OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.12%) this morning are up +0.06% and European stocks recovered from a 3-1/2 week low and are up +0.33% as a rally in Spain's IBEX Stock Index leads European stocks higher. Spain's IBEX Stock Index jumped +1.54% and gave European stocks a lift after people familiar with the matter said that Catalonia President Puigdemont may call regional elections this week, rather than declare independence from Spain. Catalonia President Puigdemont is set to address the Catalan parliament Thursday evening. Market activity remains subdued ahead of the outcome of this morning's ECB meeting where expectations are for the ECB to announce a reduction in monetary stimulus. Asian stocks settled mostly higher: Japan +0.15%, Hong Kong -0.36%, China +0.31%, Taiwan -0.15%, Australia +0.18%, Singapore +0.37%, South Korea -0.70%, India +0.32%. China's Shanghai Composite climbed to a 1-3/4 year high, led by a rally in railway stocks, on speculation the government will boost investment in the sector.

The dollar index (DXY00 +0.01%) is down -0.01%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is down -0.09%.

Dec 10-year T-note prices (ZNZ17 +0.14%) are up +5 ticks.

Eurozone Sep M3 money supply rose +5.1% y/y, stronger than expectations of +5.0% y/y and the fastest pace of increase in 6-months.

German Nov GfK consumer confidence unexpectedly fell -0.1 to 10.7, weaker than expectations of unch at 10.8.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +13,000 to 235,000, previous -22,000 to 222,000) and continuing claims (expected +7,000 to 1.895 million, previous -16,000 to 1.88 million), (2) Sep wholesale inventories (expected +0.4%, Aug +0.9%), (3) Sep pending home sales (expected +0.4% m/m, Aug -2.6% m/m and -3.1%y/y), (4) Oct Kansas City Fed manufacturing activity index (expected unch at 17, Sep +1 to 17), (5) Treasury auctions $28 billion of 7-year T-notes, and (6) USDA weekly Export Sales.

Notable S&P 500 earnings reports today include: Amazon.com (consensus $0.03), Alphabet (8.33) Microsoft (0.72), UPS (1.45), Intel (0.80), Ford (0.33), Comcast (0.50),

U.S. IPO's scheduled to price today: ForeScout Technologies (FSCT), Merchants Bancorp (MBIN), Nexa Resources (NEXA).

Equity conferences this week: European Committee for Treatment and Research in Multiple Sclerosis on Thu, Society of Women Engineers National Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Buffalo Wild Wings (BWLD -4.12%) surged 20% in after-hours trading after it reported Q3 adjusted EPS of $1.36, well above consensus of 79 cents, and then said it sees full-year EPS of $4.85 to $5.15, better than consensus of $4.40.

O'Reilly Automotive (ORLY -0.30%) dropped 6% in after-hours trading after it said it sees Q4 EPS of $2.65 to $2.75, weaker than consensus of $2.80, and then lowered its full-year revenue estimate to $8.9 billion to $9.0 billion from a prior view of $8.9 billion to $9.1 billion, the mid-point below consensus of $8.98 billion.

Tractor Supply (TSCO -0.65%) rose 2% in after-hours trading after it reported Q3 EPS of 72 cents, above consensus of 68 cents, and then raised guidance on full-year EPS to $3.25 to $3.29 from a prior view of $3.22 to $3.27, higher than consensus of $3.25.

PRA Health Sciences (PHAH) gained 2% in after-hours trading after it reported Q3 adjusted EPS of 88 cents, better than consensus of 84 cents, and then said it sees full-year adjusted EPS of $3.28 to $3.35, higher than consensus of $3.20.

Citrix Systems (CTXS -0.91%) lost 3% in after-hours trading after it reported Q3 net revenue of $690.9 million, below consensus of $691.6 million, and then said it sees 2018 revenue growth of 1% to 2%, below consensus of 4%.

Sarepta Therapeutics (SRPT -1.23%) climbed almost 4% in after-hours trading after it reported Q3 revenue of $46.0 million, higher than consensus of $40.7 million, and then said it sees full-year revenue of $150 million to $155 million, better than consensus of $139.7 million.

Dolby Laboratories (DLB -1.30%) slid 4% in after-hours trading after it reported Q4 revenue of $242 million, weaker than consensus of $244.8 million, and then said it sees full-year revenue of $1.14 billion to $1.17 billion, the mid-point below consensus of $1.16 billion.

