TODAY’S S&P 500 SET-UP – December 5, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 0.27% downside to 1788 and 1.01% upside to 1811.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.53 from 2.55
- VIX closed at 14.7 1 day percent change of 1.03%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: BOE seen maintaining benchmark lending rate of 0.5%
- 7:30am: Challenger Job Cuts y/y, Nov. (prior -4.2%)
- 7:30am: RBC Consumer Outlook Index, Dec. (prior 47)
- 7:45am: ECB seen holding benchmark interest rates at 0.25%
- 8:15am: Fed’s Lockhart speaks in Fort Lauderdale, Fla.
- 8:30am: ECB’s Draghi holds news conference on interest rates
- 8:30am: Init. Jobless Claims, Nov. 30 est. 321k, (pr 316k)
- 8:30am: Revised 3Q GDP q/q, est. 3.1% (prior 2.8%)
- 9:45am: Bloomberg Consumer Comfort, Dec. 1 (prior -33.7)
- 10am: Factory Orders, Oct., est. -1.0% (prior 1.7%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. to announce plans for sale of 3Y notes, 10Y notes and 30Y bonds
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 12:15pm: Fed’s Fisher speaks in College Station, Texas
GOVERNMENT:
- 8:30am: Treasury Sec. Jack Lew to speak on financial reform at Pew Charitable Trusts
- 9am: EPA hearing on 2014 standards for Renewable Fuel Standard
- 9:30am: SEC roundtable on proxy firms used by investment advisers
WHAT TO WATCH:
- China Mobile moves closer to iPhone with 4G network license
- GM to pull Chevrolet from Europe to focus on expanding Opel
- Nov. comp. sales may gain on Y/y comparisons, holiday deals
- Goldman Sachs sued by Singapore client Oei over trading loss
- Volcker rule won’t allow portfolio hedging for banks: WSJ
- China bans financial companies from Bitcoin transactions
- Alibaba will probably prefer London listing over Nasdaq: Times
- Microsoft to expand encryption to protect against spying
- Icahn plans shareholder vote pushing Apple to boost buyback
- Merck KGaA to acquire AZ Electronic Materials for $2.6b
- BNP agrees to buy Rabobank’s Polish unit BGZ for $1.4b
AM EARNINGS:
- Canadian Imp. Bank of Comm (CM CN) 5:30am, C$2.15 - Preview
- Cantel Medical (CMN) 8am, $0.24
- Conn’s (CONN) 7am, $0.64
- Dollar General (DG) 7am, $0.70 - Preview
- Dollarama (DOL CN) 7:30am, C$0.88
- Francesca’s Holdings (FRAN) 7am, $0.20
- Jos A Bank Clothiers (JOSB) 6am, $0.50
- Kroger (KR) 8:30am, $0.53 - Preview
- Methode Electronics (MEI) 6:30am, $0.35
- Royal Bank of Canada (RY CN) 6am, C$1.40 - Preview
- Toro (TTC) 8:30am, $0.03
- Toronto-Dominion Bank (TD CN) 6:30am, C$1.99 - Preview
- Transcontinental (TCL/A CN) After open, C$0.74
- UTi Worldwide (UTIW) 8am, $0.08
PM EARNINGS:
- Cooper (COO) 4:01pm, $1.80
- Esterline Technologies (ESL) 4pm, $1.78
- Finisar (FNSR) 4pm, $0.39
- Five Below (FIVE) 4:01pm, $0.05
- Ulta Salon (ULTA) 4pm, $0.74
- Veeva Systems (VEEV) Aft-mkt, $0.05
- Zumiez (ZUMZ) 4pm, $0.46
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Seen Over $100 for Fourth Year as OPEC Bets on Demand
- Banks Cut Raw-Materials Staff to Fewest Since ’09: Commodities
- Indonesia to Press Ahead With Ore-Export Ban in ’14, Wacik Says
- Gold Drops in London on Speculation of Federal Reserve Tapering
- Cocoa Drops as Ivorian Arrivals Signal More Supply; Coffee Rises
- Eni’s Scaroni Says Had Long, Warm Meeting With Iranian Minister
- Rebar Falls From 7-Week High on Ore Inventory, Freezing Weather
- OPEC Maintains Output Quota; Will Member Countries Toe Line?
- Coffee Cost Surge in Vietnam Seen Curbing Plantation Investment
- Goldman Sachs Antitrust Suits Over Aluminum Set for Venue Debate
- World Food Prices Little Changed in November, Oils Jump, UN Says
- Glasenberg Raises Glencore’s Bet on Coal as BHP Pauses: Energy
- Iran, Libya Have Capacity to Raise Oil Output If Tensions Ease
- WTI-Brent Spread Shrinks to 10-Day Low as U.S. Supply Declines
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team