TODAY’S S&P 500 SET-UP – July 29, 2014
As we look at today's setup for the S&P 500, the range is 26 points or 0.91% downside to 1961 and 0.41% upside to 1987.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.93 from 1.99
- VIX closed at 12.56 1 day percent change of -1.02%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Redbook weekly sales
- 9am: S&P/CS 20 City m/m, May, est. 0.3% (prior 0.19%)
- 10am: Consumer Confidence Index, July, est. 85.4 (prior 85.2)
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- 10am/2pm: Senate Foreign Relations Cmte Iran nuclear talks status hearing; House Foreign Affairs Cmte hearing on Iran
- 10am: Senate Budget Cmte hearing on climate change, with testimony from Ceres’s Lubber, GAO’s Gomez
- 10am: U.S. Export-Import Bank President Fred Hochberg at House Oversight panel’s hearing on allegations of corruption
- 10am: Senate Finance Cmte tobacco product tax evasion hearing
- 10am: Citizenship and Immigration Svcs Director Leon Rodriguez at House Judiciary Cmte
- 10:15am: House Foreign Affairs panel hearing on Malaysian flight shootdown
- 2:30pm: House Armed Svcs Cmte mulls resolution on Obama’s release of Guantanamo prisoners w/out notifying Congress
- U.S. ELECTION WRAP: Impeachment Talk Helps Fill Democrat Coffers
WHAT TO WATCH:
- UBS 2Q net income beats estimates; German tax probe settled
- UBS says SEC has been investigating its dark pool since 2012
- Deutsche Bank debt trading beats estimates as 2Q pretax climbs
- Nomura profit falls more than estimated on brokerage slump
- U.S. bankers said stand to collect $1b in inversion fees: NYT
- Democrats seek U.S. contract ban to limit corporate inversions
- BP’s 2Q profit rises on U.S. oil output boost
- Klepierre offers to buy Dutch competitor Corio for $5.6b
- Pfizer may return for Astra, which may target Actelion: Citi
- Pepe Jeans said to work With Morgan Stanley on sale of business
- Motorola may double phone sales this year: The Information
- Toyota should recall Camry to repair brakes: Consumer Reports
- John Kerry meets with Ukrainian counterpart Pavlo Klimkin
- Israel steps up Gaza attacks, warns of long campaign
- Germany’s 10-yr Bund yield drops to record low
AM EARNS:
- Aetna (AET) 6am, $1.60 - Preview
- Affiliated Managers Group (AMG) 7:24am, $2.60
- Agco (AGCO) 8am, $1.69
- AK Steel Holding (AKS) 8:30am, ($0.03) - Preview
- American Realty Capital (ARCP) 6am, ($0.01) -
- Arch Coal (ACI) 7:45am, ($0.49)
- Arrow Electronics (ARW) 8am, $1.42
- Consol Energy (CNX) 6:45am, $0.25
- Corning (GLW) 7:15am, $0.38
- Eaton PLC (ETN) 6:30am, $1.12 - Preview
- Ecolab (ECL) 8:20am, $1.02
- Entergy (ETR) 7am, $1.11
- Fidelity National Information (FIS) 7am, $0.74
- George Weston (WN CN) 6:23am, C$1.16
- GNC Holdings (GNC) 8am, $0.79 - Preview
- GrafTech International (GTI) 9:01am, $0.01
- Harris (HRS) 6:30am, $1.28
- HCA Holdings (HCA) 8:29am, $1.37
- Illinois Tool Works (ITW) 8am, $1.20
- International Paper Co (IP) 7am, $0.83 - Preview
- Level 3 Communications (LVLT) 8am, $0.33
- Marsh & McLennan Cos (MMC) 7am, $0.74
- Martin Marietta Materials (MLM) 8:17am, $1.29
- McGraw Hill Financial (MHFI) 7:10am, $0.98
- Merck & Co (MRK) 7am, $0.81 - Preview
- National Oilwell Varco (NOV) 7am, $1.44 - Preview
- New York Times (NYT) 8:30am, $0.08
- NextEra Energy (NEE) 7:30am, $1.44
- Nice Systems (NICE) 5:30am, $0.59 - Preview
- Nielsen NV (NLSN) 7am, $0.61
