Coffee With Greta: Fed Chair, Jobs In Focus This Week
DJIA Futures: +51 (+0.2%)
SPX Futures: +11 (+0.3%)
NASDAQ Futures: +56 (+0.5%)
Good morning friends!
Futures are slightly higher as traders gear up for a new week of trade and look ahead to key economic data.
Let’s get right to it!
Powell, Jobs In Focus This Week
The market is looking ahead to hearing from Fed Chair Jerome Powell this week and the February jobs report.
Powell is set to deliver his semi-annual monetary policy report to Congress mid-week.
He will testify in the Senate on Tuesday and the House on Wednesday.
Those testimonies are expected to focus on the Fed’s plans for interest rates this year and the bank’s expectations for inflation in response to those moves.
The Fed holds their next policy meeting in 2 weeks.
The February jobs report will be out Friday morning and is expected to show growth slowed sharply to 225,000 jobs last month from 517,000 in January.
Tesla Cuts Prices Again
Tesla (TSLA) shares are up 0.6% ahead of the open after the electric automaker cut prices on its most expensive models in the U.S. to stoke demand.
The Model S now starts at $89,990, down about 5%.
The Model X got a 9% reduction and starts at $99,990.
The high-end Plaid versions of both cars also got a price cut with both starting at $109,990.
That’s down 4% for the Model S Plaid and 8% for the Model X Plaid.
Amazon To Close 8 Go Stores
Amazon (AMZN) shares are flat in premarket trade after the company announced it will close some of its cashierless Go stores to cut costs.
Four of the stores in San Francisco, two in New York City, and two in Seattle will be closed effective April 1.
An Amazon spokesperson said, “Like any physical retailer, we periodically assess our portfolio of stores and make optimization decisions along the way. We remain committed to the Amazon Go format, operate more than 20 Amazon Go stores across the U.S., and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores.”
The company said it will work to find new positions for the impacted workers at those stores within Amazon.
