TODAY’S S&P 500 SET-UP – July 22, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 0.79% downside to 1958 and 0.58% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.00 from 1.98
- VIX closed at 12.81 1 day percent change of 6.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: CPI m/m, June, est. 0.3% (prior 0.4%)
- 8:55am: Redbook weekly sales
- 9am: FHFA House Price Index m/m, May, est. 0.2% (prior 0.0%)
- 10am: Richmond Fed Manufacturing Index, July, est. 5 (prior 3)
- 10am: Existing Home Sales, June, est. 4.99m (prior 4.89m)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 9:30am: Senate Permanent Subcmte on Investigations hearing on abuse of fin’l products to avoid taxes w/testimony from Renaissance Tech’s Peter Brown, Mark Silber, Jonathan Mayers
- 10:30am: Senate Energy and Nat. Resources Cmte hearing on federal rev. from oil, gas, and mineral prod. on public lands
- 11:30am: U.S. Chamber of Commerce press call on SEC’s vote on imposing add’l reform rule on money mkt mutual funds
- 2pm: Senate Veterans Affairs Cmte hears Robert McDonald on his VA secretary nomination
- U.S. ELECTION WRAP: Georgia Runoff; Adelson May Inject Cash
WHAT TO WATCH:
- Credit Suisse to exit commodities after biggest loss since 2008
- Apache faces breakup push in Jana’s $1b activist stake
- Pershing Square’s Ackman’s Herbalife presentation at 10am
- U.S. senate finance cmte 10am hearing on tax code, inversions
- Malaysian Air likely near end as publicly traded company
- AMS ends talks to buy Dialog to create $4.5b chipmaker
- Yahoo said to buy startup flurry for more than $300m
- Tesla idles California plant adding robots to build electric SUV
- Papa John’s, Burger King, Dicos stop using Chinese meat supplier
- Kindred raises offer for Gentiva, matching mystery bidder
- Putin risks isolation as rebels release MH17 crash victims
AM EARNS:
- Allegheny Technologies (ATI) 7:30am, $0.01
- Altria Group (MO) 6:58am, $0.66 - Preview
- Carlisle (CSL) 6am, $1.18
- Centene (CNC) 6am, $0.72
- CIT Group (CIT) 6:30am, $0.84
- Coca-Cola (KO) 7:30am, $0.63 - Preview
- Comcast (CMCSA) 7am, $0.72 - Preview
- Domino’s Pizza (DPZ) 7:30am, $0.66
- EI du Pont de Nemours (DD) 6am, $1.17 - Preview
- Exact Sciences (EXAS) 7:30am, $(0.24)
- FirstMerit (FMER) 7:30am, $0.36
- Gannett (GCI) 8:30am, $0.64
- Harley-Davidson (HOG) 7am, $1.46
- Ingersoll-Rand (IR) 7am, $1.10
- Kimberly-Clark (KMB) 7:30am, $1.50 - Preview
- Lexmark Intl (LXK) 6:30am, $0.93
- Lockheed Martin (LMT) 7:25am, $2.66 - Preview
- McDonald’s (MCD) 7:58am, $1.44 - Preview
- Mead Johnson Nutrition (MJN) 6:59am, $0.89
- Neogen (NEOG) 8:45am, $0.21
- Omnicom Group (OMC) 7am, $1.16
- Peabody Energy (BTU) 8am, $(0.29) - Preview
- Polaris Industries (PII) 6am, $1.39
- Regions Financial (RF) 7am, $0.21
- Rockwell Collins (COL) 7:30am, $1.17
- State Street (STT) 7:12am, $1.26
- Synovus Financial (SNV) 7am, $0.35
- TD Ameritrade (AMTD) 7:30am, $0.34
- Travelers (TRV) 6:57am, $2.07
- United Technologies (UTX) 6:59am, $1.70 - Preview
- Verizon Communications (VZ) 6:30am, $0.90 - Preview
PM EARNS:
- ACE (ACE) 4:05pm, $2.23
- Apple (AAPL) 4:30pm, $1.23 - Preview
- Broadcom (BRCM) 4:05pm, $0.61
- Covanta Holding (CVA) 4:01pm, $0.01
- Cubist Pharmaceuticals (CBST) 4pm, $0.01
- Discover Financial Services (DFS) 4:05pm, $1.29
- Eagle Materials (EXP) 4:15pm, $0.87
- Electronic Arts (EA) 4:01pm, $(0.04)
- FMC Technologies (FTI) 4pm, $0.63
- FNB (FNB) 4:30pm, $0.21
- Fulton Financial (FULT) 4:30pm, $0.22
- Hatteras Financial (HTS) 4:30pm, $0.59
- • Idex (IEX) 4:05pm, $0.86
- Intuitive Surgical (ISRG) 4:05pm, $2.82
- Juniper Networks (JNPR) 4:05pm, $0.38- Preview
- Linear Technology (LTC) 5:01pm, $0.56
- Microsoft (MSFT) 4:01pm, $0.60
- Nabors (NBR) 4:06pm, $0.23
- Robert Half Intl (RHI) 4:02pm, $0.52
- Total System Services (TSS) 4pm, $0.45
- VMware (VMW) 4:01pm, $0.79
- Xilinx (XLNX) 4:20pm, $0.61
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Credit Suisse to Exit Commodities, Posts Biggest Loss Since 2008
- Zinc Nears Three-Year High as Aluminum Advances in Bull Market
- Metal ETFs Lure Investors at Fastest Pace Since ’09: Commodities
- Europe White Sugar Exports Seen Jumping by Kingsman in 2017-2018
- Soybeans Slide Fourth Day as U.S. Crop in Best Shape Since 1994
- Gold Declines in London as Fed Outlook Curbs Investor Demand
- Sugar Drops With World Surplus Weighing on Market; Coffee Falls
- China Seen Boosting Soybean Imports as Animal Feed Demand Rises
- Palm Nears 10-Month Low as Soybeans Extend Declines on U.S. Crop
- Rebar Rises From 1-Month Low on Signs of Strengthening Demand
- ANZ Bank Raises Nickel Price Ests. as Indonesia Ban Hurts Supply
- WTI Rises for Second Day Before Stockpiles Data; Brent Gains
- Record Corn Crop Potential in Western Illinois, Doane Tour Shows
- Sugar Seen Hovering Around 16-17 Cents by Kingsman Rest of Year
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team