TODAY’S S&P 500 SET-UP – December 5, 2014
As we look at today's setup for the S&P 500, the range is 42 points or 1.69% downside to 2037 and 0.34% upside to 2079.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.71 from 1.70
- VIX closed at 12.38 1 day percent change of -0.72%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Change in Nonfarm Payrolls, Nov., est. 230k (pr 214k)
- Unemployment Rate, Nov., est. 5.8% (prior 5.8%)
- 8:30am: Trade Balance, Oct., est. -$41.2b (prior -$43b)
- 8:45am: Fed’s Mester speaks in Washington
- 10am: Factory Orders, Oct., est. -0.0% (prior -0.6%)
- 2:45pm: Fed’s Fischer speaks via video to IMF event
- 3pm: Consumer Credit, Oct., est. $16.5b (prior $15.924b)
GOVERNMENT:
- House, Senate out of session
- Obama to nominate his pick for next Defense Secretary; Bloomberg, other news outlets report fmr Deputy Defense Secretary Ashton Carter as choice
WHAT TO WATCH:
- JOBS-DAY GUIDE: Payrolls Seen Climbing Median 230k Workers
- JPMorgan Said to Put Mortgage-Bond Trader on Leave
- Starz Said to Consider New Options as No Buyer Found
- CBS Stays on Dish Satellite TV While Parties Negotiate
- Apple IPod Judge Says Trial Threatened by Lack of Plaintiff
- Elliott Said to Bet on Caesars Default Amid Bankruptcy Talks
- Hartford Unit Faces Racketeering Suit on Sandy Claim Denials
- Bundesbank Sees Weaker German Eco as Euro Area Struggles
- China Home Prices to Rebound Amid Strong Demand: Jones Lang
- China Auto Sales Slow in Nov. as Dealer Inventories Rise
- President Obama to announce defense sec. nominee Carter
- Grammy nominations to be announced throughout day
- Retail Sales, Congress Deadline, Japan GDP: Wk Ahead Dec. 6-13
EARNINGS:
- Bank of Nova Scotia (BNS CN) 6am, C$1.40 - Preview
- Big Lots (BIG) 6am, ($0.05)
- National Bank of Canada (NA CN) 7:30am, C$1.15 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG
- Brent Heads for 5-Year Low as Saudi Discounts Spur Competition
- Billionaire Widjaja Family to Cut Stake in Indonesia Bourse
- Deepest Saudi Oil Discount Intensifies Fight for Asia Market
- Ending U.S. Oil Export Ban Argument Bolstered by Price Collapse
- Super Typhoon Bearing Down on Philippines as Gusts Hit 250 Kph
- Nickel Trades Near 10-Week High as Copper Heads for Weekly Gain
- Wheat Declines as Black Sea Concerns Ease, Canada Outlook Raised
- Steel Rebar Declines on Sluggish Spot Demand to Trim Weekly Gain
- Ethanol Joins U.S. Fuels Dominating Global Export Market: Energy
- Gold Drops a Second Day as Dollar Strengthens Before Jobs Data
- Soybean Traders Bearish for 17th Week on Ample World Supplies
- EU Gas Traders Divided 2nd Week Amid Cooler Weather, Oil Drop
- Kingsman Cuts Estimate for Sugar Deficit by 60% to 600K Tons
- Era of Lower Oil Masks Challenges for Southeast Asian Titans
- Winter Bomb Watch Begins From New York to Ireland as Storms Brew
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team