TODAY’S S&P 500 SET-UP – August 18, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 1.10% downside to 1950 and 0.27% upside to 1977.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.96 from 1.98
- VIX closed at 12.32 1 day percent change of -6.31%
MACRO DATA POINTS (Bloomberg Estimates):
GOVERNMENT:
• Alaska holds primary to choose GOP Senate candidate; Wyoming also holds primary
• 2pm: Federal Open Market Cmte issues minutes from July 29-30 meeting
• U.S. ELECTION WRAP: Alaska Primary; National Party Fundraising
WHAT TO WATCH:
• Wal-Mart bid for Family Dollar said to be unlikely
• TPG Capital offers fee breaks to lure investors to $10b fund
• Standard Chartered said to approach N.Y. with controls deal
• Verizon regains title of fastest U.S. wireless from AT&T
• New Sprint CEO doubling data available for shared plans
• BofA’s Montag becomes sole COO; Darnell taking new role
• Owners of Vevo said to end effort to sell co.: New York Post
• Starbucks to send food trucks to college campuses: CNNMoney
• Microsoft’s cloud service Azure had 5-hour outage yday
• Solar demand surge means first panel shortage since 2006
• Visa sees Russia as priority market as govt prepares new rules
• Bank of China profit growth slows on bad-loan provisions
AM EARNINGS:
- Home Depot (HD) 6am, $1.44 - Preview
- Elizabeth Arden (RDEN) 6:59am, ($0.34)
- Medtronic (MDT) 7:15am, $0.92 - Preview
- Dick’s Sporting Goods (DKS), 7:30am $0.65 - Preview
- TJX Cos (TJX) 8:28am, $0.73 - Preview
PM EARNINGS:
- Real Goods Solar (RGSE) 4:05pm, ($0.09)
- La-Z-Boy (LZB) 4:10pm, $0.21
- Photronics (PLAB) 4:30pm, $0.08
- Youku Tudou (YOKU) 4:30pm, ($0.07)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Default Shadow Ebbs in Commodity Trade Rebound: Corporate India
- Greener Pastures Signaling U.S. Beef Supply Rebound: Commodities
- Gold Rises in New York as Palladium Trades Near 13-Year High
- Corn to Soybeans Fall on Prospects U.S. Rain Will Aid Production
- Deckhands Paid Like Bankers Threaten Biggest Iron Ore Port
- Aluminum Rises Most in Two Weeks Before U.S. Construction Report
- BHP’s Metal Discards Poised to Become Biggest Mining Spinoff
- MORE: CME Hires Ex-Morgan Stanley’s Zhang as Asia Metal Director
- Western Australia Crop Growing Conditions Favorable: Rabobank
- Ill-Disciplined Gold Miners Deal Industry Loss: Chart of the Day
- Deal Success Has China Metal Miner Seeking More Overseas Targets
- China Mills May Restock Iron Ore Over Next Two Weeks, ANZ Says
- COMMODITIES DAYBOOK: WTI Crude Rises Before Supply Data
- Rain Relieving Thirsty Crops in China Complicates Glut Reduction
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team