Coffee With Greta: Can We Break The Losing Streak?

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DJIA Futures: +170 (+0.4%)

SPX Futures: +25 (+0.5%)

NASDAQ Futures: +103 (+0.6%)

Good morning friends!

Futures are higher as the S&P 500 attempts to shake off a three-session losing streak. 

Let’s get right to it!

Three-Day Losing Streak

The S&P 500 has fallen from record highs over the past three sessions. 

The blue-chip index closed 0.3% lower on Tuesday, marking its third down day in a row. 

The major indexes are all still on track to end the month and quarter in the green. 

So far this month the S&P 500 is up 2.1%, the Nasdaq is 1.4% higher, and the Dow is up 0.7%. 

For the quarter, the S&P has rallied 9.1%, the Nasdaq is up 8.7%, and the Dow is 4.2% higher. 

This is a shortened trading week, with the stock market closed in observance of Good Friday. 

GameStop Plummets After Earnings

GameStop (GME) shares are tumbling 16.2% ahead of the open after reporting a steep drop in Q4 revenue. 

Here’s how the video game retailer’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.22 vs $0.30 expected
  • Revenue: $1.79 billion vs $2.05 billion expected

Hardware and accessories sales dropped to $1.09 billion from $1.24 billion a year ago. 

Software sales plunged 31% to $465 million from $670 million. 

GameStop also said it cut an unspecified number of jobs throughout the quarter in order to cut costs. 

Mortgage Demand Stalls

Mortgage demand was flat last week as high rates continue to put pressure on the spring housing market. 

The Mortgage Bankers Association reported total application volume fell 0.7%. 

Purchase applications decreased 0.2% weekly and 16% year over year. 

Refinance applications fell 2% weekly and 9% annually. 

The average 30-year fixed contract rate decreased to 6.93% from 6.97%.

Mortgage News Daily shows rates have pulled back slightly so far this week to 6.91%. 

In Case You Missed It

  • Consumer confidence fell to a four-month low in March. The Conference Board’s consumer confidence index dipped to 104.7 this month from the revised 104.8 in February. That was lower than expectations for 106.5. Confidence in current economic conditions rose to 151 from 147.6. But the six-month expectations index dropped to 73.8 from 76.3. Readings below 80 in the expectations index typically signal an approaching recession.

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