TODAY’S S&P 500 SET-UP – June 25, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.28% downside to 1925 and 0.62% upside to 1962.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.08 from 2.12
- VIX closed at 12.13 1 day percent change of 10.47%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, June 20 (prior -9.2%)
- 8:30am: Durable Gds Orders, May, est. 0.0% (pr 0.8%, rev 0.6%)
- 8:30am: GDP Annualized, 1Q, est. -1.8% (prior -1%)
- 9:45am: Markit US Composite PMI, June (prior 58.4)
- 9:45am: Markit Services PMI, est. 58.0 (prior 58.1)
- 10:30am: DOE Energy Inventories
- 11am: Fed to purchase $2.25b-$2.75b in 2021-2024 sector
GOVERNMENT:
- Cochran, Lankford win; Rangel race still close in N.Y.
- Israeli President Peres has lunch with President Obama at White House
- 10am: Supreme Court issues rulings
- 10am: Sen. Homeland Security and Government Affairs Cmte votes on Shaun Donovan’s nomination to be OMB director
- 10am: Sen. Judiciary Cmte hearing on legislation designed to strengthen Voting Rights Act
- 10am: House Foreign Affairs Cmte hears from James Dobbins, State Dept representative for Afghanistan and Pakistan, on Afghanistan’s transition
- 10am: Senate Banking Cmte votes on nominations of Julian Castro to lead HUD, Laura Wertheimer to be inspector general of FHFA
- Treasury Sec. Jack Lew testifies on Financial Stability Oversight Council’s annual report to Congress
- 10am: House Financial Services Cmte hearing on reauthorizing Export-Import Bank, witnesses incl. Delta CEO Richard Anderson, Ex-Im President Fred Hochberg
WHAT TO WATCH:
- Obama said to be preparing sanctions on Russian industries
- Exchanges get test to curb dark-pool trading in SEC program
- SEC orders exchanges to start pilot for wider ticks
- Abbvie seen having to raise Shire bid to $51b for deal
- News Corp. faces possible corporate charges after hacking trial
- Cochran survives Mississippi runoff as Tea Party suffers loss
- For more election news, ELECT <GO>
- Hazard insurers may face suit over fees for Fannie-Freddie
- Obama administration seen widening exports for shale oil
- Marriott sees revenue boost as global economy recovers
- LVMH, Constellation Brands may bid for Treasury Wine: AFR
- France sells GDF stake for $2b as state seeks Alstom cash
- Silverstein said to seek private funding for 3 World Trade tower
- Best Buy said to explore options for China business: WSJ
- DuPont is more likely suitor for Syngenta, Nomura says
- Google to introduce Android TV set-top box: WSJ
- American Apparel founder to seek $23m-$25m severance pay: FT
- China’s postal savings bank said to plan $4b IPO
- Google courting developers as device sprawl creates hard choices
- GoPro touts content ahead of IPO for higher value than cameras
EARNINGS:
- Apollo Education (APOL) 4:01pm, $0.66
- Barnes & Noble (BKS) 8:30am, $(0.49)
- Bed Bath & Beyond (BBBY) 4:15pm, $0.95
- General Mills (GIS) 6:58am, $0.72 - Preview
- HB Fuller (FUL) 5:20pm, $0.78
- Herman Miller (MLHR) 4pm, $0.46
- Lindsay (LNN) 7am, $1.41
- Monsanto (MON) 8am, $1.55 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Iron Ore Outlook Cut by Australia as Global Supplies Spur Glut
- WTI Pares Gains as U.S. Export Ruling Seen Limited; Brent Falls
- Obama Administration Seen Widening Exports for Shale Oil
- Aluminum Advances to Two-Week High as Bookings Surge to Record
- Soybeans Rise Amid Concern of Crop Damage as Inventories Slide
- Gold Falls After Advance to Two-Month High Seen Spurring Sales
- Crop Sowing Delayed by Weak India Monsoon Threatening Prices
- Steel Rebar Rises to Highest in Three Weeks as Iron Ore Gains
- Koch to Start European Power Trading as It Plans LNG Expansion
- Ghana Cocoa Seen Damaged Without Pesticides From Government Soon
- Commodity Investor Interest Seen by Bank of America Picking Up
- Russia Joins Turkey Boosting Gold Reserves as Ukraine Cuts: IMF
- China’s Gas Consumption May Surge 64% by 2017 on Energy Shift
- Raw Sugar Drops for 3rd Session Before Unica Report; Cocoa Gains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