- Oshkosh (OSK) 7am, $1.37
- Paccar (PCAR) 8am, $0.89
- Pfizer (PFE) 7am, $0.57 - Preview
- Rayonier (RYN) 8am, $0.49
- Reynolds American (RAI) 6:58am, $0.87 - Preview
- Sensata Technologies Holding (ST) 6am, $0.62
- Sirius XM Holdings (SIRI) 7:01am, $0.02 - Preview
- Spirit Airlines (SAVE) 6:30am, $0.90
- TRW Automotive Holdings (TRW) 7am, $2.13
- UDR (UDR) 8am, $0.03
- United Parcel Service (UPS) 7:45am, $1.25
- United Therapeutics (UTHR) 6am, $1.62
- Vishay Intertechnology (VSH) 7:30am, $0.25
- Waste Management (WM) 7:30am, $0.59
- Xylem (XYL) 7am, $0.44
- Yandex NV (YNDX) 6am, $9.73
PM EARNS:
- Aflac (AFL) 4:10pm, $1.59
- AGL Resources (GAS) 4:34pm, $0.43
- American Express Co (AXP) 4:05pm, $1.38
- AmeriGas Partners LP (APU) 4:29pm, ($0.39)
- Ameriprise Financial (AMP) 4:05pm, $2.01
- Amgen (AMGN) 4:03pm, $2.06
- Anadarko Petroleum (APC) 4:05pm, $1.30
- Arthur J Gallagher & Co (AJG) 4:09pm, $0.72
- Axis Capital Holdings (AXS) 4:43pm, $1.19
- CBRE Group (CBG) 4:05pm, $0.36
- CH Robinson Worldwide (CHRW) 4:15pm, $0.77
- Cincinnati Financial (CINF) 4:02pm, $0.46
- Cloud Peak Energy (CLD) 4:10pm, ($0.01)
- Compuware (CPWR) 4:10pm, $0.05
- Covance (CVD) 4:02pm, $0.93
- DreamWorks Animation SKG (DWA) 4:02pm, ($0.02)
- Dyax (DYAX) 4:01pm, ($0.05)
- Edwards Lifesciences (EW) 4:01pm, $0.77
- Equity Residential (EQR) 4:29pm, $0.52
- EXCO Resources (XCO) 4:03pm, $0.04
- Express Scripts Holding Co (ESRX) 4:02pm, $1.22
- Fiserv (FISV) 4:01pm, $0.81
- Genworth Financial (GNW) 5:05pm, $0.35
- Global Payments (GPN) 4:01pm, $1.07
- International Game Technology (IGT) 4:05pm, $0.27
- InvenSense (INVN) 4:06pm, $0.08
- Kimco Realty (KIM) 4:19pm, $0.13
- Marriott International (MAR) 5pm, $0.67
- NCR (NCR) 4:02pm, $0.66
- Newfield Exploration Co (NFX) 4:04pm, $0.53
- Newmont Mining (NEM) Aft-mkt, $0.19
- Owens-Illinois (OI) 4:04pm, $0.82
- Panera Bread Co (PNRA) 4:05pm, $1.75
- Qiagen NV (QGEN) 4:10pm, $0.25
- RenaissanceRe Holdings (RNR) 4:15pm, $2.84
- Rock-Tenn Co (RKT) 6:12pm, $1.80
- SM Energy Co (SM) 5pm, $1.60
- Trinity Industries (TRN) 4:05pm, $0.77
- Twitter (TWTR) 4:03pm, ($0.01) - Preview
- UGI (UGI) 4:29pm, $0.17
- United States Steel (X) 5:15pm, ($0.31) - Preview
- US Silica Holdings (SLCA) 4:30pm, $0.46
- Verisk Analytics (VRSK) 4:10pm, $0.56
- Vertex Pharmaceuticals (VRTX) 4:01pm, ($0.74)
- Willis Group Holdings PLC (WSH) 4:30pm, $0.59
- Wynn Resorts (WYNN) 4:05pm, $2.03
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Sees Nickel Rising With Palladium as Iron Ore, Soy Drop
- El Nino Chances Reduced by Australia as Tropical Pacific Cools
- Norilsk Sees Two-Year Nickel Supply Deficit Supporting Prices
- Beer Can Cost Rests on U.K. Court Aluminum Verdict: Commodities
- Sugar Drops as Destination Markets Well-Supplied; Coffee Gains
- WTI Oil Trades Near 2-Week Low Before Supply Data; Brent Steady
- Copper Rises on Speculation Increasing Auto Sales Boost Demand
- Steel Rebar Advances on Improved Economy in China, Stock Rally
- Candy Crush-Like App Helps Engineers Target Tech Workers: Energy
- IOC Offers 35-40kt of Naphtha for August Loading From Dahej
- South African Unions Reach Accord on Wages to End Metal Strike
- Westinghouse’s 1st AP1000 Reactor May Start in China Next Fall
- Russia May Ban U.S. Chicken, European Fruit Amid Sanctions Push
- Qingdao Port Disputes $108 Million Claim for Fraud-Linked Metals
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
