Morning Call For Monday, Dec. 10

U.S. Stock Preview

Key U.S. news today includes: (1) Oct JOLTS job openings (expected +91,000 to 7.100 million, Sep -284,000 to 7.009 million).

Notable Russell 1000 earnings reports today include: Casey's General Stores (consensus $1.59).

U.S. IPO's scheduled to price today: Mercantil Bank Holding Corp (AMTB).

Equity conferences during the remainder of this week: Capital Link Invest in Greece Forum on Mon, Object Management Group Technical Committee Meeting on Mon, Parks Associates Digital Media Conference on Mon, Q2B Conference on Mon, Cowen Network and Cybersecurity Conference on Tue, Growth Marketing Conference on Tue, BMO Prescriptions for Success Healthcare Conference on Wed, Imperial Capital Security Investor Conference on Wed.

Market Comments

Dec S&P 500 E-minis are down -0.3% this morning. Friday's closes: S&P 500 -2.33%, Dow Jones -2.34%, Nasdaq 100 -3.30%. The S&P 500 on Friday closed sharply lower on continued US/China trade tensions after White House adviser Navarro said tariffs on Chinese goods will increase if there's no trade deal after the 90-day truce expires and after the recent U.S.-instigated arrest of Huawei's high-profile CFO. Stocks were also undercut by the weaker-than-expected U.S. Nov payroll report of +155,000 vs expectations of +198,000. Technology stocks were led lower by a -3.5% plunge in Apple to a 7-1/4 month low.

March 10-year T-notes are unchanged. Friday's closes: TYH9 +10.00, FVH9 +8.75. Mar 10-year T-notes on Friday closed higher on the smaller-than-expected +155,000 increase in U.S. Nov non-farm payrolls, which was dovish for Fed policy, and on the sell-off in stocks, which boosted the safe-haven demand for T-notes.

The dollar index this morning is mildly higher by +0.18 (+0.19%) while EUR/USD is up +0.0035 (+0.31%) and USD/JPY is slightly lower by -0.05 (-0.04%). Friday's closes: Dollar Index -0.296 (-0.31%), EUR/USD +0.0005 (+0.04%), USD/JPY +0.01 (+0.01%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Nov non-farm payroll report, which was dovish for Fed policy, and on the slide in stocks, which undercut USD/JPY on increased safe-haven demand for the yen.

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