THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – December 3, 2014


As we look at today's setup for the S&P 500, the range is 46 points or 1.67% downside to 2032 and 0.55% upside to 2078.                                   

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.75 from 1.76
  • VIX closed at 12.85 1 day percent change of -10.08%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Nov. 28 (prior -4.3%)
  • 8:15am: ADP Employment Change, Nov., est. 222k (prior 230k)
  • 8:30am: Nonfarm Productivity, 3Q final, est. 2.4% (prior 2%)
  • 9:45am: Markit US Svcs PMI, Nov. final est. 56.5 (prior 56.3)
  • 10am: ISM Non-Manf. Composite, Nov., est. 57.5 (prior 57.1)
  • 10am: Bank of Canada seen maintaining 1% overnight lending rate
  • 10:30am: DOE Energy Inventories
  • 12:30pm: Fed’s Plosser speaks in Charlotte, N.C.
  • 2pm: Federal Reserve releases Beige Book
  • 2pm: Fed’s Brainard speaks in Washington
  • 7:30pm: Fed’s Fisher speaks in Dallas

GOVERNMENT:

    • President Obama to address Business Roundtable Forum
    • 2:30pm: JPMorgan CEO Dimon, Exxon CEO Tillerson speak
    • 9am: U.S. Chamber of Commerce event on future of financial reporting, auditing profession, w/ PCAOB Chairman James Doty; James Schnurr, SEC chief accountant
    • 10am: House Energy and Commerce Cmte hearing on Takata airbag recalls, with testimony from Hiroshi Shimizu, Takata SVP of global quality assurance
    • 10am: Supreme Court considers arguments in case over right of pregnant workers to be temporarily given new job duties
    • 10am: Senate Environment and Public Works Cmte hearing on Nuclear Regulatory Commission’s implementation of Fukushima task force recommendations

WHAT TO WATCH:

  • Fed Officials Stress Data Over Dates as Rate Rise Case Builds
  • China Services Gauges Climb in Nov. in Support to Growth
  • Euro-Area Economy Weakens as ECB Considers Stimulus Options
  • Apple Pay Partner Stripe Valued at $3.5b in New Funding
  • Cyber Monday Online Sales Rose 17% to $2b, ComScore Says
  • Takata Poised for Clash in Congress After Rejecting U.S. Recall
  • Chrysler-Led U.S. Auto Industry Gains to 17.2m Annual Pace
  • Huntington Poised for $4b U.S. Aircraft Carrier Award in 2015
  • Prudential Financial to Take $494m Charge, Buy Back Debt
  • Sony’s Unreleased ‘Annie’ Said Pulled From Sharing Websites
  • KKR, CJ Korea, XPO Said Shortlisted for NOL Logistics Unit
  • N. Korea’s Fingerprints Said Found in Malware Crippling Sony

AM EARNS:

    • Abercrombie & Fitch (ANF) 7am, $0.41
    • Brown-Forman (BF/B) 8am, $1.04
    • Leidos (LDOS) 6am, $0.53
    • Royal Bank of Canada (RY CN) 6am, C$1.59 - Preview

PM EARNS:

    • Aeropostale (ARO) 4:01pm, ($0.45)
    • Avago Technologies (AVGO) 4:02pm, $1.70
    • Canadian Western Bank (CWB CN) 7:30pm, C$0.68
    • Guess? (GES) 4:03pm, $0.18
    • Pacific Sunwear (PSUN) 4pm, ($0.04)
    • PVH (PVH) 4:02pm, $2.48
    • Seachange (SEAC) 4:01pm, ($0.08)
    • Synopsys (SNPS) 4:05pm, $0.61

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Trades Near $70 as Traders Assess OPEC Decision
  • ICE Targets Asia With Yuan, Crude Futures Set for Singapore
  • Gold Volatility Reaches 9-Month High on Oil Whipsaw: Commodities
  • Gold Climbs as Oil Gains and Physical Demand Picks Up in Asia
  • Zinc Swings as Investors Weigh Dollar Against U.S. Auto Sales
  • Citigroup Panicked Over Fraud at Chinese Ports, Mercuria Says
  • Oil Price Plunge Lends Unexpected Hand to Ailing Southern Europe
  • CME Delays Hong Kong Gold Futures Start to First Quarter of 2015
  • Palm Oil Advances for Second Day as Crude Oil, Soybeans Rebound
  • Rubber Declines as Lower Oil Reduces Costs for Synthetic Product
  • Western Canadian Energy Regulators Unite Amid Pipeline Delays
  • Cliffs Agrees to Sell West Virginia Coal Mines for $175 Million
  • White Sugar Falls to 5-Year Low After Oil’s Drop; Coffee Rises
  • Constitutional Court in Indonesia Upholds Mineral Ore Export Ban

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team