TODAY’S S&P 500 SET-UP – July 30, 2014
As we look at today's setup for the S&P 500, the range is 18 points or 0.51% downside to 1960 and 0.41% upside to 1978.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.93 from 1.92
- VIX closed at 13.28 1 day percent change of 5.73%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, July 25 (prior 2.4%)
- 8:15am: ADP Employment Change, July, est. 230k (prior 281k)
- 8:30am: GDP Annualized q/q, 2Q, est. 3% (prior -2.9%)
- Personal Consumption, 2Q, est. 1.9% (prior 1%)
- 2pm: FOMC seen maintaining overnight bank lending rate target near 0%, reducing QE by another $10b
GOVERNMENT:
- President Obama speaks on the economy in Kansas City
- Sec. of State John Kerry in India, joined by Commerce Sec. Penny Pritzker for 5th U.S.-India Strategic Dialogue
- 10am: Sen. Judiciary Cmte hearing on Violence Against Women Act, protecting women from gun violence
- 10am: Senate Banking subcmte hearing on flood insurance
- 10am: House Judiciary Cmte hearing on need for special counsel to investigate IRS
- 10:45am: Sens. McCaskill, D-Mo.; Heller, R-Nev.; Blumenthal, D-Conn.; Grassley, R-Iowa; Gillibrand, D-N.Y.; Ayotte, R-N.H.; Rubio, R-Fla. hold news conf. to introduce bill to combat sexual assaults on college, university campuses
- 12pm: Sen. Minority Leader McConnell, R-Ky.; and Rep. Kelly, R-Pa., hold news conf. on economic consequences of EPA’s proposed power plant rule
WHAT TO WATCH:
- EU joins U.S. in escalating pressure on Russian finance
- Putin jeopardizes Russian firms’ access to $600b in funds
- MSCI in “active dialogue” with global investors on Russia
- Fed Decision-Day Guide: QE tapering, job gains, inflation debate
- AstraZeneca to buy respiratory rights from Almirall for $875m
- SEC may revise speed rules on IEX exchange plans: Reuters
- McDonald’s Japan pulls profit forecast amid supplier scandal
- Toyota outsells VW, GM in 1H on rising demand for SUVs
- Former Time Warner CEO Parsons says Fox offer “Way Off Mark”
- Barclays returns to 2Q profit on costs, provisions
- ECB says bank credit standards eased for first time since 2007
- Argentine debt talks to resume today as default deadline looms
- Ending ‘too big to fail’ may rest on obscure contract language
- Shelling of UN shelter in Gaza kills 20 as fighting worsens
- Japan’s output drops most since 2011 as consumers spend less
- Osram to cut ~7,800 jobs worldwide
AM EARNS:
- ADT (ADT) 6am, $0.47
- AllianceBernstein (AB) 7:15am, $0.41
- American Tower (AMT) 7am, $0.53 - Preview
- Booz Allen Hamilton (BAH) 6:30am, $0.42
- Carlyle (CG) 6:30am, $0.74
- Cenovus Energy (CVE CN) 6am, C$0.50 - Preview
- CGI (GIB/A CN) 6:30am, C$0.73
- Dominion Resources (D) 7:30am, $0.62
- Energizer (ENR) 7:30am, $1.54 - Preview
- Franklin Resources (BEN) 8:30am, $0.95
- Garmin (GRMN) 7am, $0.76
- Goodyear Tire & Rubber (GT) 7:30am, $0.79
- Hess (HES) 7:30am, $1.18 - Preview
- Hospira (HSP) 7:30am, $0.57
- Humana (HUM) 6am, $2.19
- Huntsman (HUN) 7am, $0.48
- Intact Financial (IFC CN) 6am, C$1.55
- InterActiveCorp (IACI) 7:30am, $0.79
- Lorillard (LO) 7am, $0.88 - Preview
- Lumber Liquidators (LL) 7am, $0.63
- MeadWestvaco (MWV) 7:25am, $0.50
- MEG Energy (MEG CN) 5am, C$0.45
- Nice Systems (NICE) 5:30am, $0.59
- Phillips 66 (PSX) 8am, $1.69 - Preview
- Pitney Bowes (PBI) 6:30am, $0.46
- Public Service Enterprise Group (PEG) 7:30am, $0.51
- Revlon (REV) 6:30am, $0.46
