This Year After China Manufacturing
- Bullish Oil Wagers Reach Record as Fighting Engulfs Iraq: Energy
- Steel Rebar Rises on Iron Ore, China Manufacturing Expansion
- LME Getting Interest From New Companies to Join Floor Trading
- China Buying More Indian, Australian Bauxite After Indonesia Ban
- EnBW Starts German Coal-Fired Plant With Solar Power Near Record
- Glencore’s Singapore Crude Oil Trading Manager McBain Retiring
- Corn Extends Weekly Rally as Investors Weigh Rain on Record Crop
- Platinum Union Says Workers May Report June 25 If Deal Accepted
- Gazprom Boosting Gas Transit via Ukraine Before Nord Stream Halt
- China’s Corn Shipments From U.S. Rise in May, Customs Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team