TODAY’S S&P 500 SET-UP – July 21, 2014
As we look at today's setup for the S&P 500, the range is 26 points or 0.97% downside to 1959 and 0.34% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 2.00
- VIX closed at 12.06 1 day percent change of -17.06%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity Index, June (prior 0.21)
- 11:30am: U.S. to sell $26b 3-mo. bills, $24b 6-mo. bills
GOVERNMENT:
- Senate in session; House schedule TBA
- President Obama meets with Hispanic Caucus on immigration
- 12:30pm: Transportation Sec. Anthony Foxx at Natl Press Club
- WASHINGTON WEEKLY AGENDA
- U.S. ELECTION WRAP: Voter Attitude Shift on Immigration; Kochs
WHAT TO WATCH:
- Russia’s Severstal sells U.S. steel plants for $2.3b
- Reynolds loss in $23b smoker verdict likely to be cut
- Murdoch said to mull Sky proceeds to boost Time Warner bid
- Elliott Management takes over $1b stake in EMC Corp.: WSJ
- McDonald’s, Yum suspend orders from Chinese meat supplier
- Capital Research sells most of Allergan stake, WSJ reports
- U.K. prosecutors said close to opening FX-rigging probe
- General Motors tells dealers to halt sales of some Cadillacs
- Air Force examines anomalies as SpaceX seeks launch work
- Trinity guardrail whistle-blower case results in mistrial
- Gilead drug combination cures Hepatitis C in HIV patients
- Perrigo, Actelion lead tax-relief targets for U.S. drugmakers
- Putin says MH17 crash shouldn’t be used for political aims
- Bloody battle spurs diplomatic efforts to end Gaza conflict
- Court bars Nokia India from Chennai unit sale without approval
- Google mulls transforming NYC payphones into Wi-Fi hot spots
- Finance industry bonus suffering in poll as rev. disappoints
- Tesco replaces Clarke as CEO as grocer warns on profit again
AM EARNS:
- BB&T (BBT) 5:45am, $0.75
- Halliburton (HAL) 7am, $0.91 - Preview
- Hasbro (HAS) 6:30am, $0.36 - Preview
- Manpowergroup (MAN) 7:30am, $1.33
- SunTrust Banks (STI) 6am, $0.77
PM EARNS:
- BancorpSouth (BXS) 5pm, $0.33
- Brookfield Canada Office Properties (BOX-U CN) 5pm, C$0.41
- Brown & Brown (BRO) 4:30pm, $0.41
- Cadence Design Systems (CDNS) 4:10pm, $0.20
- Canadian National Railway (CNR CN) 4:01pm, C$1.00 - Preview
- Chipotle Mexican Grill (CMG) 4:02pm, $3.09
- Crown (CCK) 5:03pm, $1.00
- CYS Investments (CYS) 4:05pm, $0.33
- Hexcel (HXL) 4:06pm, $0.55
- Netflix (NFLX) 4:05pm, $1.15
- Rambus (RMBS) 4:05pm, $0.15
- Rent-A-Center (RCII) 4:32pm, $0.37
- Sanmina (SANM) 4:05pm, $0.47
- Steel Dynamics (STLD) 6pm, $0.30
- Texas Instruments (TXN) 4:30pm, $0.59
- Waste Connections (WCN) 4:05pm, $0.52
- Woodward (WWD) 4pm, $0.60
- Zions Bancorp (ZION) 4:10pm, $0.45
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Steady as Supply Seen Safe Amid Russia Standoff; WTI Falls
- Hedge Funds Cut Bullish Gold Wagers as Rally Snaps: Commodities
- Corn Slumps to Four-Year Low as Global Supplies Seen Increasing
- Gold Gains in London as Unrest Weighed Against U.S. Outlook
- Speculators Cutting Bullish Oil Bets Miss Ukraine Rally: Energy
- Morgan Stanley Hires Former UBS Commodity Analyst Tom Price
- China’s Copper Exports Rise to 15-Month High Amid Qingdao Probe
- Two Indonesian Ore Miners Resume Concentrate Exports After Ban
- Nickel Reaches Lowest Price in Almost Four Weeks on Supply View
- McDonald’s, Yum Suspend Orders From Chinese Meat Supplier
- Gold Diggers Revive French Exploration as Prices Drive Hunt
- U.K. Gas Extends Declines as Ample Supplies Offset Ukraine Risk
- Russia Sold 300K Mt of Wheat to Indonesia Since May: Minister
- Iran Seen Keeping Oil Sales Steady as Nuclear Talks Extended
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team