S&P Set To Open At All Time High, Boosted By Rising Crude On More "OPEC Deal Optimism"

European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated, with the global risk on mood spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.

Nasdaq Jumps To Record High

Amid a bounce back in the FANG stocks, the Nasdaq has recovered from its post-Trump laggardness to surge past previous record highs this morning... proving that 'everything' is awesome.

DryShips Halted After Soaring 1,500% In Five Days

After soaring by 1,500% in the past five days for reasons that remain largely unknown, insolvent dry bulk carrier DryShips managed to sucker in a lot of retail investors, a process which continued earlier this morning when the stock was up another 40%. However, those same retail investors may find themselves the proverbial terminal bagholders, stuck unable to take profit as a result of a T12 trading halt in the stock which was requested by Nasdaq following an "information request."

Frontrunning: November 15

  • Biggest Global Bond Rout Since 2003 Pauses (BBG)
  • Oil prices jump 3 percent on hopes of OPEC output cut (Reuters)
  • Italy polls get worse for Renzi as referendum nears (Reuters)
  • Trump will get wake-up call when he takes office, Obama says (Reuters)
  • With Priebus, Ryan’s Speakership Has Direct Channel to Trump (BBG)
  • Supreme Court now in Trump’s hands (The Hill)

RBC Market Commentary: "Under The Hood, It's Not Good"

"There is clearly a ‘factor crowding’ issue at play here (as there was at start of year) — whether it’s ‘style’ or previously mentioned ‘sector leans’ or ‘macro input’ — these market-neutral strategies are not supposed to see moves like this over multiple days (sorted by 5-day % return), let alone in a single day"