TODAY’S S&P 500 SET-UP – July 16, 2014
As we look at today's setup for the S&P 500, the range is 29 points or 0.88% downside to 1956 and 0.59% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.07 from 2.07
- VIX closed at 11.96 1 day percent change of 1.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 6am: ECB publishes report on international role of euro
- 7am: MBA Mortgage Applications, week of July 11 (prior 1.9%)
- 8:30am: PPI Final Demand, m/m, June, est. 0.2% (prior -0.2%)
- 9am: Net Long-Term TIC Flows, May, est. $25b (prior -$24.2b)
- 9:15am: Industrial Prod., m/m, June, est. 0.3% (prior 0.6%)
- 10am: NAHB Housing Market Index, July, est. 50 (prior 49)
- 10am: Fed’s Yellen gives semi-annual testimony to House cmte
- 10am: Bank of Canada seen maintaining 1% benchmk interest rate
- 10:30am: DOE Energy Inventories
- 12pm: Fed’s Fisher speaks in Los Angeles
- 2pm: Fed releases Beige Book
GOVERNMENT:
- U.S. House passes short-term fix for Highway Trust Fund
- Hillary Clinton doesn’t comment on 2016 bid on Daily Show
- 9:30am: Senate Commerce, Armed Services Cmtes hold joint hearing on domestic space access
- 10am: House Rules Cmte considers resolution allowing House of Representatives to sue President Obama
- 10am: House Budget Cmte hears from CBO Director Douglas Elmendorf on long-term budget outlook
- 10am: Senate Banking subcmte holds “What Makes a Bank Systemically Important?” hearing
- 10am: Senate Veterans Affairs Cmte hears from acting VA Secretary Sloan Gibson on state of VA health care
- 11:15am: Sens. Blumenthal, D-Conn., Casey, D-Pa., hold news conf. to introduce bill that would “make it a crime for a corporate officer to knowingly conceal the fact that a corporate action or product poses a danger of death or serious physical injury to consumers and workers”
- 1:15pm: Reps. Fitzpatrick, R-Pa., Murphy, R-Pa., hold conf. call on H.R. 3717, a bill that would address “the need to fix our nation’s broken health system”
WHAT TO WATCH:
- Bipartisan bill targets FSOC secrecy; Treasury concerned
- Obama administration seeks swift curb on offshore tax deals
- IBM, Apple to cooperate on business solutions software
- IGT to be bought by GTech for $18.25/share
- Uber valuation may exceed $200b: Google Ventures head
- Intel CEO sees evidence of renewed interest in consumer PC
- Alibaba valued at as much as $150b in private trades: WSJ
- Co. said likely to sell more shares in IPO as Yahoo holds
- 3M to buy Sumitomo Electric’s stake in venture for $885m
- Microsoft to cut 1,000 Finnish jobs: Helsingin Sanomat
- U.S. oil export ban won’t be lifted this year: Congressman
- Amazon Web Services expects to cut prices further: Fortune
- Tesla Model III may have range of >200 miles: Auto Express
- Model S to be focus of hacking contest in Beijing
- Jet makers slim engine choices; cut airline leverage: WSJ
- F-35 jets won’t fly to Farnborough due to U.S. restrictions
- GM withheld information on fatal crashes: NYT cites documents
AM EARNS:
- Abbott Laboratories (ABT) 7:44am, $0.51 - Preview
- Bank of America (BAC) 7am, $0.29 - Preview
- BlackRock (BLK) 6:30am, $4.46
- Charles Schwab (SCHW) 8:45am, $0.22
- First Republic Bank (FRC) 7am, $0.76
- iGATE (IGTE) 6:35am, $0.47
- MGIC Investment (MTG) 7am, $0.14
- Northern Trust (NTRS) 7:30am, $0.84
- PNC Financial (PNC) 6:30am, $1.78
- St Jude Medical (STJ) 7:30am, $1.00 - Preview
- Textron (TXT) 6:30am, $0.46 - Preview
- US Bancorp (USB) 7:15am, $0.77
PM EARNS:
- East West Bancorp (EWBC) 5:50pm, $0.58
- eBay (EBAY) 4:15pm, $0.68 - Preview
- Kinder Morgan (KMI) 4:05pm, $0.30
- Las Vegas Sands (LVS) 4:01pm, $0.90
- Plexus (PLXS) 4pm, $0.72
- SanDisk (SNDK) 4:05pm, $1.39
- Select Comfort (SCSS) 4:01pm, $0.14
- United Rentals (URI) 4:15pm, $1.46
- Yum! Brands (YUM) 4:15pm, $0.73 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Forecasts Lower Commodity Prices as Super-Cycle Ends
- WTI Rises From Two-Month Low on Cushing Supply; Brent Recovers
- Gold Fixing Banks Said to Propose Changes to Pricing Process
- Trafigura Targets Indian Manufacturers With Online Metals Store
- China Banks Said to Have $3.2 Billion Exposure in Qingdao Probe
- Gold Trades Near 3-Week Low as Dollar Weighed With Middle East
- Japan Nuclear Safety Report Seen Having ‘Marginal’ Impact on LNG
- Zinc Trades Near 35-Month High as China’s Growth Tops Estimates
- European Commission Prolongs Deadline for Decision on Opal Pipe
- Raw-Sugar Spread Seen Widening on Brazil to India Supply Risks
- UBS Commodity Analyst Tom Price Leaves Bank, Spokeswoman Says
- European Naphtha Shipments to Asia to Rise in July From June
- Carbon Price Quadrupling Has Same Impact on U.K. as 32% Oil Gain
- Indonesia Says Could Terminate Newmont Unit’s Contract
- Largest Lithium Deal Spurred by Smartphones, Teslas: Commodities
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
