TODAY’S S&P 500 SET-UP – December 16, 2013
As we look at today's setup for the S&P 500, the range is 24 points or 0.47% downside to 1767 and 0.88% upside to 1791.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.53 from 2.54
- VIX closed at 15.76 1 day percent change of 1.42
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Empire Manufacturing, Dec., est. 5 (prior -2.21)
- 8:30am: Nonfarm Productivity, 3Q final, est. 2.80% (pr 1.9%)
- 8:58am: Markit U.S. PMI Prelim., Dec., est. 54.8, pr 54.3
- 9am: ECB’s Draghi speaks in Brussels
- 9am: Total Net TIC Flows, Oct. (prior -$106.8b)
- 9:15am: Industrial Production, Nov., est. 0.6% (pr -0.1%)
- 2pm: Bernanke makes commemorative remarks at Fed Centennial
GOVERNMENT:
- Senate in session, House not in session
- U.S., EU negotiators hold 3rd round of negotiations on Transatlantic Trade and Investment Partnership
WHAT TO WATCH:
- AIG said to near sale of plane unit to AerCap for cash, stk
- J&J said to get 3 diagnostics bids of at least $4b each
- Mitsubishi Heavy, GE settle wind patent infringement cases
- China manufacturing index unexpectedly falls as output slows
- Euro-area manufacturing expands more than forecast on Germany
- Budget deal lauded by lawmakers belies fiscal rigors ahead
- Credit-card Nov. charge-offs, delinquencies reports today
- Yahoo CEO apologizes to users for e-mail service problems
- Japan Tankan shows limits on spending as cos. get cautious
- China to probe pricing in antitrust drive, regulator says
- Merkel keeps Schaeuble at Finance; von der Leyen to Defense
- Draghi ally Asmussen to leave ECB board for German govt
- Ukraine demonstrations surge; fractures hurt opposition
- Google buys robotics co. Boston Dynamics, NY Times reports
- Berry Petroleum, Linn Energy holders vote on acquisition
- Charter said to ready offer letter for Time Warner Cable
- Facebook, Wal-Mart using face recognition help write U.S. code
- Amazon German workers to take protest to Seattle HQ
- Baidu made to add warnings as regulators focus on China stks
- London 2014 house price growth to slow as property tax looms
EARNINGS:
- ChinaEdu (CEDU) 4:30pm, $0.86
- FuelCell Energy (FCEL) After-mkt, $(0.03)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Funds See Unprecedented 31% Slump With World Losing Faith
- Brent Crude Rises as Rebels Refuse to Open Libya’s Eastern Ports
- Speculators Most Bullish Since October Before Drop: Commodities
- Copper Reaches Six-Week High as Premium Signals Limited Supply
- Gold Declines as Fed May Start Taper, ETP Holdings Seen Dropping
- Wheat Extends Slump to 18-Month Low as Frost-Damage Risks Wane
- Robusta Coffee Declines as Vietnam May Boost Sales Before Tet
- Indonesia Ore Export Ban Seen Spurring Thousands of Job Cuts
- Copper Market to Stay Broadly in Balance Next Year for Trafigura
- Olam Survives Muddy Waters in Bond Comeback: Corporate Finance
- Libya’s Oil Sales Constrained as Eastern Ports Remain Shut
- Hedge Funds’ Natural Gas Bets Jump as Thermometer Drops: Energy
- Utilities May Want Coal for Christmas as Gas Prices Surge 27%
- Indonesia Ministers to Meet on Ore Export Ban Tomorrow: Hidayat
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
