TODAY’S S&P 500 SET-UP – December 7, 2012
The S&P 500 closed yesterday at 1,413.94 an increase from the prior day's trading of 33bps.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.34 from 1.35
- VIX closed at 16.58 1 day percent change of 0.73%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Change in Nonfarm Payrolls, Nov. est. 86k (prior 171k)
- 8:30am: Unemployment Rate, Nov. est. 7.9% (prior 7.9%)
- 9:55am: UMichigan Confidence, Dec. P est. 82.0 (prior 82.7)
- 1pm: Baker Hughes rig count
- 3pm: Consumer Credit, Oct. est. $10.0b (prior $11.365b)
GOVERNMENT:
- Romney, Obama, allies spent more than $2b in campaign
- House meets in pro forma session. Senate not in session
WHAT TO WATCH
- Sandy probably dealt blow to U.S. labor market in November
- Japan reports little damage after 7.3-magnitude quake hits
- Samsung asks judge to reject Apple’s request for smartphone ban
- AT&T, Verizon to allow text-message 911 services
- Dodd-Frank rules governing derivatives may be delayed from implementation for 6 months
- Netflix, CEO receive Wells notices from SEC
- JPMorgan investment banking bonus pool said to contract by as much as 2% from year ago
- Pfizer’s Inlyta fails to win approval by U.K.’s health cost regulator
- Ford Hybrids don’t meet gas mileage target of 47mpg as set by automaker, Consumer Reports says
EARNINGS:
- Bank of Nova Scotia (BNS CN) 7:30am, C$1.19
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Steady in London, New York Before U.S. Employment Data
- Gold Bulls Retreat as Goldman Sees Peak Next Year: Commodities
- Rebar Has Biggest Weekly Gain in Two Years on Improving Demand
- Oil Heads for First Weekly Drop in Five on German Growth Cut
- Bins Bulge With Grain as Low Water Threatens Mississippi Traffic
- Soybeans Approach Biggest Weekly Gain Since August on Exports
- Gold Extends Weekly Decline as a Stronger Dollar Curbs Demand
- Palm Oil Shipments From Indonesia Seen Falling to Five-Month Low
- Fracking-Study Conflicts Prompt Head of Texas Institute to Quit
- Chicken-Feet Exports Help Savannah Top U.S. Port Growth: Freight
- Swollen Lakes Mean Five-Year Low Nordic Power: Energy Markets
- Europe Copper Premium Said to Drop Over Month on Weaker Demand
- Storm Heads Toward China, Vietnam as Philippine Death Toll Rises
- Copper Gains in London Before China’s Production: LME Preview
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team