TODAY’S S&P 500 SET-UP – December 4, 2014
As we look at today's setup for the S&P 500, the range is 45 points or 1.90% downside to 2035 and 0.27% upside to 2080.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.73 from 1.73
- VIX closed at 12.47 1 day percent change of -2.96%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: Bank of England seen maintaining 0.5% bank rate
- 7:30am: Challenger Job Cuts y/y, Nov. (prior 11.9%)
- 7:30am: RBC Consumer Outlook Index, Dec. (prior 51.7)
- 7:45am: ECB seen maintaining 0.05% main refinancing rate
- 8:30am: Init Jobless Claims, Nov. 29 est. 295k (prior 313k)
- 8:30am: ECB’s Draghi holds news conference
- 8:30am: Fed’s Mester speaks in Washington
- 9:45am: Bloomberg Consumer Comfort, Nov. 30 (prior 40.7)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: U.S. to announce plans for auction of 3M/6M/1Y bills, 1Y bills, 3Y/10Y/30Y debt
- 12:30pm: Fed’s Brainard speaks in Washington
GOVERNMENT:
- Sec. of State John Kerry meets with Russian Foreign Minister Sergei Lavrov in Basel, Switzerland; delivers remarks at London Conference on Afghanistan, holds meetings with officials including Pakistani Prime Minister Nawaz Sharif
- Financial Industry Regulatory Authority board meets to consider items including proposed amendments to TRACE rules
- 11:50am: President Obama delivers remarks at summit on college opportunity
- 2:30pm: SEC Commissioner Kara Stein speaks at the Consumer Federation of America’s Financial Services Conference
WHAT TO WATCH:
- Draghi Nudges Policy Bounds as ECB Awaits Stimulus Evidence
- Fisher Says Slow Roll Off of Fed Assets Would Do No Harm
- CBS to Pull Network From Dish Today Without New Agreement
- Chrysler Expands Air-Bag Recall; Not Enough for Regulators
- Toyota Widens Air-Bag Recalls on Japan Scrapyard Rupture
- November U.S. Comps. Seen Benefiting From Early Holiday Sales
- Unilever to Split Spreads Business Into Standalone Unit
- *Blackstone Pres. James Considers Role Outside Co.: Reuters
- Best Buy Sells Five Star Business in China to Jiayuan Group
- Google Seeks to Avoid Paying Authors to Scan Their Books
- Nextera Agrees to Buy Hawaiian Electric for $2.63b
- Sanofi Whistle-Blower Says in Suit Drugmaker Paid Kickbacks
- EU’s Privacy Law Backtracking Seen Thwarting Google, Facebook
- Amgen Wins Early U.S. Approval for Rare Leukemia Treatment
- Take-Two’s Grand Theft Auto Pulled From Australian Shelves
- Buffett’s NetJets Sued by Pilots’ Union Over Privacy Breach
- UTi Worldwide, DSV Said to Halt Talks After UTi Shares Spike
- Putin Calls for Harsh Measures on Speculators as Ruble Drops
AM EARNS:
- Barnes & Noble (BKS) 8:30am, $0.31
- CIBC (CM CN) 5:56am, C$2.25 - Preview
- Descartes Systems (DSG CN) 6am, $0.15
- Dollar General (DG) 7am, $0.80 - Preview
- Dollarama (DOL CN) 7:30am, C$0.54
- Express (EXPR) 7am, $0.16
- Gildan Activewear (GIL CN) 8:30am, $1.08
- Kroger (KR) 8:30am, $0.61 - Preview
- Sears (SHLD) 6am, ($3.31)
- Toro (TTC) 8:30am, $0.15
- Toronto-Dominion Bank (TD CN) 6:30am, C$1.06 - Preview
- United Natural Foods (UNFI) Bef-mkt, $0.63
PM EARNS:
- Ambarella (AMBA) 4:05pm, $0.54
- American Eagle Outfitters (AEO) Aft-Mkt, $0.22
- Cooper Cos (COO) 4pm, $2.03
- Finisar (FNSR) 4pm, $0.25
- Five Below (FIVE) 4:01pm, $0.06
- Smith & Wesson (SWHC) 4:05pm, $0.07
- Ulta Salon (ULTA) 4:03pm, $0.84 - Preview
- Zumiez (ZUMZ) 4:01pm, $0.53
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Steady After U.S. Stockpiles Drop From Five-Month High
- Gold Retreats as Dollar Holds Advance Before ECB Policy Meeting
- Blame Italian Olive Bugs for Dearth of Virgin Oil: Commodities
- Sub-$50 Oil Surfaces in North Dakota as Regional Discounts Swell
- Philippines Starts Evacuations Before Super Typhoon Lands
- Copper in London Rises on U.S. Jobs Data, Mine Fire: LME Preview
- Vietnam Plans to Replant 120,000 Hectares Coffee by 2020: Duc
- World Food Prices Stabilize as Costs Diverge for Grain, Sugar
- Purple Cocoa Pods Help Women Farmers Crack Ban on Land Ownership
- Zambia to Resist ‘Stampede’ Against New Mines-Tax Proposals
- Norway Seeks to Temper Oil Addiction After OPEC Price Shock
- Wheat Extends Slide From Five-Month High Amid Ample Supplies
- Ebola Traps Drug Shipment as West African Economies Unravel
- Saudi Arabia Seen Widening Asia Oil Discount on Shale Surge
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
