TODAY’S S&P 500 SET-UP – August 8, 2014
As we look at today's setup for the S&P 500, the range is 36 points or 0.97% downside to 1891 and 0.91% upside to 1927.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.96 from 1.98
- VIX closed at 16.66 1 day percent change of 1.77%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Non-farm Productivity, 2Q preliminary, est. 1.6% (prior -3.2%)
- Unit Labor Costs, 2Q preliminary, est. 1.1% (prior 5.7%)
- 10am: Wholesale Inventories m/m, June, est. 0.7% (prior 0.5%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- Senate, House on August recess
- RNC holds annual summer meeting in Chicago
- Last day to file comments on FDA e-cigarette/cigar regulations
- 10:30am: FCC holds open meeting
- U.S. ELECTION WRAP: Walsh Drops Out; Primaries Tonight; Hawaii
WHAT TO WATCH:
- Obama pulled back into Iraq as militants threaten genocide
- Dresser-Rand said to hire Morgan Stanley to prepare for bids
- Ebola outbreak is public health risk to other nations, WHO says
- Tekmira says U.S. may allow experimental Ebola drug
- China said to remove Apple from buy list after pledge not made
- Rockets fired at Israel as Hamas said to reject longer truce
- News Corp. misses profit estimates as advertising sales decline
- CBS profit beats estimates on buybacks as dividend is boosted
- Zynga tumbles after cutting 2014 outlook on delays to new games
- Lululemon founder Wilson sells half his stake, ending fight
- Ukrainian bonds extend world’s worst selloff as NATO warns Putin
- Wal-Mart denies claims used expired meat in China cooked food
- China has record trade surplus as exports accelerate
- Goldman, JPMorgan may appear at Levin hearing in Sept: Reuters
- Yahoo to implement e-mail encryption next year: WPost
- U.S. Retail Sales, Wal-Mart, Cisco: Week Ahead Aug. 9-16
EARNINGS:
- Brookfield Asset Mgmt (BAM/A CN) 7:56am, $0.50
- DiamondRock Hospitality (DRH) 8am, $0.25
- Enerplus (ERF CN) 8:47am, C$0.30
- EW Scripps (SSP) 7:30am, $0.05
- HMS (HMSY) 7:30am, $0.12
- Magna Intl (MG CN) 8am, $2.22
- Magnum Hunter (MHR) 7am, $(0.17)
- Pembina Pipeline (PPL CN) 4:50pm, C$0.27
- Power Corp. of Canada (POW CN) 11:12am, C$0.70
- Sirona Dental Systems (SIRO) 7am, $0.96
- SNC-Lavalin (SNC CN) 8:29am, C$0.66
- Sotheby’s (BID) 8am, $1.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Crude Prices Rise as Obama Authorizes Airstrikes in North Iraq
- Hermes Betting Against Zinc as Smelters in China to Boost Supply
- Hambro’s Russian Gold Dream Runs Into Debt Mountain: Commodities
- Gold Climbs to Three-Week High as Iraq Crisis Spurs Haven Buying
- Industrial Metals Drop as Unrest Seen Threatening to Curb Demand
- Pacific Hurricane Iselle Downgraded to Tropical Storm: Center
- Dam Burst Threatens Canadian Mines Over Environmental Concerns
- China Aluminum Exports at 3-Year High on Rising Overseas Prices
- Gold Traders Most Bullish in 7 Months on Standoff Over Ukraine
- Wheat Trims Weekly Advance as Investors Assess Supply Outlook
- Iron Ore Busting 1.3 Billion Tons Spurs Boom for Ships: Freight
- Gas Price Swings Signal Ukraine Supply Threat: Chart of the Day
- Coffee Farmers in Vietnam Selling Inventories as Prices Advance
- Gold Open Interest Points to 12% Price Decline: Chart of the Day
- Coal’s Price Seen Stunted at Year-End Amid Supply Glut: Energy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team