TODAY’S S&P 500 SET-UP – June 27, 2014
As we look at today's setup for the S&P 500, the range is 37 points or 1.19% downside to 1934 and 0.70% upside to 1971.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.06 from 2.07
- VIX closed at 11.63 1 day percent change of 0.35%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:55am: U.Mich Consumer Sentiment, June fin, est. 82 (pr 81.2)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- President Obama speaks on the economy in Minneapolis
- Sec. of State John Kerry travels to Saudi Arabia to discuss situation in Iraq
- House not in session, no more votes in Senate until after July 4th recess
- 6am: U.S. Marshals Service start online auction of 29,656 bitcoins seized last year in illicit Silk Road marketplace
WHAT TO WATCH:
- American Apparel creditor Lion Capital said to deny loan waiver
- BPN Paribas is said to prepare to pay $8.9b penalty: NY Times
- Netflix to come to Australia, Village Roadshow CEO says: ZDNet
- KKR names Alex Navab sole head of private equity for Americas
- United Technologies wins $1.3b Air Force chopper contract
- Autoliv agrees to settle U.S. lawsuit with $22.5m payment
- Goldman Sachs wins bid to move investor Oei suit to arbitration
- European Medicines Agency to release drug approval, safety decisions
- Molson CEO says craft-beer cos. “massively overvalued”
- Russell rebalancing effective close of market today
- U.S. Jobs, Yellen, Lew, Tankan, ECB: Wk Ahead June 28-July 5
EARNINGS:
- Commercial Metals (CMC) 7am, $0.30
- Finish Line (FINL) 7:05am, $0.21 - Preview
- KB Home (KBH) 8:30am, $0.21 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Google’s Nordic Server Set to Get Asian Internet Imitators
- Magnum Hunter Turns $891 Million in Debt Into 138% Gain on Shale
- Brent Set for First Weekly Drop of Iraq Crisis as Output Spared
- Copper Trades Near Three-Month High Before Confidence Report
- Cocoa Rebounds in New York as Robusta Coffee Gains on Stockpiles
- Soybeans Trim Weekly Advance as Investors Assess U.S. Weather
- Germany’s New Coal Plants Push Power Glut to 4-Year High: Energy
- IRAQ CRISIS WRAP: Govt Forces Advance; Brent Set for Weekly Fall
- U.K. Audit Questions $28 Billion of Renewable Energy Deals
- EU Would Curb Coal Use With 20-Euro Carbon Price, Iberdrola Says
- U.S. Shale Spurs Record Foreign Chemical Investment: Commodities
- WTI Oil Seen Rising in Survey on Iraq Supply Risk
- Cheaper Nickel Pig Iron Production Drives China Metals Market
- Gold Trades Near Two-Month High as Investors Weigh U.S. Economy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
