OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +1.35%) are up sharply by +1.37% and European stocks are up +1.69% after U.S. presidential candidate Clinton's prospects improved when FBI Director Comey said in a letter to Congress that the FBI was sticking to its conclusion that Clinton's handling of her e-mails as secretary of state wasn't a crime. Stock prices have recently been whipsawed on Clinton's presidential prospects as the race tightened with challenger Trump. Raw-material producers and mining stocks are higher as well as the price of copper (HGZ16 +0.95%) jumped +1.13% to a 7-3/4 month high on signs of tighter supplies after LME copper inventories fell -6,600 MT to a 2-1/4 month low. Energy producing stocks caught a bid as well with crude oil (CLZ16 +1.45%) up +1.75% after a magnitude 5.0 earthquake struck near Cushing, OK, delivery point of WTI futures, which prompted some pipeline operators to shut operations at the site as a precaution. European stocks also found support on the stronger-than-expected Eurozone Sep retail sales along with the jump in the Sentix Nov investor confidence to an 11-month high. Asian stocks settled higher: Japan +1.61%, Hong Kong +0.70%, China +0.26%, Taiwan +1.34%, Australia +1.35%, Singapore +0.44%, South Korea +0.80%, India +0.68%.

The dollar index (DXY00 +0.53%) is up +0.59%. EUR/USD (^EURUSD) is down -0.67%. USD/JPY (^USDJPY) is up +1.13%.

Dec 10-year T-note prices (ZNZ16 -0.19%) are down -8.5 ticks.

Eurozone Sep retail sales fell -0.2% m/m, stronger than expectations of -0.3% m/m.

Eurozone Nov Sentix investor confidence rose +4.6 to 13.1, stronger than expectations of +0.1 to 8.6 and the highest in 11 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep consumer credit expected +17.50 billion, Aug +$25.873 billion, (2) USDA weekly grain export inspections, (3) USDA Weekly Crop Progress.

Notable S&P 500 earnings reports today include: News Corp (consensus 0.00), Sysco (0.59), Rockwell Automation (1.49), Cognizant Technology (0.84), Scripts (0.96), WestRock (0.62), Intl Flavors and Fragrances (1.42), Priceline (29.88), Marriott (0.89), PerkinElmber (0.66), Microchip Technology (0.87), Albemarle (0.82).

U.S. IPO's scheduled to price today: none.

Equity conferences this week include: Credit Suisse Health Care Conference on Mon-Tue, Bernstein Technology Innovation Summit on Mon-Tue, Robert W. Baird Global Industrial Conference on Mon-Thu, Daiwa Investment Conference on Tue, EEI Financial Conference on Tue, Evercore Technology Conference on Tue, Stephens Fall Investment Conference on Tue, Hart Energy Publishing LLLP Executive Oil Conference on Tue, Baird Global Industrial Conference on Wed, RBC Technology Internet Media and Telecommunications Conference on Wed-Thu, Wells Fargo Technology, Media & Telecom Conference on Wed-Fri, Citi Financial Technology Conference on Thu, SunTrust Robinson Humphrey Financial Technology, Business & Government Services on Thu.

OVERNIGHT U.S. STOCK MOVERS

NetSuite (N -3.89%) surged 20% in pre-market trading after shareholders endorsed Oracle's bid for the company

Cummins (CMI +2.10%) was raised to 'Buy' at Evercore ISI with a price target of $133.

Physicians Realty Trust (DOC +2.15%) was upgraded to 'Strong Buy' form 'Marker Perform' at Raymond James with a 12-month target price of $22.

Hostess Brands (TWNK) was rated a new 'Buy' at SunTrust with a price target of $15.

Macerich (MAC +0.72%) was upgraded to 'Buy' from 'Neutral' at Mizuho Securities with a target price of $84.

Biogen (BIIB) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a 12-month target price of $335.

Healthcare Trust of America (HTA +0.35%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James with a 12-month target price of $33.

Compass Point Research & Trading initiated a 'Sell' recommendation on Alliance Data Systems (ADS -0.12%) with a price target of $168.

Berkshire Hathaway (BRK-A) reported Q3 operating EPS of $2,961, below consensus of $3,058.

Knoll Capital reported a 6.1% passive stake in Abeona Therapeutics (ABEO -2.63%) .

Total System Services (TSS +0.91%) fell nearly 1% in after-hours trading after the company said it is in talks with the FTC on a potential settlement over certain marketing practices with its NetSpend unit that was investigated by the FTC.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +1.35%) this morning are up sharply by +28.50 points (+1.37%). Friday's closes: S&P 500 -0.17%, Dow Jones -0.24%, Nasdaq -0.40%. The S&P 500 on Friday fell to a 4-month low and closed lower on strength in wages in the U.S. unemployment report that bolstered the case for the Fed to raise interest rates next month after U.S. Oct avg hourly earnings rose +2.8% y/y, stronger than expectations of +2.6% y/y and the largest year-on-year increase in 7-1/3 years. Stocks also continued to suffer from uncertainty ahead of Tuesday's U.S. presidential election that sent the VIX volatility index up to a 4-1/4 month high and spurred long liquidation in stocks.

Dec 10-year T-notes (ZNZ16 -0.19%) this morning down -8.5 ticks. Friday's closes: TYZ6 +7.0, FVZ6 +3.5. Dec 10-year T-notes rallied to a 1-1/2 week high and closed higher on increased safe-haven demand caused by stock market weakness and by uncertainty about Tuesday's U.S. presidential election. T-notes were also boosted by the slide in crude oil prices to a 1-1/2 month low, which undercuts inflation expectations as the 10-year T-note breakeven inflation rate fell to a 2-week low.

The dollar index (DXY00 +0.53%) this morning isup +0.572 (+0.59%). EUR/USD (^EURUSD) is down -0.0075 (-0.67%). USD/JPY (^USDJPY) is up +1.17 (+1.13%). Friday's closes: Dollar index -0.0921 (-0.09%), EUR/USD +0.0036 (+0.32%), USD/JPY +0.14 (+0.14%). The dollar index on Friday sold off to a 3-week low and closed lower on uncertainty ahead of Tuesday's U.S. presidential election and on strength in EUR/USD which climbed to a 3-week high after Eurozone Sep PPI was stronger than expected, which may keep the ECB from expanding stimulus.

Dec crude oil prices (CLZ16 +1.45%) are up +77 cents (+1.75%) and Dec gasoline (RBZ16 +0.04%) is up +0.0007 (+0.05%). Friday's closes: Dec crude -0.59 (-1.32%), Dec gasoline -0.0365 (-2.56%). Dec crude oil and gasoline on Friday closed lower with Dec crude at a 1-1/2 month low and Dec gasoline at a 5-week low. Crude oil prices were undercut by skepticism that OPEC will be able to reach and enforce any meaningful cuts in crude production. Crude oil also took a hit on a Reuters report saying that Saudi Arabia threatened to raise its oil production to 11 million bpd or 12 million bpd if Iran doesn't limit its supply.

GLOBAL EVENT CALENDAR11/07/2016

U.S. STOCK CALENDAR11/07/2016