TODAY’S S&P 500 SET-UP – December 2, 2013
As we look at today's setup for the S&P 500, the range is 18 points or 0.49% downside to 1797 and 0.51% upside to 1815.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.51 from 2.46
- VIX closed at 13.7 1 day percent change of 5.55%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Fed’s Bernanke at “College Fed Challenge” in D.C.
- 8:58am: Markit US PMI Final, Nov., est 54.3
- 10am: ISM Manufacturing, Nov., est. 55.0 (prior 56.4)
- 10am: Sept/Oct construction spending data released
- 7pm: Fed’s Potter speaks to Money Marketeers in New York
GOVERNMENT:
- House in session
- House Oversight and Govt Reform Cmte hears from Washington, D.C., planning officials on whether to alter a 1910 federal law restricting building heights in the U.S. capital
- Biden visits Japan as part of Asia trip w/ China air-zone issue in forefront
WHAT TO WATCH:
- Amazon testing drones for same-day package delivery: CBS
- Black Friday weekend spending drop pressures U.S. profit
- ComScore says online holiday-to-date sales up 3% to $20.6b
- NRF sees 141m shopping Thanksgiving wknd vs 139m y/y
- Cyber Monday seen drawing 131m shoppers, up 1.6% y/y
- U.K. fund mgrs press FCA for more disclosure on forex-rigging
- GrainCorp CEO resigns after $2b ADM takeover blocked
- ADM’s GrainCorp bid would’ve been blocked by others: Abbott
- Ex-BP engineer begins first criminal trial from 2010 oil spill
- Barrick’s Thornton said to seek China deal to rebuild miner
- Panasonic in talks for auto parts makers in expansion hunt
- Stakes for Obamacare raised as U.S. says repair goals reached
- China’s manufacturing tops ests. in growth boost for Li
- China sets IPO reform plan signaling end of listings freeze
- Facebook in talks for 1st acquisition in India: Standard
- PTTEP, Pertamina agree to buy $1.3b Hess Indonesia assets
- UBS plans EU1.75b bonds buyback to lower funding cost
- Euro-area manufacturing expanded more than estimated in Nov.
- NYC derailment kills 4, may snarl commuter traffic
EARNINGS:
- Ascena Retail (ASNA) 4pm, $0.32
- Krispy Kreme (KKD) 4:03pm, $0.15
- Thor Industries (THO) 4:15pm, $0.71
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Falls on Speculation U.S. Data to Boost Case for Tapering
- Worst Raw-Material Slump Since ’08 Seen Deepening: Commodities
- OPEC VIENNA: Ministers Expected to Arrive Today Before Meeting
- Copper Declines Amid Signs Investors Are Shunning Raw Materials
- Soybeans Rise to 10-Week High as Demand for U.S. Supply Climbs
- Iron Ore Exports to China Decline From Port Hedland in November
- Palm Oil Retreats a Second Day as Exports From Malaysia Decline
- Barrick’s Thornton Said to Seek China Deal to Rebuild Miner
- OPEC Inaction Masks Looming Supply Glut in 2014: Energy Markets
- Stocks Triumph Third Month in Best Run Since 2009 as Gold Sinks
- Robusta Coffee May Climb to October Level: Technical Analysis
- Pirates Wielding Grenades Spur Japan to Ease Samurai-Era Gun Ban
- EU Periphery Refineries Most Threatened by Closure: 2014 Outlook
- WTI Crude Gains as China’s Manufacturing Growth Beats Estimates
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team