TODAY’S S&P 500 SET-UP – August 4, 2014
As we look at today's setup for the S&P 500, the range is 41 points or 0.22% downside to 1921 and 1.91% upside to 1962.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.02 from 2.02
- VIX closed at 17.03 1 day percent change of 0.47%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:45am: ISM New York, July (prior 60.5)
- 11am: U.S. announces plans for auction of 4W bills
- 11:30am: U.S. to sell $28b 3M bills, $25b 6M bills
GOVERNMENT:
- 3-Day U.S.-Africa Summit in Washington, with the theme “Investing in the Next Generation.”
- 8:15am: Secretary of State John Kerry convenes “Civil Society Forum”
- 8:30am: GM hosts “expanding access to power across Africa” with CEO Jeff Immelt, Ghana President John Dramani Mahama, Standard Bank co-CEO Sim Tshabalala, World Bank President Jim Yong Kim
- 8:30am: USTR Michael Froman hosts African Growth and Opportunity Act Ministerial
- 9:30am: South African President Jacob Zuma delivers keynote address at U.S. Chamber of Commerce U.S.-South Africa Business and Investment Forum
WHAT TO WATCH:
- TPG said to start raising $12b fund after boom-era busts
- Buffett waits on fat pitch as Berkshire cash passes $50b
- Evercore to purchase ISI for as much as $406m
- Israel announces 7-hour cease-fire as diplomatic efforts falter
- Portugal announces $6.6b Banco Espirito Santo rescue
- KKR lifts bid for Grange-maker Treasury Wine 11% to $3.2b
- Marvel’s ’Guardians’ prove cinema superhero with $94m
- Goldman Sachs hires former Barclays mergers head Parker
- Crown Resorts pays $280m for Las Vegas Strip site
- McDonald’s to resume full menu in Chinese cities this week
- BARRON’S ROUNDUP: ETF Risks, EMC, D.R. Horton, Twitter, DSW
- China urges Microsoft not to hinder anti-monopoly probe: Xinhua
- Canada equity markets closed for holiday
AM EARNS:
- Alere (ALR) 7:30am, $0.59
- BroadSoft (BSFT) 7:30am, $0.24
- Cardinal Health (CAH) 7am, $0.81
- CNA Financial (CNA) 6am, $0.82
- Henry Schein (HSIC) 7am, $1.33
- Ironwood Pharma (IRWD) 7:05am, $(0.36)
- Isis Pharmaceuticals (ISIS) 8:30am, $(0.12)
- Kosmos Energy (KOS) 9:15am, $0.13
- Loews (L) 6am, $0.67
- Michael Kors (KORS) 7am, $0.81 - Preview
- Realogy (RLGY) 6:45am, $0.57
PM EARNS:
- Acxiom (ACXM) 4:05pm, $0.18
- Alleghany (Y) 4:07pm, $7.71
- American Homes 4 Rent (AMH) 5:30pm, $(0.01)
- American Intl Group (AIG) 4:03pm, $1.06
- Avis Budget (CAR) 4:05pm, $0.61
- Concur Technologies (CNQR) 4:15pm, $0.16
- Marathon Oil (MRO) 4:41pm, $0.75
- McDermott Intl (MDR) 4:01pm, $(0.17)
- MDU Resources (MDU) 5:30pm, $0.29
- Mueller Water (MWA) 4:20pm, $0.11
- PHH (PHH) 4:05pm, $(0.18)
- Pioneer Natural (PXD) 4:05pm, $1.28
- RetailMeNot (SALE) 4:02pm, $0.17
- Rosetta Resources (ROSE) 5:05pm, $0.82
- Tenet Healthcare (THC) 4:30pm, $0.01
- Vornado Realty Trust (VNO) 4:52pm, $0.27
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near Six-Month Low Before Economic Data; Brent Holds
- Wheat Climbs to Two-Week High Amid Europe Quality Concerns
- Hedge Funds Cut Bullish Gold Wagers Most Since June: Commodities
- Copper Pares Gains as Investors Shun Risk Amid Global Tensions
- Empty Holiday Store Shelves Hinge on Clout of 120 L.A. Truckers
- Palm Oil Drops as Soybeans Slump to Lowest in Almost Four Years
- Shanghai Debuts Iron Ore, Thermal Coal Swaps Handled in Yuan
- World Sugar Price Seen by ISO’s Orive Capped by Ample Inventory
- Oil Bears Bet Right as Futures Retreat to Six-Month Low: Energy
- Jonathan Spall Named Chair for Daily Platinum-Palladium Fixings
- BofA’s Two-Hour Halt in Rosneft Trading Shows Sanction Confusion
- Perth Mint Says Gold Sales Decline in July From Four-Month High
- Africa Oil State Hooked on U.S. Fuel: Chart of the Day
- Wheat Extends Climb to Two-Week High as Crop Prices Advance
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team