TODAY’S S&P 500 SET-UP – July 7, 2014
As we look at today's setup for the S&P 500, the range is 43 points or 1.99% downside to 1946 and 0.18% upside to 1989.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.12 from 2.13
- VIX closed at 10.32 1 day percent change of -4.62%
MACRO DATA POINTS (Bloomberg Estimates):
- No major economic reports expected
- U.S. Rates Weekly Agenda
- FX Weekly Agenda
GOVERNMENT:
- President Obama hosts teachers at White House to discuss efforts to improve teacher quality
- Iran, World Powers hold nuclear talks in Vienna
- Argentina delegation in NYC to meet with court-appointed mediator
WHAT TO WATCH:
- Archer Daniels Midland to acquire Wild Flavors for $3b
- American Apparel investor said to weigh paying $10m loan
- Lagarde hints at global forecast cut even as U.S. rebounds
- Fed seen raising main rate earlier after June employment surge
- Goldman Sachs brings forward rate forecast as Treasuries drop
- American Express “take it or leave it” policy goes on trial
- SABMiller to sell $1.09b Tsogo Sun stake following review
- SunTrust agrees to pay up to $320m to end mortgage probe
- Apache said to seek buyer for Wheatstone LNG project holdings
- Aristocrat to buy Video Gaming Technologies for $1.3b
- Anglo to sell 50% in Lafarge Tarmac for minimum of GBP885m
- China auto sales rise 14% as foreign brands target small cities
- German industrial output falls as confidence in recovery wanes
- Noyer says BNP case may encourage diversification from dollar
EARNINGS:
- Alimentation Couche Tard (ATD/B CN) 8:42am, $0.25 - Preview
- Bankers Petroleum (BNK CN) 7am, $0.09
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Coffee Stockpiles With Vietnam Farmers Declining to Two-Year Low
- Palm Oil Inventories in Malaysia Extend Climb as Output Expands
- Corn Avalanche Coming as Rain Trumps Planting Drop: Commodities
- Philippines to Consider More Rice Imports, Ending Subsidy
- Rubber Closes Nears 3-Week Low as Oil Price Drop Reduces Appeal
- Brent Oil Falls to Three-Week Low on Libya Supply; WTI Slips
- Gold Extends Retreat From Three-Month High as Dollar Strengthens
- Indonesia’s Presidential Candidates Trade Barbs on Graft
- Copper Drops as Stockpiles Swell Most Since March on South Korea
- Cars Beating Homes Shifts Steel Use in China: Chart of the Day
- Commodity ETP Outflows Seen by Blackrock at $392mln in June
- Philippines to Consider Ending Rice Farmers’ Subsidy: Pangilinan
- Apache Said to Seek Buyer for Wheatstone LNG Project Stake
- Russia Oil Exports Fall to Six-Year Low as Refiners Process More
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team