TODAY’S S&P 500 SET-UP – July 11, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 0.59% downside to 1953 and 1.03% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.08 from 2.08
- VIX closed at 12.59 1 day percent change of 8.07%
MACRO DATA POINTS (Bloomberg Estimates):
- 1pm: Baker Hughes rig count
- 2:00pm: Monthly Budget Stmt, June, est. $79.0b
GOVERNMENT:
- House will vote on H.R. 4718, legislation to make bonus depreciation permanent; White House said it would veto the bill
- Commerce Dept releases final decision on anti-dumping, countervailing duties on oil country tubular goods from 9 countries including Korea
- U.S. ELECTION WRAP: Poll Accuracy; Attack Ads; Fundraising
WHAT TO WATCH:
- Reynolds said near deal to buy Lorillard with BAT blessing
- Whirlpool to buy $1b Indesit stake in European expansion
- AbbVie said to nudge top Shire investors to urge deal talks
- Farnborough air show to focus on existing models
- Espirito Santo discloses EU1.2b exposure to GES
- Alibaba nears SEC assent as biggest IPO causes few U.S. ripples
- Gap falls after posting unexpected drop in June comp sales
- Caesars said to tap Kirkland & Ellis to lead restructuring talks
- Nowotny says no ECB action needed now as stimulus takes hold
- Oil demand seen by IEA rising fastest since ’10 on China growth
- July WASDE for corn, soybean, cotton, wheat released at noon
- SoundCloud music service said to near deals with record labels
- Apple bid for Samsung U.S. sales ban pitched as more modest
- China, U.S. highlight steps on yuan, investment pact post talks
- VW outsells GM in China to remain on track for repeat sales win
- Google to send executives to Europe to discuss privacy: NYT
- German, French business lobbies criticize U.S. bank fines: FAZ
- Yellen Testimony, China GDP, GM, JPMorgan: Wk Ahead July 12-19
EARNINGS:
- Fastenal (FAST) 6:50am, $0.44 - Preview
- Wells Fargo (WFC) 8am, $1.01 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- CME/Thomson Reuters to Run Replacement for Silver Fix in August
- Grain Prices Seen Falling in OECD-FAO Outlook as Supply Rises
- Palm Oil Imports by India Sliding as Buyers Like Sunflowers
- Milk Output Gain Poised to Spur 5-Year Global Glut: Commodities
- WTI Set for Third Weekly Drop as Supply Risks Ease; Brent Falls
- Sugar Output in India to Rise First Time in Three Years on Yield
- MORE: Shanghai Exchange Copper Inventory Rises to 5-Week High
- Record U.S. Soybean Crop Spurs Storage Crunch as Prices Drop
- Tin Losing to Nickel as Indonesia Calls Shots: Chart of the Day
- Prepare for Oil to Keep Falling on Libya to U.S. Supply: Energy
- Gold Heads for Longest Weekly Rally Since March on Haven Demand
- Rapeseed Prices Seen Extending Decline on Ample European Supply
- Gold Traders Resume Bullish Outlook as Haven Demand Increases
- Pollution Permits to Gain 28% as EU Cuts Glut: Carbon & Climate
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team