TODAY’S S&P 500 SET-UP – July 9, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 0.75% downside to 1949 and 1.08% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.06 from 2.05
- VIX closed at 11.98 1 day percent change of 5.74%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, July 4 (prior -0.2%)
- 10:30am: DOE Energy Inventories
- 2pm: Fed releases minutes from June 17-18 FOMC meeting
- 2:30pm: ECB’s Draghi speaks in London
GOVERNMENT:
- President Obama delivers remarks on the economy in Denver’s Cheesman Park; meets with Texas Gov. Rick Perry to discuss crisis on border
- Treasury Sec. Jack Lew, Sec. of State John Kerry participate in sixth round of U.S.-China Strategic and Economic Dialogue in Beijing
- 9:45am: Senate Foreign Relations Cmte hearing on Russia and developments in Ukraine
- 10am: Senate Homeland Security Cmte hearing on issues at Mexico border, including unaccompanied children arriving from Central America
- 2:30pm: Senate Commerce Cmte hearing on student athletes
WHAT TO WATCH:
- AbbVie seen raising Shire offer fifth time to win tax break
- AbbVie says it hasn’t got written support for Shire offer
- Salix to move to Ireland in Cosmo Pharma tax inversion deal
- Citigroup said near mortgage accord as NYT cites $7b deal
- Citigroup distressed-debt head Balkan said to join Silver Point
- Alcoa profit beats estimates as aluminum smelting unit recovers
- SEC’s high-speed trader plan embraced by funds incl. Invesco
- Allergan said to plan expanded cost cuts amid Valeant defense
- American Airlines said to near $2.6b CFM jet-engine order
- Amazon offers authors all e-book proceeds amid Hachette dispute
- Calpers may not get special protection in bankruptcy: judge
- America Movil to break up Mexico unit amid regulator demands
- Big question for Brazil mkts post-cup concerns protests: SocGen
- Media moguls gather at Allen & Co. conference in Sun Valley
- Wallenberg family’s EQT in hunt for Swedish fiber riches
- Pfizer wins bid to have Celebrex investor suits dismissed
- Short selling falls to lowest point since before crisis: FT
- Finra sending “sweep letters” on retail broker routing: WSJ
- China producer prices fall at slowest pace in 2 years
- Gaza rockets reach Tel Aviv, Jerusalem amid troops build-up
- Fed watcher’s guide to minutes: rate increase date, jobs outlook
EARNINGS:
- Cogeco Cable (CCA CN) Aft-mkt, C$1.23 - Preview
- Helen of Troy (HELE) 4:01pm, $0.93
- MSC Industrial (MSM) 7:30am, $1.07
- WD-40 (WDFC) 4pm, $0.72
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn Falls Near Four-Year Low on Outlook for Record U.S. Harvest
- Gold Gains in London as Palladium Trades Near 13-Year High
- Russia Loans Shrink as Sanctions Spur Bank Retreat: Commodities
- Brent Crude Trades Near One-Month Low With WTI Oil on Supplies
- Ukraine Risk Premium Fading for EU Gas on Ballooning Inventories
- Gold Bulls Run as Holdings in Biggest ETP Erase Decline in 2014
- Aluminum Touches One-Year High as Alcoa Projects Larger Deficit
- Libya Plans Gradual Oil Exports Increase to Avoid Disrupting Mkt
- Steel Rebar in Shanghai Falls as China Factory-Gate Prices Drop
- Rubber Falls to 3-Week Low Amid Concerns China May Cut Imports
- Copper Bulls Returned on LME in Marex Spectron Analysis
- Japan Buys 33,395 Tons of Feed Barley in Tender Today
- Copper Seen by Goldman Grinding Lower as Demand in China Wanes
- Buzzard Share in Forties Crude Drops to 5-Mth low Last Week: BP
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
