TODAY’S S&P 500 SET-UP – June 26, 2014
As we look at today's setup for the S&P 500, the range is 41 points or 1.40% downside to 1932 and 0.69% upside to 1973.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.08 from 2.08
- VIX closed at 11.59 1 day percent change of -4.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, June 21, est 310k (prior 312k)
- 8:30am: Personal Income, May, est. 0.4% (prior 0.3%)
- 8:30am: Personal Spending, May, est. 0.4% (prior -0.1%)
- 9:45am: Bloomberg Consumer Comfort, June 22 (prior 37.1)
- 11am: Kansas City Fed Manufact., June, est. 10 (prior 10)
- 8:30am: Fed’s Lacker speaks in Lynchburg, Va.
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 1:05pm: Fed’s Bullard speaks in New York
GOVERNMENT:
- House, Senate in session
- Israeli Pres. Shimon Peres to receive Congressional Gold Medal
- 9:15am: House Financial Services panel holds oversight hearing on SEC’s division of trading and markets
- 9:30am: Senate Judiciary Committee markup of S. 2454, Satellite Television Access Reauthorization Act; S. 517, Unlocking Consumer Choice/Wireless Competition Act
- 10am: Senate Finance Cmte Chairman Ron Wyden markup for proposal to shore up highway trust fund through end of year
- 10:30am: Senate Appros Cmte markup of DHS appropriations bill
- U.S. ELECTION WRAP: Election Night Preserves Old Guard
WHAT TO WATCH:
- LSE to buy Frank Russell for $2.7b to boost indexes, ETF
- Philip Morris cuts earnings forecast amid currency headwinds
- BNP said to face yr-long dollar-clearing curb in U.S. case
- Nabors unit, C&J Energy Services to combine in $2.86b deal
- GoPro IPO raises $427m as shares price at top-end of range
- China finds $15b of loans backed by false gold trades
- Ukraine peace deal optimism wanes as cease-fire deadline looms
- IRS’s Lerner weighed audit involving Grassley, e-mails show
- BHP considers opportunities to export oil condensate from U.S.
- Supreme Court to issue rulings
EARNINGS:
- Accenture (ACN) 7:01am, $1.21
- ConAgra Foods (CAG) 7:30am, $0.55
- Empire (EMP/A CN) Bef-mkt, C$1.22 - Preview
- Lennar (LEN) 6am, $0.51 - Preview
- McCormick (MKC) 6:30am, $0.62
- Nike (NKE) 4:15pm, $0.75 - Preview
- Progress Software (PRGS) 4:15pm, $0.34
- Schnitzer Steel Industries (SCHN) 8:30am, $0.06
- Shaw Communications (SJR/B CN) 8am, C$0.49 - Preview
- Steelcase (SCS) Bef-mkt, $0.16
- Winnebago Industries (WGO) 7am, $0.39
- Worthington Industries (WOR) 8:25am, $0.67
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- China Finds $15 Billion of Loans Backed by Falsified Gold Trades
- Brent Trades Near One-Week Low as Iraq Supplies Rise; WTI Holds
- U.S. Corn Glut Expanding at Fastest Pace Since 2005: Commodities
- Cotton Futures Fall After Entering Bear Market on Global Supply
- Gold Falls as Investors Weigh U.S. Economy Amid Slower Purchases
- Aluminum Users Stick With LME as Alternative Yet to Gain Volume
- Steel Rebar Climbs as Ore Posts Record Gain on China Property
- China’s Gold Imports From Hong Kong Drop as Yuan Rate Swings
- Stronger Indian Gold Demand to Support Prices in 2H: Macquarie
- Goldman Says Shale Gas Boom Driving Fear Out of Market: Energy
- Danske Bank Says Brent May Slip to $110/Bbl as Iraq Oil Stable
- Iraq Crude Untouched by Violence Means Options Seen Too Bullish
- El Nino Has 60% Chance of Starting by End of August, UN Says
- California Drought Means Record Produce Prices: Chart of the Day
- Rubber in Tokyo Climbs to 2-Month High as China Inventory Falls
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
