TODAY’S S&P 500 SET-UP – July 14, 2014
As we look at today's setup for the S&P 500, the range is 32 points or 0.74% downside to 1953 and 0.89% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.07 from 2.07
- VIX closed at 12.08 1 day percent change of -4.05%
MACRO DATA POINTS (Bloomberg Estimates):
- No major economic reports expected
- 1:30pm: ECB’s Draghi speaks to EU Parliament Committee
GOVERNMENT:
- Sen. Lisa Murkowski plans to meet Commerce Sec. Penny Pritzker this wk to discuss lifting 39-yr-old ban on crude oil exports
- U.S. Treasury Chief China Coordinator Sharon Yuan, key figure negotiating trade pacts involving banking, securities, travels to Brussels for T-TIP talks
- 8:45am: U.S. Energy Information Administration begins 2-day 2014 Energy Conf.
- 5pm: House Rules Cmte meets on H.R. 5021, highway funding bill
WHAT TO WATCH:
- Shire willing to recommend $53.7b takeover by AbbVie
- Citigroup said poised to end mortgage-bond probe for $7b
- Aecom Technology agrees to buy URS Corp. for $4b
- Whiting to purchase Kodiak for $3.8b to lead Bakken
- Lindt to buy Russell Stover to expand in N. America
- GE’s CFM gets $2.6b American Airlines A320 engines order
- Bank of China leasing unit said to near Airbus, Boeing deals
- Generali sells Swiss private bank BSI to BTG Pactual for $1.7b
- KKR is said to buy stake in BlackGold
- EBay in partnership to stream Sotheby’s sales worldwide: NYT
- Israel strikes back against fire from Gaza, northern neighbors
- T-Mobile says potential Sprint review could last 2 yrs: HSBC
- Singapore GDP unexpectedly shrinks as manufacturing declines
- U.S. gasoline falls to $3.6699 a gallon in Lundberg Survey
EARNINGS:
- Bank of Ozarks (OZRK) 5pm, $0.34
- Citigroup (C) 8am, $1.05 - Preview
- Peregrine Pharmaceuticals (PPHM) 4pm, ($0.07)
- Sirius XM Canada (XSR CN) 4:09pm, C$0.01
- Wintrust Financial (WTFC) 4:01pm, $0.72
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palm Oil Enters Bear Market as U.S. Sees Record Soybean Reserves
- Standard Chartered Sues Decheng Owner Chen for $35.6 Million
- Goldman Stays Gold Bear as Bullish Wagers Increase: Commodities
- Sugar Market Reversal Seen by Rabobank as Demand Tops Supply
- Oil Contango Close to Incentivizing Storage of Crude on Tankers
- Zinc Trades at Highest in Almost Three Years as Stocks Shrink
- East Libya Rebels Commit to Keep Open Largest Crude Export-Port
- Sugar Rises as Surpluses Seen Ending in 2014-15; Coffee Advances
- Nickel Market Seen by Citi Depleted Faster Than Expected on Ban
- Natural Gas Supply Gains Keep Driving Bulls From Market: Energy
- Gold Drops as Advance to Four-Month High Spurs Investors to Sell
- Whiting’s $3.8 Billion Kodiak Deal Crowns New Bakken Shale King
- Iron Ore Seen Rangebound This Half Before 2015 Slump, Citi Says
- Corn Extends Drop to 4-Year Low as Global Supplies Seen Climbing
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team