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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team