TODAY’S S&P 500 SET-UP – August 13, 2014
As we look at today's setup for the S&P 500, the range is 57 points or 2.31% downside to 1889 and 0.63% upside to 1946.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.03 from 2.02
- VIX closed at 14.13 1 day percent change of -0.70%
MACRO DATA POINTS (Bloomberg Estimates):
- 5:30am: Bank of England’s Carney presents inflation report
- 7am: MBA Mortgage Applications, Aug. 8 (prior 1.6%)
- 8:30am: Retail Sales Advance m/m, July, est. 0.2% (prior 0.2%)
- 9:05am: Fed’s Dudley speaks in New York
- 9:20am: Fed’s Rosengren speaks in New York
- 10am: Business Inventories, June, est. 0.4% (prior 0.5%)
GOVERNMENT:
- House/Senate on Aug. Recess; President Obama on Martha’s Vineyard
- 10am: National Business Group on Health briefing on large employers 2015 health plan design changes
- 11:30am: Bloomberg Intelligence holds webinar on corporate inversions, Washington backlash
- U.S. ELECTION WRAP: Ad Wars; Game Changers in Mich., Alaska
WHAT TO WATCH:
- Yahoo ordered to face user privacy claims over scanned e-mail
- Cisco CEO pressured by Verizon, Goldman to adopt software
- Amazon prices seen holding regulators at bay in Hachette spat
- Amazon to challenge Square w/credit-card reader, mobile app
- Alibaba said to target IPO roadshow starting Sept. 3 in Asia
- Alibaba sells loan unit to Alipay parent in pre-IPO shuffle
- WellPoint to change name to Anthem as consumer mkting rises
- Ocwen, Altisource, HLSS put on review for downgrade at Moody’s
- Consumer activists put pressure on retailers to drop Triclosan
- Indiana suit challenging Obamacare tax-credit rule goes ahead
- Cotton extending rout as inventories climb most since 1986
- Former U.S. attorney to monitor Toyota’s safety practices
- China credit gauge plunges as industrial-output growth slows
- U.K. wages post first drop since 2009 as jobless rate falls
- Iran joins U.S. in backing replacement for Iraq’s Maliki
- Russia convoy nears border as Ukraine, Red Cross set demands
- Israel primes for more Gaza fighting as cease-fire winds down
AM EARNS:
- Bankers Petroleum (BNK CN) 7am $0.10
- CAE (CAE CN) 8:44am, C$0.18
- Canadian Solar (CSIQ) 6am, $0.58
- Crescent Point Energy (CPG CN) 8am C$0.38
- Deere & Co (DE) 7am, $2.20 - Preview
- EZchip Semiconductor (EZCH) 8am $0.34
- First Majestic Silver (FR CN) 7am, $0.06
- InterOil (IOC) 6am, $0.11
- Macy’s (M) 8am, $0.86 - Preview
- Metro (MRU CN) 7am, C$1.64
- Onex (OCX CN) 7am $0.94
- Pinnacle Foods (PF) 8:15am, $0.33
- SeaWorld Entertainment (SEAS) Bef-mkt, $0.58
PM EARNS:
- Aegean Marine Petroleum (ANW) 4:15pm $0.20
- Aimia (AIM CN) 6:28pm C$0.25
- Aspen Technology (AZPN) 4:10pm $0.21
- Cisco Systems (CSCO) 4:05pm $0.53 - Preview
- Energy XXI Bermuda (EXXI) 4:15pm $0.24
- Iamgold (IMG CN) 5:04pm $0.03
- NetApp (NTAP) 4:01pm, $0.57
- NetEase (NTES) 5pm $1.46
- Real Goods Solar (RGSE) 4:05pm, ($0.10)
- Silver Wheaton (SLW CN) 5:06pm $0.20
- Vipshop Holdings (VIPS) 4:01pm, $0.63
- WuXi PharmaTech Cayman (WX) 4:30pm $0.47
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- World Awash in Oil Shields Markets From 2008 Price Shock: Energy
- Indonesia to Retain Ore Export Ban Amid $18 Billion Investment
- Sumitomo Joins Goldman Seeing Aluminum Market Swing Into Deficit
- Blue $25.6 Million Diamond Hints at Earth’s Origins: Commodities
- EU Milk Producers Squeezed as Russian Cheese Ban Cuts Top Market
- Brent Falls to 13-Month Low Amid Signs China Slowing; WTI Steady
- Copper at Six-Week Low as Metals Slide on China Growth Concern
- Kazakhs to Hoard Food as Putin’s Sanctions Rattle Trade Alliance
- China’s Henan Said to Ask Banks to Support Coal, Solar Companies
- Sugar Rises in London on Brazil Harvest Concern; Coffee Gains
- LNG Spot Price in NE Asia Rises on Australia Tender Award: WGI
- Gold Imports by India Seen Dropping 15% as Rajan Protects Rupee
- Gold Is Little Changed Below 3-Week High on U.S. to Ukraine
- Europe’s Green Energy Rules Cost U.K. $156 Billion, Group Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team