TODAY’S S&P 500 SET-UP – July 18, 2014
As we look at today's setup for the S&P 500, the range is 21 points or 0.47% downside to 1949 and 0.61% upside to 1970.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.01 from 2.00
- VIX closed at 14.54 1 day percent change of 32.18%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:55am: UofMich Consumer Sentiment Index, July prelim., est. 83 (prior 82.5)
- 10am: Leading Economic Indicators, June, est. 0.5% (prior 0.5%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- House, Senate out
- 12pm: Congressional Internet Caucus Advisory Cmte holds panel discussion on NSA surveillance programs
- UN Security Council holds emergency meeting on MH17 crash, may take place at 3pm
- U.S. Election Wrap: Colo. Dead Heat; Immigration Concerns
WHAT TO WATCH:
- Ukraine, Russia point fingers over downed Malaysia plane
- United Nations Security Council to discuss MH17 crash
- Israeli forces carry out Gaza entry via land, sea
- AbbVie to buy Shire Pharmaceutical for $55b in cash, stock
- Line said to seek U.S. IPO with confidential SEC filing
- McDonald’s workers claim co. fired them for union activity
- American Apparel investor said to be close to buying loan
- DoJ alleges FedEx role in delivering misbranded drugs
- SEC looking at 10 firms in probe of high-speed trading
- Microsoft job cuts provoke Finnish demands of worker support
- Energy Future lenders gang up to force talks on rival plan
- Amazon considering subscription service for e-books: NYPost
- Union plans more strikes at 9 German Amazon sites: Bild
- Petsmart talking with investment banks amid activism: WSJ
- Twitter to roll out 4 new metrics with earnings: WSJ
- CBS interested in CNN purchase if channel becomes available
- DirecTV offering NFL package via web at 10 universities
- IMF, Home Sales, Apple, Facebook, Ifo: Week Ahead July 19-26
EARNINGS:
- Bank of New York Mellon (BK) 6:30am, $0.57
- First Horizon National (FHN) 7am, $0.16
- General Electric (GE) 6:30am, $0.39 - Preview
- Honeywell Intl (HON) 7am, $1.36 - Preview
- Huntington Bancshares (HBAN) 5:55am, $0.18
- Interpublic Group (IPG) 7am, $0.25
- Johnson Controls (JCI) 7am, $0.83
- Kansas City Southern (KSU) 8am, $1.17
- Laboratory of America (LH) 7:03am, $1.77 - Preview
- VF Corp. (VFC) 7am, $0.35 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI, Brent Set for First Weekly Gain in a Month on Ukraine, Gaza
- Gold Declines as Investors Weigh Dollar Against Global Tensions
- Cocoa Grinding in Asia Climbs as Demand for Chocolate Increases
- Glencore’s Woman Director Marks Progress for Mining: Commodities
- ANZ Tightened China Commodity Financing Processes ‘A Little’
- WTI Crude Seen Rising in Survey on Falling U.S. Supplies
- MORE: Shanghai Exchange Copper Stockpiles Rise 29% to 108,851 Mt
- Ban on U.S. Oil Exports Seen Dying One Ruling at a Time: Energy
- Corn Volatility Rises as Options Traders Bet on Price Rally
- Wheat Set for Weekly Climb as Investors Assess Black Sea Outlook
- Buzzard Field Power Restored After July 13 Outage, Nexen Says
- Colorado Governor Says He Opposes Measures Restricting Drilling
- Kurdish Oil Grab Fuels Independence Dream as Iraq Unravels
- Copper Traders Bearish for a Second Week as Supplies Seen Ample
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team