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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

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

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

 

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team