TODAY’S S&P 500 SET-UP – July 15, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.17% downside to 1954 and 0.40% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.08 from 2.09
- VIX closed at 11.82 1 day percent change of -2.15%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: Retail Sales, m/m, June, est. 0.6% (prior 0.3%)
- Retail Sales Ex Auto, m/m, June, est. 0.5% (prior 0.1%)
- 8:30am: Empire Manufacturing, July, est. 17 (prior 19.28)
- 8:55am: Redbook weekly sales
- 10am: Business Inventories, May, est. 0.6% (prior 0.6%)
- 10am: Fed’s Yellen Gives Semi-Annual Testimony to Senate panel
GOVERNMENT:
- FEC reporting deadline for some PACs and parties
- 10am: FDIC board meets in open session
- 10am: CBO releases long-term budget outlook
- 10am: DoD spending bill mkup at Senate Appros. subctme
- 10am: Senate Judiciary Cmte hearing on S.1696 to prohibit certain limits, requirements for abortion service access
- 10am: Subcmte on oversight & investigations of House Fin Svcs Cmte on DoJ’s Operation Choke Point consumer lending program
- 2pm: Joint Economic Cmte holds hearing to assess 5 years of economic recovery
- 4pm: Reps. Nancy Pelosi, John Larson, introduce companion to Senate’s proposed campaign finance constitutional amendment
- U.S. ELECTION WRAP: Drs. for Congress; Bechtel, Schwab Giving
WHAT TO WATCH:
- Fed Chair Yellen gives semi-annual testimony to Senate
- U.S. said to push EU envoys for additional Russia sanctions
- Boeing said to be near orders from lessors of $9.2b in planes
- Airbus’s $21b in sales tops Boeing at Farnborough opening
- Draft U.S. defense bill funds 34 F-35 JSFs, extra ship
- German Zew investor confidence falls for seventh month
- Sprint said to plan for long U.S. review of T-Mobile purchase
- Citi, Discover, others to report June credit-card charge-offs
- Microsoft said to announce job cuts as soon as this week
- U.S. DoJ probes price coordination among music publishers: WSJ
- Facebook, Nielsen to track TV viewing habits on devices
- Alibaba, Lions Gate to start China video streaming service
- Staples, Postal Service end plans for mini offices: WSJ
- Novartis to license Google’s “smart lens” technology
- Oil, railroad lobbies offer plan to phase out old tank cars
- More energy cos. seen seeking condensate export access
- U.S.’s Levin calls AbbVie deal tax inversion “wake-up call”
- N.Y. AG says data breaches more than tripled in 2006-13
- FedEx says U.S. DoJ to treat asbestos case as criminal
- President Obama to deliver speech on economy in McLean, Va.
AM EARNS:
- Comerica (CMA) 6:40am, $0.76
- Commerce Bancshares (CBSH) 7:00am, $0.68
- Goldman Sachs Group (GS) 7:35am, $3.09 - Preview
- JB Hunt Transport Services (JBHT) 8:30am, $0.79 - Preview
- Johnson & Johnson (JNJ) 7:45am, $1.55 - Preview
- JPMorgan Chase & Co (JPM) 6:59am, $1.31 - Preview
- Wolverine World Wide (WWW) 6:30am, $0.27
PM EARNS:
- AAR (AIR) 4:05pm, $0.41
- ADTRAN (ADTN) 8:15pm, $0.30
- Boston Private Financial (BPFH) 4:05pm, $0.20
- Cintas (CTAS) 4:15pm, $0.75
- CSX (CSX) 4:01pm, $0.52
- Intel (INTC) 4:01pm, $0.52 - Preview
- Interactive Brokers Group (IBKR) 4:01pm, $0.29
- Pinnacle Financial Partners (PNFP) 5:30pm, $0.48
- Yahoo! (YHOO) 4:05pm, $0.38 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Front-Month Contango at $1/Bbl for First Time in 4 Years
- Brent Crude Falls to Three-Month Low on Supply; WTI Near $100
- Asia Chocolate Binge Compounds World Cocoa Shortage: Commodities
- Albemarle to Buy Rockwood in Cash & Stock Deal Valued at $6.2b
- Zinc Lured East as Mitsui Sees Support for Premiums in Asia
- Copper Slips Before Yellen Testifies to Legislators on Policy
- Crop Sowing in India Seen Gathering Pace as Monsoon Revives
- North Dakota Expects ‘Big Surge’ in Oil Output Through Aug.
- Corn to Soybeans Decline as U.S. Crops in Best Shape Since 1994
- Marcellus Natural Gas in Northeast Drives Record U.S. Output
- Steel Rebar Falls as Investors Sell After China FDI, Loan Data
- Palm Imports by India Drop for Second Month as Sunflower Climbs
- U.S. Condensate Producers Seen Jumping on Export Bandwagon
- Strong El Nino Seen Unlikely by Australia as Pacific Ocean Cools
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team