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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team