TODAY’S S&P 500 SET-UP – December 8, 2014
As we look at today's setup for the S&P 500, the range is 41 points or 1.70% downside to 2040 and 0.27% upside to 2081.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.66 from 1.66
- VIX closed at 11.82 1 day percent change of -4.52%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: Fed Labor Market Conditions Index Change, Nov. (pr 4)
- 12:30pm: Fed’s Lockhart speaks in Atlanta
- 11:30am: U.S. to sell $24b 3M bills, $26b 6M bills
- U.S. Rates Weekly Agenda
- FX Weekly Agenda
GOVERNMENT:
- President Obama hosts Prince William at White House
- 9:30am: Supreme Court issues orders on pending cases
- 11am: House Democrats hold conf. call briefing to discuss Trans-Pacific Partnership negotiations
- 2pm: Senate Foreign Relations Cmte hearing on authorization for use of military force against Islamic State
WHAT TO WATCH:
- Merck Said in Talks to Buy Cubist Pharmaceuticals for $7b
- CBS, Dish Reach Multiyear Content Distribution Agreement
- McDonald’s Nov. Comp. Sales Seen Falling for 6th Month
- Banks Urge Big U.S. Clients to Park Deposits Elsewhere: WSJ
- KKR, CVC Said to Lead Bidding for KFC Mideast Operator Americana
- Blackstone to Sell California Office Portfolio for $3.5b: WSJ
- Obama Tested for Sore Throat at Washington Army Hospital
- United Technologies CEO Left Amid Director Concern on Priorities
- Temasek to Buy Stake in High-Speed Trader Virtu Financial
- PetSmart Auction Said to Be Extended to Later This Week: NY Post
- China Blocks Review of Carbon Pledges Sought by U.S. at UN Talks
- Madoff Aide Hired in 1960s Will Be First to Learn Prison Fate
- China Rejects Arbitration of South China Sea Territorial Dispute
- Hostages Killed in Yemen During Rescue Mission by Special Forces
- NYC to Sell Public-Housing Stake to Developers: WSJ
EARNINGS:
- ABM Industries (ABM) 5pm, $0.57
- Diamond Foods (DMND) 4:02pm, $0.25
- H&R Block (HRB) 4:05pm, ($0.42)
- Photronics (PLAB) 4:30pm, $0.09
- Triangle Petroleum (TPLM) Bef-mkt, $0.14
- Vail Resorts (MTN) 8am, ($2.03)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Commodity Benchmarks Seen Open to Manipulation, Law Firm Says
- Oil Slumps to Five-Year Low as OPEC Decision Spurs Forecast Cuts
- Gold Bulls Return as Wagers on Stimulus Accumulate: Commodities
- Hedge Funds Betting That OPEC-Led Oil Rout Is Near End: Energy
- Wheat Falls as Snow Seen Shielding Black Sea, U.S. Sales Slip
- Copper Drops for Second Day as Chinese Imports Unexpectedly Fall
- MORE: China Copper-Product Imports Rise to 7-Month High in Nov.
- Gold Rises for First Time in Three Days After Bullish Bets Climb
- Kuwait Plans $7 Billion Heavy-Oil Project Amid Cheaper Crude
- Trafigura Gross Margin Improves After Oil, Metals Volumes Climb
- Oil Slump Seen Driving M&A as Nordea Bank Monitors Valuations
- Algeria’s Sonatrach Says Lower Oil Price Won’t Delay Investments
- U.S. Gulf-Latin America Fuels Cargoes Rise to Record: Weber
- Rubber Rises Most in 2 Weeks as Yen at 7-Year Low Boosts Appeal
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
