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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team