TODAY’S S&P 500 SET-UP – July 24, 2014
As we look at today's setup for the S&P 500, the range is 28 points or 1.16% downside to 1964 and 0.25% upside to 1992.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.01 from 2.00
- VIX closed at 11.52 1 day percent change of -5.88%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Init. Jobless Claims, July 19, est. 307k (prior 302k)
- Continuing Claims, July 21, est. 2.510m (prior 2.707m)
- 9:45am: Bloomberg Consumer Comfort, July 20 (prior 37.5)
- 9:45am: Markit US Mfg PMI, July prelim, est. 57.5 (prior 57.3)
- 10am: New Home Sales, June, est. 475k (prior 504k)
- 10:30am: DOE Energy Inventories
- 11am: Kansas City Fed Mfg Activity, July, est. 6 (prior 6)
- 1pm: U.S. to sell $15b 10Y TIPS
GOVERNMENT:
- 7:30am: RNC’s Priebus speaks at Nat’l Urban League Conf.
- 9:30am: House Veterans Affairs Cmte hears from Acting VA Secretary Sloan Gibson on restoring agency trust
- 10am: House Rules Cmte considers resolution providing authority to sue President Obama
- 11:30am: House Speaker John Boehner holds press briefing
- 12pm: Senate and House Democrats holds news conference to call on Congress to raise national minimum wage
- U.S. ELECTION WRAP: Georgia Turnout; Ads; Walsh’s Thesis
WHAT TO WATCH:
- Dimon, JPMorgan board win dismissal of investor Madoff suit
- SEC sends McGraw Hill Wells notice on CMBS graded by S&P
- Hamas says no sign of breakthrough in Gaza cease-fire talks
- FAA ends ban on U.S. airlines’ flights to Israel’s airport
- Bombardier to cut 1,800 jobs amid struggle to sell CSeries jet
- Wal-Mart told by Delaware court to provide bribery probe files
- Euro-area PMI surveys signal economic activity is picking up
- Nokia boosts margin forecast after earnings beat ests.
- Unilever 2Q underlying sales growth misses estimates
- Reckitt Benckiser said to move toward spinoff of Suboxone unit
- Record student-loan debt prompts Treasury to stem defaults
- House Rules Cmte considers lawsuit against President Obama
AM EARNS:
- 3M (MMM) 7:30am, $1.91
- Airgas (ARG) 7:30am, $1.18
- Alaska Air Group (ALK) 6:01am, $1.11
- Alexion Pharmaceuticals (ALXN) 6:30am, $1.07 - Preview
- American Airlines (AAL) 8am, $1.96 - Preview
- AmerisourceBergen (ABC) 7am, $0.92 - Preview
- BankUnited (BKU) 7:30am, $0.45
- Bemis (BMS) 7am, $0.64
- Boston Scientific (BSX) 7am, $0.19 - Preview
- Bristol-Myers Squibb (BMY) 7:30am, $0.45 - Preview
- Brunswick (BC) 7:39am, $0.91
- Cameron Intl (CAM) 7:30am, $0.87
- Caterpillar (CAT) 7:30am, $1.51 - Preview
- Celgene (CELG) 7:33am, $0.89 - Preview
- CMS Energy (CMS) 8am, $0.27
- Coca-Cola Enterprises (CCE) 7:30am, $0.88 - Preview
- Dana Holding (DAN) 7am, $0.51
- Diamond Offshore Drilling (DO) 6am, $0.56 - Preview
- DR Horton (DHI) 7am, $0.49 - Preview
- Dr Pepper Snapple (DPS) 8am, $0.91 - Preview
- Dunkin’ Brands (DNKN) 6am, $0.47
- Eli Lilly & Co (LLY) 6:30am, $0.65 - Preview
- Encana (ECA CN) 6am, $0.24 - Preview
- EQT (EQT) 7am, $0.85
- FLIR Systems (FLIR) 7:30am, $0.34
- Ford Motor Co (F) 6:30am, $0.36 - Preview
- General Motors (GM) 7:35am, $0.59 - Preview
- Gentex (GNTX) 9:15am, $0.47
- Graphic Packaging (GPK) 7:30am, $0.17
- Hershey (HSY) 7am $0.76
- Husky Energy (HSE CN) 7am, C$0.70 - Preview
- Jarden (JAH) 7:05am, $0.90
- JetBlue Airways (JBLU) 7:30am, $0.19
- KKR (KKR) 8am, $0.65
- Lazard (LAZ) 7am, $0.57
- Loblaw (L CN) 6:30am, C$0.67 - Preview
- Marriott Vacations (VAC) 8am, $0.75
