TODAY’S S&P 500 SET-UP – November 25, 2013
As we look at today's setup for the S&P 500, the range is 22 points or 0.93% downside to 1788 and 0.29% upside to 1810.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.47 from 2.46
- VIX closed at 12.26 1 day percent change of -3.16%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: Pending Home Sales m/m, Oct., est. 2% (prior -5.6%)
- 10:30am: Dallas Fed Manufacturing Activity, Nov. (prior 3.6)
- 4pm: USDA crop-progress reports
GOVERNMENT:
- House, Senate not in session this week
- 9am: Bread for the World Institute releases annual report on hunger in America; National Press Club
- Mexico will ask WTO to determine whether U.S. has complied w/ ruling on “dolphin-friendly” labeling for tuna products
- U.S., Russian diplomats plan to meet in Geneva with special UN envoy Lakhdar Brahimi to Syria peace talks preparations
- Lawmakers ready U.S. budget options amid taxes impasse
WHAT TO WATCH:
- Boeing warns of engine-ice risk for GE-powered 787s
- JAL replaces 787 on some routes on Boeing icing order
- Dish shareholders ask to exclude Ergen from LightSquared bid
- Apple agrees to $350m acquisition of PrimeSense
- J.C. Penney to be ousted from S&P 500, replaced by Allegion
- Iran to curb nuclear activities amid up-to-$7b relief deal
- Druckenmiller shorts IBM old technology, bets on Amazon
- ECB’s Hansson says rate-cut options aren’t fully exhausted
- J&J-Medivir win U.S. approval for new hepatitis C pill
- Fisker files for bankruptcy, to sell assets to Hybrid Tech
- N.Y. Fed counsel says make bankers example to change culture
- For-profit colleges face consumer bureau probe
- RBS drove cos. into trouble to lift profit, study finds
- Obama aims to ease consumers’ effort to buy health plans
- Microsoft says Xbox One sales top 1m in less than a day
- Apache may sell Argentina assets to YPF: Reuters
- Yahoo courts Couric as Mayer accelerates turnaround effort
- China air-zone move expands field-of-islands spat w/Japan
- Pfizer, Wyeth agree on merger of India operations
- Lampert said to seek sale of Sears Canada: NY Post
- Houston Astros owner sues McLane, Comcast over network value
- TrueCar said to consider IPO next yr for online auto retailer
EARNINGS:
- Copart (CPRT) 5:15pm, $0.34
- Fifth Street Finance (FSC) 4:37pm, $0.26
- Hillenbrand (HI) 4:15pm, $0.52
- New Jersey Resources (NJR) 7am, $(0.02)
- Nuance Communications (NUAN) 4pm, $0.29
- Palo Alto Networks (PANW) 4:03pm, $0.07
- Workday (WDAY) 4:02pm, $(0.17)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Drops to Four-Month Low as Iran Accord Damps Haven Appeal
- Hedge Fund Gold Bets Less Bullish as Paulson Holds: Commodities
- Brent Slide Leads Energy Prices Lower After Iran Nuclear Accord
- Soybeans Retreat From Eight-Week High on South America Outlook
- Copper Drops From Two-Week High on Outlook for Fed Stimulus Cut
- Sugar Output in India’s Biggest Producer Declines 57%
- Rebar Advances as China’s Hebei Demolishes Old Steel Furnaces
- Certified Coffee Brings Vietnam Farmers Promise: Southeast Asia
- Gas Wagers Least Bullish in 10 Months Miss Rally: Energy Markets
- Pollution Pact From China to India Shows Rift: Carbon & Climate
- Sinopec Qingdao Refinery Disrupted as Blast Death Toll Rises
- Europe Sugar-User Concerns Build on Prices, Infrastructure Fears
- Iran Gold Sanctions Easing Seen Having Little Price Impact
- Oil Slump Seen as ‘Knee-Jerk’ Reaction to Iran Nuclear Deal
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team