- Rockwell Automation (ROK) 7am, $1.55
- Sealed Air (SEE) 7:30am, $0.38
- Sherritt Intl (S CN) 6:09am, C$(0.07) - Preview
- SodaStream Intl (SODA) 7:30am, $0.40
- Sonus Networks (SONS) 7am, $0.01
- Southern (SO) 7:30am, $0.67
- Sprint (S) 7:30am, $(0.05)
- SPX (SPW) 6:30am, $1.19
- Taser Intl (TASR) 7:30am, $0.08
- Thomson Reuters (TRI CN) 7am, $0.46
- TransAlta (TA CN) 7:45am, $0.01
- Valero Energy (VLO) 7:49am, $1.20 - Preview
- Valley National Bancorp (VLY) 7am, $0.14
- WellPoint (WLP) 6am, $2.26
- Wisconsin Energy (WEC) 7am, $0.52
PM EARNS:
- Agnico Eagle Mines (AEM CN) 5pm, $0.28 - Preview
- Akamai Technologies (AKAM) 4:01pm, $0.55
- Albemarle (ALB) 4:03pm, $1.10
- Allstate (ALL) 4:05pm, $0.66
- American Equity Investment (AEL) 4pm, $0.50
- Barrick Gold (ABX CN) Aft-Mkt, $0.15 - Preview
- BioMarin Pharmaceutical (BMRN) 4pm, $(0.43)
- Duke Realty (DRE) 4:11pm, $(0.03)
- Enbridge Energy Partners (EEP) 4:01pm, $0.24
- First Quantum Minerals (FM CN) 5pm, $0.25 - Preview
- FMC (FMC) 4:15pm, $1.02
- FNF (FNF) 4:03pm, $0.52
- Fortune Brands (FBHS) 4:01pm, $0.54
- Halcon Resources (HK) 4:15pm, $0.04
- Hartford Financial (HIG) 4:15pm, $0.67
- Hologic (HOLX) 4:01pm, $0.34
- Intersil (ISIL) 4:05pm, $0.18
- KapStone Paper (KS) 4:15pm, $0.60
- Kinross Gold (K CN) 5pm, $0.04 - Preview
- Kraft Foods (KRFT) 4pm, $0.82 - Preview
- Lam Research (LRCX) 4:05pm, $1.23
- LifeLock (LOCK) 4:05pm, $0.04
- Lincoln National (LNC) 4:10pm, $1.36
- Lundin Mining (LUN CN) 5pm, $0.06 - Preview
- Manitowoc (MTW) 4:25pm, $0.43
- MetLife (MET) 4:05pm, $1.41
- Moelis (MC) Aft-Mkt, $0.25
- Murphy Oil (MUR) 5:01pm, $1.22
- Noble (NE) 5pm, $0.66
- Penn Virginia (PVA) 4:05pm, $(0.04)
- Pilgrim’s Pride (PPC) 4:45pm, $0.66
- Questar (STR) 4:14pm, $0.22
- Rovi (ROVI) 4:05pm, $0.40
- RR Donnelley (RRD) 4pm, $0.35
- Ruckus Wireless (RKUS) 4:05pm, $0.05
- Service Intl (SCI) 4:15pm, $0.23
- ServiceNow (NOW) 4:01pm, $(0.07)
- Solazyme (SZYM) 4:25pm, $(0.39)
- Spansion (CODE) 4:03pm, $0.25
- Suncor Energy (SU CN) 10pm, C$0.98 - Preview
- Superior Energy Services (SPN) 4:05pm, $0.41
- Tesoro (TSO) 4:30pm, $1.82 - Preview
- Unum (UNM) 4pm, $0.87
- Weight Watchers Intl (WTW) 4:05pm, $0.77
- Western Digital (WDC) 4:15pm, $1.73 - Preview
- Whiting Petroleum (WLL) 4pm, $1.26
- Whole Foods Market (WFM) 4:03pm, $0.39
- Williams (WMB) 4:05pm, $0.22
- Yamana Gold (YRI CN) 4:20pm, $0.03 - Preview
- Yelp (YELP) 4pm, $(0.03) - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI’s Discount to Brent Shrinks as Russia Sanction Impact Muted
- Stolen India Coal Sent to Market in Modi’s Backyard: Commodities
- Commodity Assets Seen by Barclays Increasing to $325 Billion
- Thai Sugar Offered at Discount to New York, Green Pool Says
- Gold Holds Two-Day Decline as Investors Weigh U.S. Outlook
- Japan Buys 26,340 Mt of Feed Wheat 122,750 Mt of Feed Barley
- Soybeans in Chicago Climb as Much as 0.3%, Reversing Decline
- Haze Fines Win Indonesia’s Support With Caveats: Southeast Asia
- Rubber Drops as Japan Industrial Output Falls More Than Forecast
- HSBC, ABN Sue Metals Trader Detained in Qingdao Loan Fraud Probe
- Cocoa Arrivals in Brazil’s Bahia Advance 2.3%, Hartmann Reports
- China Rows Back on Shale Ambitions as Expertise Falls Short
- Aluminum Beating Copper as Supply-Demand Flips: Chart of the Day
- Oil Market Losing Faith in Libya’s Ability to Ramp Crude: Energy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team