TODAY’S S&P 500 SET-UP – August 14, 2014
As we look at today's setup for the S&P 500, the range is 44 points or 2.09% downside to 1906 and 0.17% upside to 1950.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.01 from 2.01
- VIX closed at 12.9 1 day percent change of -8.70%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, Aug. 9, est. 295k (prior 289k)
- Continuing Claims, Aug. 2, est. 2.507m (prior 2.518m)
- 8:30am: Import Price Index m/m, July, est. -0.3% (prior 0.1%)
- 8:45am: Bloomberg U.S. Economic Survey, Aug.
- 9:45am: Bloomberg Consumer Comfort, Aug. 10 (prior 36.2)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 1pm: U.S. to sell $16b 30-yr bonds
GOVERNMENT:
- Senate, House recess; President Obama on Martha’s Vineyard
- 9am: Organization for International Investment Pres. Nancy McLernon, speaks to Bloomberg reporters, editors
- U.S. ELECTION WRAP: Status of Hawaii’s Primary; NRSC in Mich.
WHAT TO WATCH:
- Euro-region recovery stalls as biggest economies fail to expand
- Germany’s 10-yr yield drops below 1% for first time on record
- U.S. banks said to get enforcement letters in FX-rigging probes
- Cisco cutting 6k jobs, CEO seeks revamp amid stagnant growth
- InterMune said to draw bids from Sanofi to Roche
- Israel, Hamas extend Gaza truce in quest for broader accord
- Ukraine open to compromise on Russia aid as own convoys readied
- Intel agrees to buy Avago networking unit Axxia for $650m
- GE appliance unit said to draw interest from Electrolux, Quirky
- Carlyle’s Axalta is said to tap banks for $1b U.S. IPO
- Barclays index unit said to draw offers from Nasdaq, CME Group
- Pfizer wins panel backing to expand Prevnar vaccine in seniors
- Merck & Co. wins U.S. FDA approval of new type of sleeping pill
- Hilton, Ally, Seibu added to MSCI world indexes
- Puerto Rico’s Prepa faces repayment deadline on $671m in debt
- T-Mobile CFO hints higher Iliad offer OK: WSJ
EARNINGS:
- Advance Auto Parts (AAP) 8:30am, $2.01
- Agilent Technologies (A) 4:05pm, $0.74
- Applied Materials (AMAT) 4:02pm, $0.27 - Preview
- Autodesk (ADSK) 4:01pm, $0.29
- B2Gold (BTO CN) 6:30am, $0.02
- Bally Technologies (BYI) 4:01pm, $1.20
- J.C. Penney (JCP) 4:01pm, ($0.90) - Preview
- Kohl’s (KSS) 7am, $1.07 - Preview
- Nordstrom (JWN) 4:05pm, $0.95 - Preview
- Pacific Rubiales (PRE CN) 6am, $0.41
- Penn West Petroleum (PWT CN) 6:33am, $0.10
- Perrigo (PRGO) 7:42am, $1.55
- Plug Power (PLUG) 7am, ($0.04)
- Sina (SINA) 5pm, $0.09
- Wal-Mart Stores (WMT) 7am, $1.21 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodities Fall to Six-Month Low as Gains for Year Evaporating
- WTI Oil Falls as U.S. Crude Stockpiles Increase; Brent Declines
- Silver Price Goes Electronic in Transparency Quest: Commodities
- Gold Climbs for Third Day Boosted by Ukraine to Middle East
- Copper Falls to Seven-Week Low on GDP Reports and China Output
- Corn Drops With Soybeans as Rain Seen Boosting U.S. Crop Outlook
- Palm Slumps to Five-Year Low as Bear Market Deepens on Supplies
- No Room at the Bin for U.S. Grain Amid Buffett’s BNSF Rail Jam
- Germany Needs More Coal-Plant Shutdowns as RWE Accelerates Halts
- Gold Consumption in China Shrinks 52% Amid Anti-Graft Campaign
- Gold Demand in India May Decline to Five-Year Low on Curbs
- Rebar Drops as Iron Ore at Record Low on China Financing Concern
- Putin’s Pipeline Bypassing Ukraine at Risk Amid Conflict: Energy
- Europe Airlines Cut Jet Fuel Hedging as Prices Seen Falling
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team