- NASDAQ OMX Group (NDAQ) 7am, $0.68
- National Penn Bancshares (NPBC) 6:50am, $0.18
- Noble Energy (NBL) 7:27am, $0.79
- Nucor (NUE) 9am, $0.40 - Preview
- Patterson-UTI Energy (PTEN) 6am, $0.32
- Pinnacle Entertainment (PNK) 6:30am, $0.46
- Popular (BPOP) 7am, $0.70
- Potash of Saskatchewan (POT CN) 6am, $0.45 - Preview
- Precision Drilling (PD CN) 6am, C$(0.00) - Preview
- PulteGroup (PHM) 6:30am, $0.25 - Preview
- Quest Diagnostics (DGX) 7am, $1.06
- Raytheon (RTN) 7am, $1.59 - Preview
- Realty Income (O) 9:15am, $0.23
- Reliance Steel & Aluminum (RS) 8:50am, $1.38
- Rogers Communications (RCI/B CN) 6:50am, C$0.84 - Preview
- Royal Caribbean Cruises (RCL) 8:36am, $0.53
- Sigma-Aldrich (SIAL) 8am, $1.10
- Southwest Airlines (LUV) 6:30am, $0.61
- Starwood Hotels & Resorts (HOT) 6am $0.76
- Supervalu (SVU) 8am, $0.17 - Preview
- T Rowe Price (TROW) 7:30am, $1.12
- Under Armour (UA) 7am, $0.07 - Preview
- Union Pacific (UNP) 8am, $1.43
- United Continental (UAL) 7:30am, $2.19 - Preview
- USG (USG) 8:30am, $0.42
- Wyndham Worldwide (WYN) 6:30am, $1.14
- Zimmer Holdings (ZMH) 7am, $1.49
PM EARNS:
- Align Technology (ALGN) 4pm, $0.39
- Altera (ALTR) 4:15pm, $0.37
- Amazon.com (AMZN) 4:05pm, $(0.15) - Preview
- Baidu (BIDU) 4:30pm, $8.66
- Cerner (CERN) 4:01pm, $0.40 - Preview
- Chicago Bridge & Iron (CBI) 4:01pm, $1.28
- Chubb (CB) 4:02pm, $1.90
- CR Bard (BCR) 4:05pm, $2.01
- Deckers Outdoor (DECK) 4:05pm, $(1.29)
- Flextronics Intl (FLEX) 4:01pm, $0.23
- Freescale Semiconductor (FSL) 4:05pm, $0.37
- Ingram Micro (IM) 4:04pm, $0.52
- KLA-Tencor (KLAC) 4:15pm, $0.86
- Leggett & Platt (LEG) 4:05pm, $0.46
- Maxim Integrated (MXIM) 4:01pm, $0.47
- NetSuite (N) 4:08pm, $0.03
- Olin (OLN) 5:05pm, $0.45
- Pandora Media (P) 4:02pm, $0.03
- Principal Financial (PFG) 4pm, $1.01
- Regal Entertainment (RGC) 4:01pm, $0.27
- Republic Services (RSG) 4:05pm, $0.49
- RF Micro Devices (RFMD) 4pm, $0.17
- Riverbed Technology (RVBD) 4:05pm, $0.26
- SBA Communications (SBAC) 4:01pm, $0.02
- Sensient Technologies (SXT) 5:29pm, $0.79
- SolarWinds (SWI) 4:01pm, $0.37
- Starbucks (SBUX) 4:05pm, $0.66 - Preview
- Stericycle (SRCL) 4:02pm, $1.03
- Swift Transportation (SWFT) 4:02pm, $0.33
- Tempur Sealy Intl (TPX) 4:05pm, $0.41 - Preview
- Universal Health (UHS) 5:01pm, $1.25
- Validus (VR) 4:39pm, $1.47
- VeriSign (VRSN) 4:05pm, $0.65
- Visa (V) 4:05pm, $2.10
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Trafigura Unit Seeks to Limit Metals Liability at Qingdao Port
- Cotton Crop in India Set for Record as Farmers Shun Oilseeds
- Coffee Growers in Vietnam Seen Harvesting Bigger Crops on Yields
- Butter at 16-Year High as U.S. Exports Cut Reserves: Commodities
- Potash Corp. Raises Profit Forecast as Fertilizer Buyers Return
- Gold Declines to One-Week Low as U.S. Outlook Curbs Haven Demand
- Japan-Indonesia Power Plant Said to Miss Finance Deadline Again
- Rebar Retreats to Five-Week Low in Shanghai as Iron Ore Slumps
- WTI Oil Declines After U.S. Gasoline Supplies Rise; Brent Steady
- Palladium Gain Sets Up Platinum Switch in Cars: Chart of the Day
- India to Sell 25% of State Wheat Stockpiles to Cool Prices
- Albany Nears Oil-Hub Status as 100-Car Trains Jam Port: Freight
- Palm Oil Climbs From 11-Month Low as Soybeans Extend Rebound
- Australian Southeast Seen Drier as El Nino Predicted for Harvest
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
