Coffee With Greta: Inflation Data Looms


DJIA Futures: +22 (+0.1%)

SPX Futures: +4 (+0.1%)

NASDAQ Futures: -3 (-0.03%)

Good morning friends!

Futures are flat as traders look ahead to several Fed speeches and key inflation data. 

Let’s get right to it!

Fed Speakers Coming Up

The major indexes are little changed ahead of the open as traders await speeches from several Fed officials today. 

The Chicago, Philadelphia, and Minneapolis Fed Presidents are all set to speak today. 

All 3 are voting members of the Federal Open Market Committee this year. 

Traders are looking for more clues about the bank’s plans for the May 3 meeting. 

CME Group’s FedWatch Tool shows over 70% of traders anticipating a 25 basis point hike. 

The latest inflation data is also looming over the market with the March CPI set to be released Wednesday morning.

CarMax Earnings Top Expectations

CarMax (KMX) shares are rallying 6.3% ahead of the open after beating fiscal Q4 profit expectations. 

Here’s how the used-car seller’s results compared to analysts’ estimates: 

  • EPS: $0.44 vs $0.20 expected
  • Revenue: $5.7 billion vs $6.1 billion expected

Comparable-store sales fell 22% vs analysts’ expectations for a 27% drop. 

The CEO said, “Our deliberate steps to navigate the pressures facing the used car industry are driving sequential improvements in our business.”

Albertsons Slips After Consumer Warning

Albertsons (ACI) shares are slipping 0.4% in premarket trade despite beating fiscal Q4 expectations on the top and bottom line. 

Here’s how the grocer’s results compared to analysts’ expectations: 

  • Adjusted EPS: $0.79 vs $0.68 expected
  • Revenue: $18.27 billion vs $18.22 billion expected

But the CEO said the company has prepared for ““a more difficult consumer environment, and are expecting significant labor investments and inflationary cost increases” in fiscal 2023.

Albertsons is set to be acquired by Kroger (KR) with the deal reportedly on track to be completed in early 2024.

Moderna Delays Flu Shot

Moderna (MRNA) shares are dropping 4.5% ahead of the open after the company said it’s delaying its flu vaccine. 

The pharmaceutical giant said it has not enrolled enough cases in its late-stage trial of the shot to determine if it’s successful or not. 

Moderna will continue testing after the first late-stage study found the shot to be less effective against influenza B than an already approved vaccine.

The company said Monday it expects to launch six major vaccines in the next few years.

In Case You Missed It

  • Tesla (TSLA) cut prices in the U.S. for the fifth time since January on Monday. The automaker’s website showed both versions of the Model 3 sedans were lowered by $1,000 and the Model Y crossover price was lowered by $2,000. Tesla also cut prices on both versions of the Model S and Model X by $5,000.

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