THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 17, 2014


As we look at today's setup for the S&P 500, the range is 26 points or 1.14% downside to 1959 and 0.17% upside to 1985.                                  

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.03 from 2.04
  • VIX closed at 11 1 day percent change of -8.03%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Housing Starts, June, est. 1.020m (prior 1.001m)
  • 8:30am: Init Jobless Claims, wk 7/12, est. 310k (pr 304k)
  • Continuing Claims, week of July 5, est. 2.580m (prior 2.584m)
  • 8:30am: Building Permits, June, est. 1.03m (prior 991k)
  • 9:45am: Bloomberg Consumer Comfort, July 13, (prior 37.6)
  • 9:45am: Bloomberg Economic Expectations, July (prior 48.5)
  • 10am: Philadelphia Fed, July, est. 16 (prior 17.8)
  • 1:35pm: Fed’s Bullard speaks in Owensboro, Ky.

GOVERNMENT:

    • 6am: Quinnipiac poll results incl. Obama’s approval rating, 2016 presidential race
    • 10am: House Budget Cmte hearing Obama Overseas Contingency Ops. funding request
    • 10am: GM CEO Mary Barra before Senate Commerce panel on consumer protection, product safety and insurance
    • 10am: Justice Dept. officials at Sen. Foreign Relations Cmte on minors at the border
    • 10:30am: Senate Appros. Cmte marks up defense spending bil
    • 11:30am: House Speaker John Boehner holds news conference
    • U.S. ELECTION WRAP: Polls in Iowa, N.C., Mich., Colo.; 2Q Money

WHAT TO WATCH:

  • U.S. expands Russia sanctions to banks, energy, weapons cos.
  • Western cos. examine Russia businesses as sanctions spread
  • Putin says U.S. sanctions leading relations to “dead end”
  • Liberty Global buys ITV stake from BSkyB for $824m
  • Largest-ever Microsoft firings expected today: NYT
  • Starbucks sees more Apple-like shops; planning new flagship
  • Ford to debut 25 new models in Africa, Middle East by 2016
  • GM CEO Barra to face congressional questions for fourth time
  • >2m GM cars with same ignition switches safe: Reuters
  • VW planning task force to tackle technology updates in cars
  • S&P gain has investors worrying about bubble: Bloomberg poll
  • U.S. foreclosures drop to level preceding mortgage bust
  • LinkedIn reaches settlement with hackers over fake profiles
  • Microsoft says Xbox sales double in June after price cut

AM EARNS:

    • Alliance Data Systems (ADS) 7:30am, $2.73
    • AutoNation (AN) 6:15am, $0.87
    • Baker Hughes (BHI) 6am, $0.90 - Preview
    • Baxter Intl (BAX) 7am, $1.22 - Preview
    • Blackstone (BX) 7am, $0.72
    • Canadian Pacific Railway (CP CN) 7:30am, C$2.09 - Preview
    • Cypress Semiconductor (CY) 8am, $0.12
    • Danaher (DHR) 6am, $0.94
    • Dover (DOV) 7am, $1.28
    • Fairchild Semiconductor (FCS) 7:30am, $0.11
    • Fifth Third Bancorp (FITB) 6:30am, $0.43
    • KeyCorp (KEY) 6:30am, $0.26
    • M&T Bank (MTB) 8:01am, $1.90
    • Mattel (MAT) 6am, $0.18 - Preview
    • Morgan Stanley (MS) 7:15am, $0.56 - Preview
    • Philip Morris Intl (PM) 6:59am, $1.24 - Preview
    • PPG Industries (PPG) 8:11am, $2.78
    • Sherwin-Williams (SHW) 7am, $2.93
    • Snap-on (SNA) 7am, $1.68
    • Sonoco Products (SON) 7:30am, $0.65
    • UnitedHealth (UNH) 6am, $1.26 - Preview
    • Webster Financial (WBS) 7:55am, $0.51
    • WW Grainger (GWW) 7:30am, $3.10

PM EARNS:

    • Advanced Micro Devices (AMD) 4:15pm, $0.03
    • Athenahealth (ATHN) 4:01pm, $0.22
    • Capital One Financial (COF) 4:05pm, $1.82
    • Celanese (CE) 5pm, $1.24
    • Google (GOOG) 4:02pm, $6.25 - Preview
    • Intl Business Machines (IBM) 4:07pm, $4.31 - Preview
    • People’s United Financial (PBCT) 4:03pm, $0.20
    • Resources Connection (RECN) 4pm, $0.18
    • Schlumberger (SLB) Aft-Mkt, $1.36 - Preview
    • Seagate Technology (STX) 4:01pm, $1.10
    • Skyworks Solutions (SWKS) 4:15pm, $0.80
    • Stryker (SYK) 4pm, $1.08 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Gains on Russia Sanctions as Palladium Reaches 13-Year High
  • Thai Sugar Output Seen Climbing to Record as Farmers Shun Rice
  • LNG Cargoes to U.K. Drive Biggest Price Drop Since ’09: Freight
  • Palm Reserves in Indonesia Drop to Two-Month Low as Output Falls
  • WTI Crude Rises to Four-Day High on Stockpile Drop; Brent Gains
  • China Three Years Late on Installing Offshore Wind Farms: Energy
  • Rio CEO Sees Iron Ore Trading Around $100 as Profit Gains
  • Rubber Rises Most in Three Weeks as China Demand Concerns Ease
  • Most Industrial Metals Drop for Second Day on Rising Supplies
  • Corn Drops as U.S. Crop Outlook Boosts Global Supply Prospects
  • India June Coal Imports Rise 4% Y/Y to 16.1 Mln Mt: Interocean
  • China June Copper Output Rises 1.4% M/M to 623,000 Tons
  • China Grid-Related Copper Demand Seen Near 15% of Total: Goldman
  • California Almonds Saved by Using Water for Veggies: Commodities

 

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team