TODAY’S S&P 500 SET-UP - December 3, 2010
As we look at today’s set up for the S&P 500, the range is 26 points or -2.01% downside to 1197 and 0.12% upside to 1223. The unemployment rate edged up to 9.8 percent in November, and nonfarm payroll employment was little changed (+39,000), the U.S. Bureau of Labor Statistics reported today. S&P 500 futures dropped sharply on the number.
- Coldwater Creek (CWTR) 3Q loss-shr narrower than est.
- Emergency Medical Services (EMS) bought Milford Anesthesia
- Novell (NOVL) 4Q rev. beat est.
- Phillips-Van Heusen (PVH) forecast 4Q EPS below est.
- Sunoco (SUN) agreed to sell Toledo, Ohio, refinery to Toledo Refining for $400m
- Ulta Salon Cosmetics & Fragrance (ULTA) sees 4Q rev. inline with est.
- VeriFone Systems (PAY) Sees FY2011 adj. EPS, sales above est.
- One day: Dow +0.95%, S&P +1.28%, Nasdaq +1.17%, Russell 2000 +1.08%
- Month-to-date: Dow +3.24%, S&P +3.47%, Nasdaq +3.25%, Russell +3.33%
- Quarter-to-date: Dow +5.32%, S&P +7.04%, Nasdaq +8.90%, Russell +11.10%
- Year-to-date: Dow +7.94%, S&P +9.54%, Nasdaq +13.67%, Russell +20.12%
- Sector Performance: Financials +2.56%, Materials +1.52%, Industrials +1.55%, Energy +1.49%, Consumer Disc +1.30%, Tech +1.19%, Healthcare +0.78%, Utilities +0.29%, Consumer Spls +0.07%
- ADVANCE/DECLINE LINE: 1270 (-416)
- VOLUME: NYSE - 1115.48 (-0.28%)
- VIX: 19.39 -9.22% - YTD PERFORMANCE: -10.56%
- SPX PUT/CALL RATIO: 1.58 from 1.67 -5.45%
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 15.74 -0.101 (-0.640%)
- 3-MONTH T-BILL YIELD: 0.16%
- YIELD CURVE: 2.46 from 2.44
- CRB: 312.10 +1.03%
- Oil: 88.00 +1.44%
- COPPER: 397.90 +0.80%
- GOLD: 1,386.95 -0.28%
- EURO: 1.3204 +0.57%
- DOLLAR: 80.303 -0.51%
- FTSE 100: 0.00%; DAX (0.08%); CAC 40 +0.34%
- Markets are mixed to unchanged in light trading following strong gains seen in the previous two sessions as investors rediscover an appetite for risk.
- ECB bond purchases during the previous session threw down the gauntlet to euro skeptics who doubted the bank's resolve to back up its rhetoric with decisive action.
- Strong headline economic data and the fact that equities currently offer investors better returns than government or corporate bonds are also factors underpinning sentiment in the asset class.
- Last night, S&P warned it could cut Greece's BB-plus credit rating if it becomes clear that the proposed European Stability Mechanism will favor public creditors to the detriment of private bond holders
- EU Commission makes unannounced inspections in pharmaceutical sector
- Eurozone Nov Final Services PMI 55.4 vs prelim 55.2
- Eurozone Oct Retail Sales +1.8% y/y vs cons +1.0%
- Germany Nov Final Services PMI 59.2 vs prelim 58.6
- France Nov Final Services PMI 55.0 vs prelim 55.7
- UK Nov Services PMI 53.0 vs cons 53.0
- Nikkei +0.10%; Hang Seng (0.55%); Shanghai Composite (0.04%)
- Closed mixed with Shanghai and Hong Kong lower on nagging fears China may take more steps to rein in inflation.
- Investors are starting to price in another increase in banks' required reserve ratios and a rate rise by the end of the year.
- Gold miners fell on profit-taking, and coal miners declined on a report that Beijing has frozen prices for next year in a bid to control inflation.
- The Nikkei ended marginally higher having earlier hit a 6-month intraday high, lifted by stronger than expected US economic data and on talk of ECB activity in bond markets