TODAY’S S&P 500 SET-UP – July 2, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 1.23% downside to 1949 and 0.14% upside to 1976.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.10 from 2.10
- VIX closed at 11.15 1 day percent change of -3.63%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, June 27 (prior -1.0%)
- 7:30am: Challenger Job Cuts y/y, June (prior 45.5%)
- 7:30am: RBC Consumer Outlook Index, July (prior 51)
- 8:15am: ADP Employment Change, June., est. 205k (prior 179k)
- 9:45am: ISM New York, June (prior 55.3)
- 10am: Factory Orders, May, est. -0.3% (prior 0.7%)
- 10:30am: DOE Energy Inventories
- 11am: Fed’s Yellen speaks in Washington
- 2pm: Fed board discusses semiannual monetary policy report to Congress, board oversight and assessment of reserve bank
GOVERNMENT:
- House, Senate on recess until July 8
- 6am: Quinnipiac releases survey on public opinion of Obama, best and worst presidents since WWII
- U.S. ELECTION WRAP: Rand Paul’s Hedge Fund Ties; Repub. Ads
WHAT TO WATCH:
- JPMorgan CEO Dimon will undergo treatment for throat cancer
- Facebook’s news feed experiment probed by U.K. data regulators
- Motorola Mobility gets second chance at antitrust appeal
- SolarWorld seeks U.S. investigation of China cyber-hacking
- Goldman ‘Boy’s Club’ accused of mocking, underpaying women
- Fastest hiring since 1999 in U.S. as companies’ confidence rises
- GM judge to review rules for multibillion-dollar recall fight
- Dow approaches 17,000 as record transports join small-cap rally
- Apartment rents climb at faster pace as U.S. demand tops supply
- U.S. sale to Iraq of 4,000 Lockheed missiles said to be readied
- Nestle sells Juicy Juice brand to buyout firm Brynwood, WSJ says
- Fed Chair Janet Yellen speaks at International Monetary Fund
EARNINGS:
- Constellation Brands (STZ) 7:30am, $0.93; preview
- Greenbrier Cos/The (GBX) 6am, $0.74
- SYNNEX (SNX) 4:05pm, $1.36
- UniFirst/MA (UNF) 8am, $1.42
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Vanishing Coal-Mine Jobs Squeeze Pension at Risk of U.S. Rescue
- Brent Falls to Three-Week Low as Libya Rebels Say Ports Reopen
- More South African Strikes Erupt After Mining Gains: Commodities
- Platinum Reaches 10-Month High as Gold Near Highest Since March
- Corn Falls to Near 5-Month Low as Record U.S. Crop Predicted
- Coffee Gains as Investors Await Brazil Crop Details; Cocoa Falls
- Electronic Devices Waste $80 Billion of Power a Year, IEA Says
- Citigroup Says Growing Commodity Market Share as Rivals Retreat
- Gold’s Rally Will Reverse as Recovery Quickens, Says OCBC’s Gan
- Euromar Slows Cocoa-Bean Processing on Struggle to Sell Powder
- Oil Risk Flares in Iran Nuclear Talks Amid Iraqi Unrest: Energy
- Storm Arthur to Threaten North Carolina by Fourth of July
- Komatsu CEO Flags China Slump as Mining Market Nears Bottom
- Copper Trades Near 16-Week High Before U.S. Employment Report
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team