TODAY’S S&P 500 SET-UP – July 10, 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):
- 8:30am: Initial Jobless Claims, July 5 est. 315k (prior 315k)
- Continuing Claims, June 28 est. 2.565m (prior 2.579m)
- 8:30am: Bloomberg July U.S. Economic Survey
- 9:45am: Bloomberg Consumer Comfort, July 6 (prior 36.4)
- 10am: Wholesale Inventories m/m, May, est. 0.6% (prior 1.1%)
- Wholesale Trade Sales m/m, May (prior 1.3%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 1:15pm: Fed’s George speaks in Shawnee, Okla.
GOVERNMENT:
- House, Senate in session
- Obama attends DNC event in Austin before delivering a speech on the economy
- 6:30am: Sec. of State John Kerry, Treasury Sec. Jack Lew hold press conf. after meeting Chinese President Xi Jinping
- 10am: SEC’s Investor Advisory Cmte public meeting; topics incl. market structure
- 10am: House Finl Svcs Cmte hearing on Fed accountability
- 10am: House Ways and Means markup incl. highway transportation H.R. 5021
- 2:30pm Homeland Security Sec. Johnson, HHS Sec. Mathews Burwell at Senate Appros. Cmmte on Obama border spending request
- U.S. ELECTION WRAP: Senate Avoids Gun Debate; Immigration
WHAT TO WATCH:
- Bullard says unemployment drop to push inflation above 2%
- IBM invests $3b in chips amid talks to sell division
- China exports trail estimates as global demand limited
- Prime money funds to float price in plan said headed to SEC
- American Apparel strikes $25m rescue deal with investor
- Apple bid for Samsung sales ban pitched as more modest
- McDonald’s Puerto Rican franchisees say co. broke FTC rule
- Mohegan Sun chases new mkts as Connecticut casino sales slide
- Slim plots Peru to Brazil spending as Mexico unit splinters
- Aereo can operate like cable TV after Supreme Court case
- Burberry sales to Chinese ease concern of fading luxury luster
- June U.S. comp. sales seen inline, helped by weather
- Gtech to make offer for Intl Game Technology soon: Repubblica
- Google to create $100m European venture capital fund: FT
- Bank of England signals skepticism over lenders’ risk modeling
- China said to probe alleged money laundering by Bank of China
- Israel calls up 20,000 troops for possible Gaza ground invasion
EARNINGS:
- Barracuda Networks (CUDA) 4:15pm, $0.03
- Corus Entertainment (CJR/B CN) 7am, C$0.51
- Family Dollar Stores (FDO) 7am, $0.89
- PriceSmart (PSMT) 4pm, $0.70
- Progressive (PGR) 8:40am, $0.49
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Heads for Record-Long Slump on Supplies; Brent Slides
- Standard Bank Starts Legal Proceedings in China as Aluminum Held
- Shale Seen Shifting Flows at America’s Biggest Oil Port: Energy
- Gold’s ‘Mr. Fixit’ Using Low-Cost Model on Platinum: Commodities
- OPEC Sees Lowest Demand for Its Crude Since 2009 Amid U.S. Boom
- Sugar Output in India Climbing as Dams Counter Rain Shortage
- Gold Climbs to 3-Month High as Palladium at Highest Since 2001
- Aluminum Premiums Seen Dropping in Reprieve for Beer Makers
- Citigroup Sees More Copper Held Out of China in Financing Shift
- Tin Shipments From Indonesia Hold Near Five-Month High in June
- Corn Holds Below $4 as Soybeans Set for Longest Slump Since 1981
- China Copper Imports to Weaken in July Amid Qingdao Probe: ANZ
- No End in Sight for German Power-Price Volatility at 10-Year Low
- Gold in India Jumps Most Since September as Jaitley Keeps Curbs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
