TODAY’S S&P 500 SET-UP – December 3, 2013
As we look at today's setup for the S&P 500, the range is 33 points or 1.05% downside to 1782 and 0.78% upside to 1815.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.50 from 2.51
- VIX closed at 14.23 1 day percent change of 3.87%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am/8:55am: ICSC/Redbook weekly retail sales
- 9:45am: ISM New York, Nov. (prior 59.3)
- 10am: IBD/TIPP Economic Optimism, Dec., est. 43, (pr 41.4)
- 1pm: Fed’s Lacker testifies on bankruptcy to House subcmte
- 2pm: Fed to buy $3b-$4b 2019-2020 notes
- 4:30pm: API weekly oil inventories
- 5pm: Total Vehicle Sales, Nov., est. 15.8m (prior 15.15m)
- Domestic Vehicle Sales, Nov., est. 12.2m (prior 11.73m)
GOVERNMENT:
- House in session, Senate out until Dec. 9
- 9:15am: SEC Chairwoman Mary Jo White delivers remarks at meeting of European Corporate Governance Inst.
- 10am: House Oversight and Government Reform panel holds hearing on design-build contract
- 10am: American Antitrust Inst. holds Private Antitrust Enforcement conf. National Press Club
- 11am: Obama hosts Colombian President Juan Manuel Santos at White House
- 1:25pm: U.S. Chamber of Commerce President Thomas Donohue discusses regulatory environment for business community
- VP Joe Biden meets with Japan Prime Minister Shinzo Abe, Deputy Prime Minister Taro Aso in Tokyo
WHAT TO WATCH:
- S&P says U.S. fraud lawsuit over ratings is too big to work
- Apple buys real-time access to Twitter’s feed with Topsy deal
- Wang Jianlin’s AMC Entertainment to seek $368m in IPO
- Tesla says German agency’s review clears model S after fires
- Fed doesn’t object to Goldman, JPMorgan capital plans
- Hong Kong confirms city’s first human case of H7N9 bird flu
- Google cuts prices on cloud services in Amazon, IBM challenge
- Yuan passes euro to be second-most used trade-finance currency
- Biden to stress opposition to China defense zone in Japan visit
- Rio Tinto to halve capital spending by 2015 in focus on cash
- Toshiba to acquire most OCZ assets out of bankruptcy for $35m
- Number of federally-insured U.S. banks falls to 6,891: WSJ
- Sony Playstation 4 sales top 2.1 million
- Cyber Monday sales soar to record
EARNINGS:
- Bank of Montreal (BMO CN) 6:30am, C$1.57 -- Preview
- Bob Evans Farms (BOBE) 4pm, $0.55
- Golub Capital BDC (GBDC) 4:15pm, $0.33
- Guidewire Software (GWRE) 4:01pm, $(0.16)
- OmniVision Technologies (OVTI), 4:18pm, $0.43
- United Natural Foods (UNFI) 4:05pm, $0.54
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Falls as Reviving U.S. Economy Fuels Tapering Speculation
- Gold Bulls Retreat as Prices Drop to Four-Month Low: Commodities
- WTI Crude Gains a Third Day; OPEC Set to Maintain Output Limit
- Gold Pares Gains in London, Is Little-Changed at $1,219.34/Oz
- Wheat Climbs From Biggest Drop in a Month as Demand Increases
- Sugar Reaches Three-Year Low as Indian Dispute Ends; Cocoa Drops
- Rebar Rises to Seven-Week High on China Demand Growth Outlook
- China May Halt Corn Imports From U.S. on GMO Cargoes, Yigu Says
- Volcker Rule Said Set for Dec. 10 Approval by U.S. Regulators
- Wider Oil-Price Gap Seen Aiding U.S. Refiners: Chart of the Day
- Hedge Fund Bullish Gas Bets Surge on Cold Blast: Energy Markets
- Rio Tinto to Halve Capital Spending by 2015 in Focus on Cash
- West of Shetland Has Substantial Exploration Potential, BP Says
- Korea Exchange Targets Gold Trading as Park Hunts Tax Revenue
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team