TODAY’S S&P 500 SET-UP – December 4, 2013
As we look at today's setup for the S&P 500, the range is 31 points or 0.62% downside to 1784 and 1.11% upside to 1815.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.51 from 2.50
- VIX closed at 14.55 1 day percent change of 2.25%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Nov. 29 (prior -0.3%)
- 8:15am: ADP Employment Change, Nov., est. 170k (prior 130k)
- 8:30am: Trade Balance, Oct., est. -$40b (prior -$41.8b)
- 10am: ISM Non-Manufacturing, Nov., est. 55 (prior 55.4)
- 10am: Sept., Oct. new home sales; delayed by govt. shutdown
- 10:30am: DOE Energy Inventories
- 2pm: Federal Reserve releases Beige Book
GOVERNMENT:
- Sec. of State John Kerry attends NATO mtg in Brussels
- 9:30am: House Oversight and Govt Reform Cmte hears from Brookings, Mercatus, Cato experts on rollout of healthcare.gov
- 9:50am: Education Sec. Arne Duncan at Federal Student Aid Training Conf., answers questions on Obama’s proposal to make college more affordable for middle-class Americans
- 10am: House Energy and Commerce Cmte panel hears from policy institutes, think tanks on ACA, Medicare Advantage
- 11am: Boeing CEO, Business Roundtable Chairman Jim McNerney holds conf. call to discuss CEO Economic Outlook Survey
- 11:20am: President Obama speaks on economy at CAP event
- 1pm: House Small Business Cmte hears from National Restaurant Assn on effects of Affordable Care Act
WHAT TO WATCH:
- European Commission fines banks EU1.71b for rate rigging
- JPMorgan said to snub Euribor deal
- Deutsche Bank extends multi-party chatroom ban to fixed income
- Merck, Lilly said to be interested in Novartis veterinary unit
- Cyber Monday sales rise ~20%, Comscore says
- China Mobile license paves way for world’s largest 4G network
- Bats sees completing Direct Edge deal in 1Q
- Ireland exits Bank of Ireland $2.4b preferred share stake
- British probe to clear Huawei of allowing spying
- Nokia/Microsoft: EU provisional deadline
EARNINGS:
- Aeropostale (ARO) 4:01pm, $(0.25)
- Avago Technologies (AVGO) 4:05pm, $0.81
- Brown-Forman (BF/B) 7:45am, $0.91
- Express (EXPR) 7am, $0.25
- Guess? (GES) 4:03pm, $0.38
- Korn/Ferry Intl (KFY) 4:01pm, $0.34
- Mattress Firm (MFRM) 4:01pm, $0.54
- National Bank of Canada (NA CN) 7:15am, C$2.09
- Synopsys (SNPS) 4:05pm, $0.55
- Verint Systems (VRNT) 4:05pm, $0.64
- Wet Seal (WTSL) 4:05pm, $(0.12)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Record Rice Inventories in Thailand Jumping 17% as Exports Climb
- Brazil Corn-to-Soy Switch Foreshadows Record Glut: Commodities
- OPEC Seen Keeping Output Cap; Naimi Says Market in Best Shape
- LME Is Reviewing Future of London’s Last Open-Outcry Trade Pit
- WTI Rises on U.S. Crude Supply Drop as Discount to Brent Shrinks
- Gold Falls to Five-Month Low as Silver Drops on Fed Taper Bets
- Wheat Climbs on Speculation Cold Snap May Hurt U.S. Winter Crop
- Copper Climbs Before Reports Seen Showing More Hiring in U.S.
- Robusta Extends Gains After Biggest Rally Since 2011; Sugar Adds
- Rebar in Shanghai Advances to Seven-Week High as Iron Ore Jumps
- Soybean Meal Seen Falling 8.3% on Reversal: Technical Analysis
- Ethanol Mills Face Closures as Obama Cuts Target: Energy Markets
- Natural Gas Near $4 Makes Costly Appalachia Coal Basins Viable
- Iran Will Meet Intl Oil Companies in March in London: Minister
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team