Netgear (NTGR  -4.87%) fell 5% in after-hours trading after it forecast Q4 revenue of $375 million-$390 million, below consensus of $393 million.

Las Vegas Sands (LVS -0.38%) rose almost 2% in after-hours trading after it reported Q3 net revenue of $3.20 billion, better than consensus of $3.13 billion.

Nutrisystem (NTRI +0.09%) tumbled 11% in after-hours trading after it said it expects Q4 EPS between 37 cents and 42 cents, the mid-point below consensus of 40 cents.

Callaway Golf (ELY -1.26%) gained almost 2% in after-hours trading after it reported Q3 net sales of $243.6 million, better than consensus of $207.8 million, and then said it sees full-year sales of $1.03 billion to $1.04 billion, higher than consensus of $998.7 million.

Coeur Mining (CDE -0.83%) fell 4% in after-hours trading after it reported Q3 revenue of $176 million, less than consensus of $180 million.

Whiting Petroleum (WLL +1.88%) rallied almost 5% in after-hours trading after it reported a Q3 adjusted loss per share of -14 cents, narrower than expectations of -19 cents.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.12%) this morning are up +1.50 points (+0.06%). Wednesday's closes: S&P 500 -0.47%, Dow Jones -0.48%, Nasdaq -0.41%. The S&P 500 on Wednesday dropped to a 2-week low and closed lower on the rise in the 10-year T-note yield to a 7-month high of 2.473% and on the intra-Republican strife that could threaten tax reform. Stocks were supported by the sharp +18.9% increase in Sep new home sales to a 10-year high of 667,000 and the +1.3% increase in U.S. Sep capital goods new orders nondefense ex-aircraft, a proxy for capital spending, stronger than expectations of +0.3%.

Dec 10-year T-note prices (ZNZ17 +0.14%) this morning are up +5 ticks. Wednesday's closes: TYZ7 -9.00, FVZ7 -4.25. Dec 10-year T-notes on Wednesday fell to a 7-month nearest-futures low and closed lower on technical selling after the 10-year T-note yield broke out above the 2.42% support level and on the stronger than expected Sep durable goods orders and Sep new home sales reports, which bolstered the case for additional Fed rate hikes. T-note prices recovered from their worst levels after the slide in stocks boosted safe-haven demand for T-notes.

The dollar index (DXY00 +0.01%) this morning is down -0.013 (-0.01%). EUR/USD (^EURUSD) is down -0.0002 (-0.02%) and USD/JPY (^USDJPY) is down -0.10 (-0.09%). Wednesday's closes: Dollar Index -0.061 (-0.11%), EUR/USD +0.0052 (+0.44%), USD/JPY -0.16 (-0.14%). The dollar index on Wednesday closed lower on strength in USD/JPY as a slide in stocks boosted the safe-haven demand for the yen. The dollar was also undercut by strength in EUR/USD ahead of Thursday's ECB policy meeting where the ECB is expected to announce steps to begin tapering QE. Losses in the dollar were limited after the 10-year T-note yield climbed to a 7-month high of 2.473%, which boosted the dollar's interest rate differentials.

Dec crude oil (CLZ17 -0.04%) this morning is unchanged and Dec gasoline (RBZ17 -0.84%) is -0.0127 (-0.75%). Wednesday's closes: Dec WTI crude -0.29 (-0.55%), Dec gasoline +0.0127 (+0.76%). Dec crude oil and gasoline on Wednesday settled mixed. Crude oil prices were undercut by the unexpected +856,000 bbl increase in EIA crude inventories (vs expectations of -3.0 million bbl) and by the +13.1% w/w increase in U.S. crude production to 9.507 million bpd in the week ended Oct 20 as U.S. Gulf oil platforms reopened after being closed due to Hurricane Nate. Crude oil prices were supported by the unexpected -5.47 million bbl decline in EIA gasoline inventories (vs expectations of +1.75 million bbl) and the -5.246 million bbl decline in EIA distillate inventories to a 2-1/2 year low.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.03%) unch, Dec silver (SIZ17 +0.27%) +0.060 (+0.35%) and Dec copper (HGZ17 -0.30%) -0.011 (-0.33%). Wednesday's closes: Dec gold +0.7 (+0.05%), Dec silver -0.041 (-0.24%), Dec copper -0.0150 (-0.47%). Metals on Wednesday settled mixed. Metals prices were undercut by the rise in U.S. interest rates and the decline in stocks, which reduces optimism in the economic outlook and in industrial metals demand. Metals prices were supported by the weaker dollar.