TODAY’S S&P 500 SET-UP – July 23, 2014
As we look at today's setup for the S&P 500, the range is 23 points or 1.09% downside to 1962 and 0.07% upside to 1985.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.99 from 1.99
- VIX closed at 12.24 1 day percent change of -4.45%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, July 18 (prior -3.6%)
- 10:30am: DOE Energy Inventories
GOVERNMENT:
- 8:45am: FDIC Advisory Cmte on Community Banking meets
- 9am: Treasury Sec. Lew speaks on multilateral develp. banks
- 9am: Bipartisan Policy Center forum on energy, Tom Fanning, CEO of the Southern Co. (11am keynote), Energy Sec. Ernest Moniz, Bank of America Chairman Chad Holliday among speakers
- 9:30am: Senate Environment Cmte hearing on EPA proposed carbon pollution standards for existing power plants
- 10am SEC meeting on potential money market fund rule change
- 10am: State Dept.’s Brett McGurk at House Foreign Affairs Cmte on Iraq terrorism response
- 10am: House Homeland Security Cmte holds hearing on unfulfilled recommendations after Sept. 11 attacks
- U.S. ELECTION WRAP: Kingston Versus Perdue; Obamacare Ruling
- Perdue wins Georgia U.S. Senate Republican runoff to face Nunn
WHAT TO WATCH:
- Rebel stronghold holds breath as shellfire escalates in Donetsk
- Daimler 2Q earnings rise 12% on S-Class Sedan
- EU said to weigh extra Google concessions in antitrust probe
- Apple hints new products near with bigger iPhones looming
- Japan blocks imports from supplier as China meat scare spreads
- LinkedIn to buy Bizo for $175m to expand marketing tools
- Money-market funds getting new regime aimed at preventing runs
- Deutsche Bank drops on report N.Y. Fed faulted oversight
- Calstrs asked Pepsi to give Nelson Peltz seat on board: FT
AM EARNS:
- Air Products & Chemicals (APD) 6am, $1.45
- Amphenol (APH) 8am, $1.05
- Biogen Idec (BIIB) 7am, $2.83
- Boeing (BA) 7:30am, $1.98 - Preview
- Delta Air Lines (DAL) 7:30am, $1.03 - Preview
- Dow Chemical (DOW) 7am, $0.72
- EMC (EMC) 6:52am, $0.43 - Preview
- Freeport-McMoRan (FCX) 8am, $0.52 - Preview
- General Dynamics (GD) 7am, $1.77
- Hercules Offshore (HERO) 7am, $0.01 - Preview
- Janus Capital Group (JNS) 7am, $0.18
- New York Community Bancorp (NYCB) 8am, $0.26
- Norfolk Southern (NSC) 8am, $1.74 - Preview
- Northrop Grumman (NOC) 7am, $2.22 - Preview
- Owens Corning (OC) 7:28am, $0.44
- PepsiCo (PEP) 7am, $1.23 - Preview
- Praxair (PX) 6:02am, $1.59
- Ryder System (R) 7:55am, $1.39
- SEI Investments Co (SEIC) 8:30am, $0.42
- Simon Property Group (SPG) 7am, $0.94 - Preview
- TE Connectivity (TEL) 6am, $0.99
- Thermo Fisher Scientific (TMO) 6am, $1.62
- Tupperware Brands (TUP) 7am, $1.47
- Whirlpool (WHR) 6am, $2.91
PM EARNS:
- Allison Transmission Holdings (ALSN) 4:05pm, $0.32
- Angie’s List (ANGI) 4:01pm, ($0.24)
- Assurant (AIZ) 4:05pm, $1.54
- AT&T (T) 4:01pm, $0.63 - Preview
- AvalonBay Communities (AVB) 4:11pm, $0.86
- Brandywine Realty Trust (BDN) 4:15pm, ($0.01)
- CA (CA) 4:05pm, $0.60
- Cheesecake Factory (CAKE) 4:15pm, $0.61
- Cirrus Logic (CRUS) 4pm, $0.30
- Citrix Systems (CTXS) 4:05pm, $0.61
- Core Laboratories NV (CLB) 4:05pm, $1.34
- CoreLogic (CLGX) 4:10pm, $0.37
- Crown Castle International Cor (CCI) 4:02pm, $0.15
- E*TRADE Financial (ETFC) 4:05pm, $0.23
- Equifax (EFX) 4:15pm, $0.94
- Everest Re Group (RE) 4:05pm, $5.89
- F5 Networks (FFIV) 4:05pm, $1.35
- Facebook (FB) 4:01pm, $0.32 - Preview
- Fortinet (FTNT) 4:15pm, $0.10
- Gilead Sciences (GILD) 4:02pm, $1.79 - Preview
- Graco (GGG) 4:10pm, $1.01
- Illumina (ILMN) 4:05pm, $0.50
- Macerich (MAC) 4:30pm, $0.12
- Polycom (PLCM) 4:05pm, $0.18
- QUALCOMM (QCOM) 4:01pm, $1.21
- Raymond James Financial (RJF) 4:16pm, $0.76
- SLM (SLM) 4:15pm, $0.09
- Susquehanna Bancshares (SUSQ) 4:30pm, $0.20
- TAL International Group (TAL) 5:01pm, $0.96
- Teradyne (TER) 5:01pm, $0.40
- Torchmark (TMK) 4pm, $1.03
- Tractor Supply Co (TSCO) 4:01pm, $0.95
- TripAdvisor (TRIP) 4:02pm, $0.61
- TriQuint Semiconductor (TQNT) 4:02pm, $0.07
- Umpqua Holdings (UMPQ) 4:05pm, $0.24
- Varian Medical Systems (VAR) 4:05pm, $1.09
- Weatherford International PLC (WFT) 4:40pm, $0.21
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- China’s Gold Demand Drops in First Half as Bars Outweigh Jewelry
- Rice Harvest in Thailand Seen Dropping on Drought, Subsidy Lapse
- U.S. Steel Invoking Carnegie Legacy in Revival Plan: Commodities
- Port Hedland Tug Deckhands Approve Strike Action for Second Time
- Arctic Ice Melt Seen Freeing Way for South Korea Oil Hub: Energy
- Aluminum Declines From 16-Month High as Rally Seen Excessive
- Steel Rebar in Shanghai Falls to 1-Month Low as Demand Weakens
- Palm Oil Drops to 11-Month Low on Rising Global Oilseed Supplies
- Gold Holds Above Three-Day Low as Ukraine Weighed Against U.S.
- Latvia, Slovakia Said to Back Early Carbon Permit Supply Curbs
- Corn Lingers Near Four-Year Low as Wheat Slips on Global Supply
- CNPC 2014 Oil-Product Trade With Venezuela to Reach 790,000 B/D
- BHP Iron-Ore Output Rises 19% on Australia Growth Projects
- Nickel Deficit Narrowing on China Pig Iron Output, Sumitomo Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team