The stock market began the new trading week on an unassuming note with the key indices registering modest gains. The S&P 500 added 0.3% while Russell 2000 (+0.5%) outperformed. 

 

Equity indices began the trading near their flat lines after the overnight session did little to change investor sentiment. China's Shanghai Composite stood out, soaring 2.3%, after it was confirmed that the Shanghai-Hong Kong exchange link will begin operating on November 17. 

 

Domestically, the S&P 500 resisted some mild selling efforts during the opening hour, but was able to advance alongside the biotechnology group. The iShares Nasdaq Biotechnology ETF (IBB 295.20, +5.06) gained 1.7% while the health care sector (+1.0%) settled in the lead despite starting among the laggards. Dow component Merck (MRK 58.81, -0.53) lost 0.9% after reporting disappointing trail data, but that had little impact on the sector. 

 

Like health care, the remaining counter cyclical groups started in the red, but ended with gains. The consumer staples sector added 0.4% with Dean Foods (DF 16.40, +1.98) surging 13.7% after beating bottom-line estimates and guiding Q4 earnings above consensus. 

 

Elsewhere, the six cyclical sectors ended mixed with respect to the market. Technology (+0.3%) struggled at the start, but was able to end in-line with the S&P 500 amid strength in chipmaker names. The PHLX Semiconductor Index settled higher by 0.8% with just four names registering losses. 

 

Similarly, industrials (+0.5%) and financials (+0.5%) finished ahead of the market while consumer discretionary (-0.1%) and energy (-0.8%) spent the bulk of the session in the red. 

 

The discretionary sector was sent to lows during morning action after President Obama said the Federal Communications Commission should regulate the internet like a utility. The news pressured internet service providers with Charter Communications (CHTR 146.62, -9.75), Comcast (CMCSA 52.95, -2.20), and Time Warner Cable (TWC 136.50, -7.10) losing between 4.0% and 6.2%. 

 

Meanwhile, homebuilders prevented the sector from registering additional losses. The iShares Dow Jones US Home Construction ETF (ITB 24.79, +0.24) rose 1.0% with Toll Brothers (TOL 32.96, +0.74) jumping 2.3% after issuing strong guidance for the fourth quarter. 

 

For its part, the energy sector started in the lead, but slid to the bottom of the leaderboard with crude oil adding pressure. The energy component fell 1.4% to $77.26/bbl. Greenback strength presented a headwind with the Dollar Index (87.81, +0.16) erasing its overnight loss to end higher by 0.2%. 

 

Treasuries retreated throughout the session, sending the 10-yr yield higher by six basis points to 2.36%. 

 

Participation was in-line with long-term averages as 700 million shares changed hands at the NYSE floor. 

 

Investors did not receive any economic data of note and tomorrow's session will also be quiet on the economic front. Also of note, the bond market will be closed for Veterans Day.

 

Nasdaq Composite +11.4% YTD 

S&P 500 +10.3% YTD 

Dow Jones Industrial Average +6.3% YTD 

Russell 2000 +1.4% YTD

 

Time	Cur.	Imp.	Event	Actual	Forecast	Previous
Monday, November 10, 2014
00:00	USD		Investing.com Gold Index	54.9%		63.7%
00:00	USD		Investing.com S&P 500 Index	32.4%		35.4%
10:00	USD		CB Employment Trends Index (Oct)	123.09		121.91
11:30	USD		3-Month Bill Auction	0.025%		0.020%
11:30	USD		6-Month Bill Auction	0.060%		0.060%
13:00	USD		3-Year Note Auction	0.998%		0.994%
17:10	USD		FOMC Member Rosengren Speaks
Tuesday, November 11, 2014
07:30	USD		NFIB Small Business Optimism (Oct)		95.1	95.3
07:45	USD		Chain Store Sales (YoY)			1.8%
07:45	USD		Chain Store Sales (WoW)			-1.6%
08:55	USD		Redbook (MoM)			0.2%
08:55	USD		Redbook (YoY)			3.9%
Wednesday, November 12, 2014
00:00	USD		FOMC Member Kocherlakota Speaks
03:00	USD		FOMC Member Plosser Speaks
07:00	USD		MBA 30-Year Mortgage Rate			4.17%
07:00	USD		MBA Mortgage Applications (WoW)			-2.6%
07:00	USD		MBA Purchase Index			159.2
07:00	USD		Mortgage Market Index			376.1
07:00	USD		Mortgage Refinance Index			1,621.2
07:45	USD		Chain Store Sales (WoW)			-1.6%
07:45	USD		Chain Store Sales (YoY)			1.8%
08:55	USD		Redbook (YoY)			3.9%
08:55	USD		Redbook (MoM)			0.2%
10:00	USD		Wholesale Inventories (MoM) (Sep)		0.4%	0.7%
11:30	USD		4-Week Bill Auction			0.035%
11:30	USD		52-Week Bill Auction			0.100%
12:00	USD		FOMC Member Kocherlakota Speaks
13:00	USD		10-Year Note Auction			2.381%
16:30	USD		API Weekly Crude Stock			-0.639M
16:30	USD		API Weekly Distillates Stocks			0.155M
16:30	USD		API Weekly Gasoline Stock			0.240M
Thursday, November 13, 2014
08:30	USD		Continuing Jobless Claims		2,320K	2,348K
08:30	USD		Initial Jobless Claims		282K	278K
08:30	USD		Jobless Claims 4-Week Avg.			279.00K
09:45	USD		Bloomberg Consumer Confidence			38.1
10:00	USD		JOLTs Job Openings (Sep)		4.850M	4.835M
11:00	USD		Crude Oil Inventories		0.250M	0.460M
11:00	USD		EIA Weekly Distillates Stocks		-1.500M	-0.724M
11:00	USD		Gasoline Inventories			-1.378M
13:00	USD		30-Year Bond Auction			3.074%
14:00	USD		Federal Budget Balance (Oct)		-111.7B	106.0B
Friday, November 14, 2014
08:30	USD		Core Retail Sales (MoM) (Oct)		0.2%	-0.2%
08:30	USD		Export Price Index (MoM) (Oct)		-0.2%	-0.2%
08:30	USD		Import Price Index (MoM) (Oct)		-1.2%	-0.5%
08:30	USD		Retail Control (MoM) (Oct)		0.40%	-0.20%
08:30	USD		Retail Sales (MoM) (Oct)		0.2%	-0.3%
08:30	USD		Retail Sales Ex Gas/Autos (MoM) (Oct)		0.40%	-0.10%
09:10	USD		FOMC Member Bullard Speaks
09:55	USD		Michigan 5-Year Inflation Expectations (Nov)			2.80%
09:55	USD		Michigan Consumer Expectations (Nov)		85.5	79.6
09:55	USD		Michigan Consumer Sentiment (Nov)		87.5	86.9
09:55	USD		Michigan Current Conditions (Nov)		95.0	98.3
09:55	USD		Michigan Inflation Expectations (Nov)			2.9%
10:00	USD		Business Inventories (MoM) (Sep)		0.3%	0.2%
10:00	USD		MBA Delinquency Rates (QoQ)			6.04%
10:30	USD		ECRI Weekly Annualized (WoW)			-1.8%
10:30	USD		ECRI Weekly Index			132.8
10:30	USD		Natural Gas Storage			91B

Economic Report for Tuesday November 11th