TODAY’S S&P 500 SET-UP – July 8, 2014
As we look at today's setup for the S&P 500, the range is 19 points or 0.59% downside to 1966 and 0.37% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.09 from 2.10
- VIX closed at 11.33 1 day percent change of 9.79%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Small Business Optimism, June, est. 97.0 (prior 96.6)
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 10am: JOLTs Job Openings, May, est. 4.35m (prior 4.455m)
- 1pm: Fed’s Lacker speaks in Charlotte, N.C.
- 1:45pm: Fed’s Kocherlakota speaks in Minneapolis
- 3pm: Consumer Credit, May, est. $20b (prior $26.847b)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- House returns from recess, Senate in session
- 6am: Quinnipiac releases survey focusing on public opinion of 2016 presidential race, 2014 congressional races
- 10am: ICE CEO Sprecher, Citadel CEO Griffin, BATS Global CEO Ratterman scheduled to appear before Senate Banking Cmte on regulation’s role in mkt structure, electronic trading
- Comments close on proposed Fed rule prohibiting one financial co. combining with another where resulting co.’s liability ratio is >10% aggregate consolidated liabilities of all financial cos.
- U.S. ELECTION WRAP: Libertarian Effect; Outside Attacks, Money
WHAT TO WATCH:
- Commerzbank said next to face penalties in U.S. sanctions probe
- GM refrains from recalling rusted brake lines; complaints rise
- Deutsche Bank’s Jeffrey Mayer said leaving for role at Cerberus
- Macquarie buys U.S. terminals business in commodities expansion
- Tesla sued in China by businessman in dispute over trademark
- Treasury 3-year note slide boosts yield before $27b sale
- Samsung sees smartphone rebound as profit misses estimates
- Intel takes on Qualcomm with rival connected-devices standard
- Banks dreading drained accounts call for U.S. cyber war council
- Air France-KLM cuts profit goal on overcapacity, weak cargo
- Philips Healthcare chief leaves after “disappointing” profit
- ICE, Citadel, BATS CEOs appear before Senate committee
- Apple CEO Cook said seeking to expand board of directors: WSJ
- S&P says Boeing faces L/T credit risk if Ex-Im shuts: WSJ
- Maersk takes $1.7b writedown on Brazilian oil assets
- Japan posts fourth straight current-account surplus in May
- U.K. manufacturing unexpectedly slumps most since Jan. 2013
- Israel strikes Gaza by air, sea in operation to halt rockets
EARNINGS:
- Aerovironment (AVAV) 4:10pm, $0.22
- Alcoa (AA) 4:03pm, $0.12
- Bob Evans Farms (BOBE) 4pm, $0.41
- Container Store (TCS) 4:05pm, ($0.06)
- Jean Coutu Group (PJC/A CN) 7am, C$0.30
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Oil Erases Iraq Rally With Price Below When Mosul Seized
- Soybeans Hurt by Weak Indian Rains to Boost Cooking Oil Imports
- Gold Industry Seen Wanting Independent Administrator for Fixing
- Soybeans Slide as Crop Conditions Indicate Record U.S. Harvest
- Rubber Recovers From Three-Week Low on Optimism Demand to Rise
- Metals May Benefit From China Easing, Morgan Stanley Says
- Challengers Pledge to Do More for Indonesia’s Shrinking Forests
- Egypt Plans Tax on Crops Such as Rice That Consume More Water
- Indon Ore Ban Seen Remaining After Presidential Poll, ANZ Says
- Panoramic May Restart Nickel Mine After Six-Year Halt
- Citic Resources Starts Legal Action to Recover Port Material
- Japan Seeks to Buy 109,303 Tons Milling Wheat in Tender July 10
- Ivory Coast Floods Keep Some Cocoa Farmers From Delivering Beans
- Gold Shines Again as Hedge Funds Increase Holdings: Commodities
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
