TODAY’S S&P 500 SET-UP – December 9, 2014
As we look at today's setup for the S&P 500, the range is 24 points or 0.45% downside to 2051 and 0.71% upside to 2075.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.63 from 1.63
- VIX closed at 14.21 1 day percent change of 20.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:30am: NFIB Sm Business Optimism, Nov., est. 96.5 (pr 96.1)
- 10am: JOLTs Job Openings, Oct. est. 4.795m (prior 4.735m)
- 10am: Wholesale Inventories, Oct. y/y, est. 0.2% (pr 0.3%)
- 10am: IBD/TIPP Economic Optimism, Dec., est. 47 (prior 46.4)
- 11:30am: U.S. to sell $25b 1Y bills, 4W bills
- 1pm: U.S. to sell $25b 3Y notes
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Senate Republicans hold closed-door discussion on whether to return to 60-vote threshold for advancing presidential nominees
- 8am: Politico, Google, Tory Burch Foundation hold second annual “Women Rule Summit: Upping the Game,” w/ VP Joe Biden, Sens. Susan Collins, R-Maine, Cory Booker, D-N.J., House Minority Leader Nancy Pelosi, D-Calif.
- 9:30am: Senate Finance Cmte hearing on whether Social Security adequately addresses challenges women face
- 10am: Supreme Court may issue opinions
- 10:30am: Senate Judiciary panel hearing on sexual assaults on college campuses
- 11am: Senate Banking subcmte hearing on inequality, opportunity in housing market
- 2pm: Sec. of State John Kerry testifies at Senate Foreign Relations Cmte hearing on use of military force against ISIL
WHAT TO WATCH:
- Repsol Is Said to Revive Talks With Talisman Energy Over Possible Deal
- SEC Said to Seek Standard & Poor’s Suspension of CMBS Rating
- Fed ‘Considerable Time’ Rate Pledge Under Scrutiny Ahead of FOMC
- Sumitomo Mitsui Said to Buy Citigroup Japan Retail Bank
- Cubist Barred From Blocking Generic Cubicin Beyond 2016
- JPMorgan Said Among Banks Telling Clients to Take Cash Elsewhere
- China Spurs Bond Rout as Riskier Debt Removed From Repo Market
- Big Banks Face U.S. Capital Rule Tougher Than Global Agreement
- Deutsche Bank Sued by U.S. for Alleged Scheme to Evade Taxes
- U.S. Spending Plan to be Unveiled Today as Funding Deadline Nears
- CIA Torture Report Set for Senate Release
- Valeant to Stop Acquisitions in Near Term: Reuters
- Lone Star Said to Compete With Springleaf in Bid for Citigroup’s OneMain
- Obama Proposes Expanding China Solar-Cell Levy to New Suppliers
- Greek Government Bonds Drop as Presidency Vote Brought Forward
EARNINGS:
- Analogic (ALOG) 4:15pm, $0.41
- AutoZone (AZO) 7am, $7.16
- Conn’s (CONN) 7am, $0.68
- HD Supply (HDS) 6am, $0.53
- Hudson’s Bay (HBC CN) 7am, C$0.06
- John Wiley (JW/A) 8am, $0.84
- Krispy Kreme Doughnuts (KKD) 4:05pm, $0.19
- NCI Building Systems (NCS) 4:05pm, $0.17
- Transcontinental (TCL/A CN) 8:05am, C$0.74
- UTi Worldwide (UTIW) 8am, $0.05
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Crude Rebounds From Five-Year Low Amid Shale-Oil Spending Curbs
- Iron Ore Outlook Cut by JPMorgan as BHP, Rio Shares Extend Slump
- Kuwait Sees Oil Stuck at $65 for Six Months Until OPEC Moves
- Cheap Oil Also Means Cheap Copper, Corn and Sugar: Commodities
- El Nino-Like Weather Seen by Morgan Stanley in South America
- Gold Rises a Second Day as Lower Dollar and Equities Spur Demand
- Iraq Follows Saudis Discounting Oil for Asia to 11-Year Low
- Nickel Leads Industrial-Metals Declines on China Demand Concern
- OPEC Early Meeting Seen More Likely by Analysts Amid Price Fall
- Anglo American Cuts Capex, Sees 2016 Div. Funded From Cashflow
- New York’s Snow Lovers to Get Stuck With Rain in Storm Pinwheel
- Wheat Drops on Warmer Black Sea Weather, Slow U.S. Export Demand
- Bullion Board Seen by Council as Way to Manage India Gold Demand
- Putin Plan to Ship Gas to Europe Via Turkey Seen as Unrealistic
- More Beef From Down Under Heading for U.S. Tables as Herd Drops
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
