TODAY’S S&P 500 SET-UP – December 13, 2013
As we look at today's setup for the S&P 500, the range is 23 points or 0.25% downside to 1771 and 1.04% upside to 1794.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.55 from 2.56
- VIX closed at 15.54 1 day percent change of 0.78%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: PPI m/m, Nov., est. 0.0% (prior -0.2%)
- 8:30am: PPI Ex-Food/Energy m/m, Nov., est. 0.1% (pr 0.2%)
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 8am: Medicare Payment Advisory Commission holds mtg, with sessions on Medicare Advantage, hospice svcs, rehabilitation
- 10am: CFTC holds closed mtg
- 11am: Senate Finance Cmte votes on nominations: Sarah Bloom Raskin Deputy Treasury Sec.; John Andrew Koskinen IRS commissioner; Rhonda Schnare Schmidtlein ITC member
- 1pm: Panel of President’s Export Council meets on encouraging trade, incl Export control reform update
WHAT TO WATCH:
- Ford to hire 11,000 in U.S., Asia next year with new plants
- SAC reconsidering relationship with Deutsche Bank: WSJ
- Steinberg told by judge to decide whether he’ll testify
- U.S. House passes $625.1m defense authorization bill
- Microsoft said to consider Qualcomm’s Mollenkopf for CEO
- Anadarko may be liable for up to $14b from Tronox spinoff
- Boeing says it has evaluated 54 sites for newest 777 work
- KKR, Goldman said to exit stakes in Dollar General: WSJ
- Texas Indus. said to explore sale as construction rebounds
- DirecTV said to be near deal to extend NFL Sunday Ticket
- RRJ Capital buys Everbright Intl. stake for $350m
- Hilton exploring new lifestyle hotel brand, WSJ says
- Calpers criticizes Carl Icahn’s push for Apple cash return
- Coke makes management changes to improve North America ops.
- Wetjen said to face vote to become acting CFTC head
- Mexico’s 2 legislative chambers pass energy reform bill
- China to take deposits on some U.S., Japan, EU steel imports
EARNINGS:
- No earnings scheduled for S&P 500 companies
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Swings as Investors Weigh Demand Signs Against Fed Outlook
- Crude Declines in Survey as Fuel Supply Grows on Weaker Demand
- Copper Bulls Extend Run as Tight Supply Lifts Price: Commodities
- Freeport Working With Indonesia to Clarify Planned Export Ban
- Palm Oil Imports by China Climbing to Eight-Month High on Demand
- Copper Drops on Record China Output, Fed Stimulus: LME Preview
- Palm Oil Tumbles Most in Three Months as Demand Seen Weakening
- Rebar Caps First Weekly Loss in Four as Production Costs Fall
- Abe Breaks Micro-Farms to End Japan Agriculture Slide: Economy
- Amplats Agrees to Wage Deal With National Union of Mineworkers
- Eric Shi Said to Join Newedge in Commodities After Bank of China
- Shale Boom Shakes U.K.’s $32 Billion Chemicals Industry: Energy
- Rubber Set for Third Weekly Advance on Weak Yen, China Optimism
- Brent Set for Weekly Loss Before Reopening of Libyan Oil Ports
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team