TODAY’S S&P 500 SET-UP – November 24, 2014
As we look at today's setup for the S&P 500, the range is 55 points or 2.54% downside to 2011 and 0.12% upside to 2066.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.81 from 1.81
- VIX closed at 12.9 1 day percent change of -5.01%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Chicago Fed Nat Activity, Oct., est. 0.40 (prior 0.47)
- 9:45am: Markit US Services PMI, Nov. prelim, est 57.3 (pr 57.1)
- 10:30am: Dallas Fed Mfg Activity, Nov., est. 9 (prior 10.5)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $28b 6M bills
- 1pm: U.S. to sell $28b 2Y notes
GOVERNMENT:
- Deadline for pact limiting Iran’s nuclear program in exchange for relief from economic sanctions
- House, Senate out of session
- USTR Michael Froman delivers speech at Federation of Indian Chmabers of Commerce and Industry
WHAT TO WATCH:
- Onex to Acquire Packaging Maker SIG for Maximum $4.7b
- Iran Nuclear Talks May Be Extended If Final Push Falls Short
- Carlyle Said to Seek $5b for Buyout Fund With Longer Life
- German Business Confidence Unexpectedly Rises 1st Time in 7 Mos.
- Iran May Seek OPEC Cut of 1 Million Barrels in Saudi Talks
- Aviva Falls on 5.4 Billion-Pound Friends Life Takeover Offer
- ‘Hunger Games’ Debut Trails Predecessors Amid Tepid Reviews
- U.S. Gasoline Falls to $2.8416 a Gallon in Lundberg Survey
- Yik Yak Said to Get $62m Investment Led by Sequoia Capital: WSJ
AM EARNS:
- Navios Maritime (NM) 7am, ($0.15)
PM EARNS:
- Brocade Communications (BRCD) 4pm, $0.23
- Nuance Communications (NUAN) 4:01pm, $0.28
- Workday (WDAY) 4:02pm, ($0.10)
- Palo Alto Networks (PANW) 4:03pm, $0.12
- Aegean Marine Petroleum (ANW) 4:15pm, $0.21
- Qihoo 360 (QIHU) 5pm, $0.62
- Post (POST) 5pm, $0.07
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- OPEC Easy-Decision Days Seen Over by Former Qatari Minister
- Iran May Propose 1 Million-Barrel OPEC Cut in Talks With Saudis
- Brent Crude Trades Near Highest in Seven Days as Iran Seeks Cut
- Soybeans Drop Amid Outlook for Record U.S. Crop and Brazil Rains
- World’s Oldest Spice Bears Vietnam Modern Riches: Southeast Asia
- Copper Falls on Concern China Rate Cut Signals Economic Slowdown
- Barclays Survey Shows 30% Investors See Gold Below $1,150 By 1Q
- CME Will Lower Rates for Wheat Storage as Futures Spread Narrows
- Enterprise Said to Offer U.S. Condensate to Asia Buyers for 2015
- Gold May Drop 5% in First Three Months of Lower Oil, SocGen Says
- CME Group to Start New Iron-Ore Futures Contract From December
- U.K. Gas Rises in Longest Streak in Year on Cold, Norway Outages
- Robusta Coffee Futures Climb on Vietnam Outlook; Sugar Declines
- Iran Won’t Cede Market Share by One Barrel: OPEC Reality Check
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team