THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 25, 2014


As we look at today's setup for the S&P 500, the range is 31 points or 1.21% downside to 1964 and 0.35% upside to 1995.                                         

                                                                                      

SECTOR PERFORMANCE

 

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.01 from 2.01
  • VIX closed at 11.84 1 day percent change of 2.78%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods Orders, June, est. 0.5% (prior -1%, revised -0.9%)
  • 1pm: Baker Hughes rig count

 

GOVERNMENT:

    • Prelim. ITC ruling expected in case over U.S. allegations that Chinese, Taiwan producers dumped solar products below cost
    • 9am: U.S. House Oversight/Govt. Reform Cmte hearing on campaign fundraising use in govt. offices
    • 9am: FCC Consumer Advisory Cmte mtg Lifeline, broadband, stolen mobile devices
    • 9:30am: House Science, Space/TechCmte marks up “Revitalize American Manufacturing and Innovation Act of 2013” (H.R. 2996)
    • U.S. ELECTION WRAP: Obama Cuts DNC Debt; Mont. Race Rating

 

WHAT TO WATCH:

  • Murdoch to sell Italy, German pay-TV stakes for $9b
  • Lloyds approaches Libor settlement with U.S.-U.K. regulators
  • Goldman, ADIA said to weigh joining Gavea in Fleury deal
  • Fed should drop reverse repurchase facility: Bair in WSJ
  • McDonald’s Japan ends sales of chicken products from China
  • Russia firing artillery across border into Ukraine, U.S. says
  • Israel, Hamas said to weigh U.S.-backed Gaza temporary truce
  • Cynk restriction on broker shr transactions set to lift today
  • Nortel U.S. unit agrees to pay bondholders $1b interest
  • House to subpoena Ex-IM employee w/time running out for bank
  • EMA’s CHMP decisions on Gilead, J&J expected
  • KLab targets game partners in China after topping Japan charts
  • Brazil’s TorreSur said to end sale as buyers balk at valuation
  • Colorado city’s fracking ban thrown out; statewide vote looms
  • U.K. overcomes record slump w/0.8% growth in 2Q
  • Fed, U.S. GDP, Jobs Data, BP, UBS: Week Ahead July 26-Aug. 2

 

EARNINGS:

    • Aaron’s (AAN) 7:15am, $0.35
    • AbbVie (ABBV) 7:47am, $0.76 - Preview
    • American Electric Power (AEP) 6:57am, $0.75
    • Aon (AON) 6:30am, $1.20
    • Avery Dennison (AVY) 8:30am, $0.79
    • Barnes Group (B) 6:30am, $0.59
    • Covidien (COV) 6am, $1.00 - Preview
    • DTE Energy (DTE) 7:15am, $0.75
    • First Niagara Finl (FNFG) 7:15am, $0.18
    • Idexx Laboratories (IDXX) 7am, $1.06
    • Lear (LEA) 7am, $1.97
    • Legg Mason (LM) 7am, $0.55
    • LifePoint Hospitals (LPNT) 7am, $0.55
    • LyondellBasell (LYB) 6:50am, $1.92
    • Moody’s (MCO) 7am, $1.02
    • Moog (MOG/A) 7:55am, $1.03
    • Prosperity Bancshares (PB) 6:03am, $1.02
    • Silicon Laboratories (SLAB) 6am, $0.46
    • Stanley Black & Decker (SWK) 6am, $1.36
    • TCF Financial (TCB) 8am, $0.27
    • Tyco Intl  (TYC) 6am, $0.54
    • Wabco Holdings (WBC) 6:30am, $1.46
    • Xerox (XRX) 7am, $0.26

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • French Wheat Exports in Question as Rain Spoils Crop Quality
  • El Nino Seen Weak or Delayed for Several Months by Forecasters
  • Gold Set for Second Weekly Loss as Economic Outlook Curbs Demand
  • Kudzu That Ate South Heads North as Climate Changes: Commodities
  • Arabica Coffee Rises as Rain Disrupts Brazil Crop; Sugar Falls
  • Soybean to Corn Prices Fall on Prospects for Ample U.S. Supply
  • WTI Set for Weekly Drop Amid Rising Fuel Supplies; Brent Steady
  • MORE: SK’s Refining Margins to Rise on China Economic Recovery
  • WTI Crude Seen Rising in Survey on Falling Supplies at U.S. Hub
  • Tin Shipments From Indonesia Seen Shrinking Most in Six Months
  • German Utilities Bail Out Electric Grid at Wind’s Mercy: Energy
  • Copper Traders Bearish for Third Week as Prices Seen Too High
  • Zinc Record China Discount Shows Rally May End: Chart of the Day
  • Rubber in Tokyo Pares Weekly Gain as Falling Oil Cuts Appeal

 

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CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team