TODAY’S S&P 500 SET-UP – June 24, 2014
As we look at today's setup for the S&P 500, the range is 47 points or 1.97% downside to 1924 and 0.43% upside to 1971.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.15 from 2.16
- VIX closed at 10.98 1 day percent change of 1.20%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:05am: Fed’s Plosser speaks in New York
- 8:55am: Redbook weekly sales
- 9am: FHFA House Price Index, April, est. 0.5% (prior 0.7%)
- 9am: S&P/Case-Shiller 20 City m/m, April, est. 0.8% (prior 1.24%)
- 10am: Consumer Confidence Index, June, est. 83.5 (prior 83)
- 10am: Richmond Fed Manufacturing Index, June, est. 7 (prior 7)
- 10am: New Home Sales, May, est. 439k (prior 433k)
- New Home Sales, m/m, May, est. 1.4% (prior 6.4%)
- 2pm: Fed’s Dudley speaks in New York
- 4:30pm: API weekly oil inventories
- 6:30pm: Fed’s Williams speaks in Stanford, Calif.
GOVERNMENT:
- Primaries held in N.Y., Colo., Md., Okla., Utah; Miss. GOP runoff between Sen. Thad Cochran, state Sen. Chris McDaniel
- 9:30am: House Oversight Cmte hearing on IRS’s missing e-mails
- 10am: Senate Appros subcmte marks FY15 Homeland Security bill, then at 11am FY15 fin svcs, general govt spending bill
- 10am: Senate Finance Cmte examines how tax code can be leveraged to reduce student debt
- 2pm: Senate-House conf. cmte on veterans’ health-care bill
- *U.S. ELECTION WRAP: Primaries to Watch; Sen. Warren for Tennant
WHAT TO WATCH:
- German IFO business confidence drops more than est.
- Iraq forces regain control of Baiji refinery
- Kerry lands in Erbil to urge Iraqi Kurds to help form govt
- AT&T CEO to tell Congress DirecTV takeover means lower prices
- Merkel expects tough sanctions on Russia from EU summit: Bild
- Gazprom says Europe gas shipments via Ukraine uninterrupted
- Targa said to abandon sale to Energy Transfer after share spike
- Apple’s larger iPhones said to start mass output next month
- Lew defends council’s work to guard against U.S. financial risk
- KKR pays $567m for stake in Acciona’s foreign renewables
- NYC rent board sets 1% apartment-rate rise as freeze rejected
- Ex-Goldman currency trader Cho said to start macro hedge fund
EARNINGS:
- AGF Management (AGF/B CN) 8:00am, C$0.18
- Apogee Enterprises (APOG) 4:30pm, $0.26
- Carnival (CCL) 9:15am, $0.02
- Walgreen (WAG) 7:30am, $0.94 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Climbs to Two-Month High on Iraq to U.S. Economy Outlook
- Brent Trades Near One-Week Low as Iraq Supply Stable; WTI Slips
- Gold Euphoria Won’t Last With Yellen’s Rally Fading: Commodities
- Copper Premium in Europe Said to Decline With Demand Slowing
- Nickel Reaches One-Week Low as Speculators Cut Bullish Wagers
- Raw Sugar Declines Before Brazil’s Unica Report; Cocoa Falls
- MORE: CME Sees Asia as ‘Right Market’ to Invest in Gold Products
- China Copper Bonded Stockpiles Seen by CRU Down to 775,000 Tons
- Crop Futures Decline as Report Shows U.S. Fields in Good Shape
- China Seen Bolstering Oil Security as Stockpiles Swell to Record
- Indonesia Seeks Tin-Export Rules to Avoid Inaccurate Declaration
- Rooftop Solar Leases Scaring Buyers When Homeowners Sell: Energy
- Congo’s Gecamines Needs $160 Million to Cut 6,000 Mining Jobs
- Platinum Union to Sign Deal With Producers to End 5-Month Strike
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
